——– Says decision to cut interest rate step towards boosting investment, economic growth
——– Adds taking advantage of the good news on the economic front, we should first promote domes-tic investment
——– Assures nation that economic growth is on fast track towards prosperity
By Anzal Amin
ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Tuesday welcomed the central bank’s decision to cut the policy interest rate by 2% to 13%, calling it a step towards boosting investment and accelerating economic growth.
Chairing a cabinet meeting in Islamabad, the prime minister said the rate reduction would encourage businesses and investors, describing it as a “welcoming sign” for the country’s economy.
“Taking advantage of the good news on the economic front, we should first promote domestic in-vestment. As a result, foreign investment will automatically come to the country,” he remarked.
The prime minister also highlighted that inflation had dropped to its lowest level since 2018, a key indi-cator of economic recovery. He announced that the government had finalised a home-grown econom-ic plan, set to be unveiled at a special event soon.
The meeting began with prayers for Siddiq-ul-Farooq and a policeman martyred in Karak during a ter-rorist attack on a polio workers’ team.
Shehbaz Sharif expressed concern over Pakistan’s struggle to eradicate polio, despite global progress in eliminating the disease. He reaffirmed the government’s commitment to overcoming challenges and making Pakistan polio-free.
The prime minister also conveyed deep sorrow over the loss of Pakistani lives in a boat capsizing inci-dent near Greece. He assured that the government was taking necessary measures to support the affected families.
With economic optimism on the rise, the cabinet meeting reflected the government’s focus on foster-ing growth and addressing persistent challenges.
Earlier, “At the Summit, the prime minister will underline the importance of investing in youth and SMEs for building a strong and inclusive economy; creating jobs; advancing innovation; and promoting local entrepreneurship,” a Foreign Office spokesperson said in a statement.
“He will express Pakistan’s strong commitment to the ideals of D-8; underscore the importance of fostering partnerships for mutual benefit and prosperity; and promoting cooperation in agricul-ture, food security and tourism,” the statement added. According to the statement, the premier will also underline Pakistan’s incentives for youth em-powerment and financial development.
On the sidelines of the summit, the prime minister is expected to hold bilateral meetings with par-ticipating leaders.
Preceding the summit, Deputy Prime Minister and Foreign Minister Senator Ishaq Dar will attend the 21st Session of the D-8 Council of Ministers on December 18, according to the statement.
The summit scheduled to be held in Egypt will be the country’s second time hosting the corpora-tion as it last hosted the member states on February 2, 2021, which was the third Cairo Summit.
