ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Tuesday welcomed the decision of the State Bank of Pakistan to reduce the policy interest rate by 2% to 13%, terming it a step towards boosting investment and accelerating economic growth.
While chairing a cabinet meeting in Islamabad, he stated that the rate cut would stimulate businesses and attract investors, calling it a “welcoming sign” for the country’s economy.
“Taking advantage of the good news on the economic front, we should first promote domestic investment. As a result, foreign investment will automatically come to the country,” he remarked.
The prime minister further said that inflation had come down to its lowest level since 2018, a key indicator of economic recovery. He added that the government had finalised a home-grown economic plan, set to be unveiled soon.
Shehbaz Sharif during the meeting voiced concern over Pakistan’s struggle to eradicate polio, despite global progress in eliminating the disease. He reiterated the government’s commitment to overcoming challenges and making the country polio-free.
The prime minister also expressed deep sorrow over the loss of Pakistani lives in a boat capsizing incident near Greece. He assured that the government would take all necessary measures to support the affected families.
With economic optimism on the rise, the cabinet meeting reflected the government’s focus on fostering growth and addressing persistent challenges.
The cabinet took serious notice of the lack of essential medicines in the northwestern Kurram district. Prime Minister Shehbaz Sharif instructed the federal government to coordinate with the Khyber Pakhtunkhwa (KP) government to address the issue immediately. “The shortage of medicines in Kurram must be resolved without delay,” he emphasised.
The cabinet also gave in-principle approval to the National Registration and Biometric Policy Framework. Under the “One Nation, One Identity” initiative, which seeks to establish a unique ID for every Pakistani by consolidating citizens’ data.
This policy will facilitate the integration and accessibility of key databases, including those of NADRA, the State Bank of Pakistan, SECP, and FBR.
