Prime Minister Shehbaz Sharif hinted on Tuesday at the upcoming announcement of a power relief package for the winter season and stressed the importance of supporting businessmen to enhance their confidence.
“We are implementing gradual measures to relieve the common man, generate employment, and stimulate the economy. This is a challenging path, but nations that confront difficulties are destined to thrive,” he stated during a federal cabinet meeting in Islamabad.
Following his recent trip to Riyadh, the prime minister informed cabinet members that a Pakistani delegation had traveled to Saudi Arabia to discuss collaboration in the mining, minerals, solar energy, and IT sectors, for which there is a demand for skilled labor in both Saudi Arabia and Qatar.
He requested the IT ministry to present a strategy aimed at developing an internationally competitive IT workforce that meets the needs of both countries.
Emphasizing the need for prompt action on business-to-business agreements with Saudi Arabia, PM Shehbaz noted that the Azerbaijan government had also approved $2 billion in memorandums of understanding to enhance bilateral relations.
“These are positive developments. It is up to us to make the most of these opportunities,” he remarked.
He praised the State Bank of Pakistan’s decision to lower the policy rate to 15%, stating that the government’s economic stability initiatives are yielding results.
The prime minister welcomed the additional 2% reduction in the policy rate, which he said would benefit businesses, agriculture, exports, and commerce. He explained that the central bank had reduced the policy rate from 22% to 15%, encouraging investment in the economy to create jobs and boost production and exports.
“The decrease in the policy rate will alleviate the debt burden by Rs1.3 trillion, providing significant relief and creating considerable fiscal space for the country,” he noted.
Prime Minister Shehbaz expressed optimism that the economy would improve if positive trends continued.
