ISLAMABAD: Prime Minister Shehbaz Sharif hoped that interest rate would be brought to single digit gradually, saying that it would have positive impact on economy.

Addressing Cabinet meeting, PM Shehbaz welcomed State Bank of Pakistan's decision to reduce policy rate by 200 points, lowering it from 19.5 percent to 17.5 percent.

He said that interest rate could be decreased to single digit gradually and added that move would benefit agriculture, industry and overall economy. He said that policy rate could gradually decrease to single digits, in line with country's inflation rate.

Speaking on ongoing discussions with International Monetary Fund, he noted that negotiations were progressing smoothly. He highlighted that, as in past, friendly nations had once again committed to assisting Pakistan during this challenging time. With these developments, Pakistan has now met prerequisites to secure loans from IMF. "Our friendly and brotherly countries have come all way to support us again," he said.

He thanked Ministry of Finance, other concerned departments and Ambassador of Pakistan to China who played important role in getting support from brotherly countries.

He stressed that after achieving goal of macroeconomic stability, government will now take measures to boost GDP growth of country. As regards Israel's continued atrocities over Palestinians, he demanded global community to stop Israel from doing war crimes in Palestine.

Condemning Israel's barbarism in strong words, he said that today, Israeli forces had killed six staff members of United Nation relief mission in Palestine while it also martyred 17 more Muslims in Gaza. Cabinet greenlighted proposal to direct all government departments to use Gwadar Port for importing their 50 percent goods such as wheat, sugar and fertilizer.

Published in The Daily National Courier, September, 13 2024

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