PM Shehbaz Expects Rate Cut to Boost Investment

Prime Minister Muhammad Shehbaz Sharif on Tuesday said the central bank’s announcement of cut in the interest rate by 2% to 13% would help boost investment in the country and stimulate the economic growth.   “Taking advantage of the good news on economic front, we should first promote domestic investment, as a result the foreign investment will automatically come to the country,” the prime minister said while chairing a cabinet meeting.  The meeting began with the recitation of Fateha for the eternal peace of Siddiq-ul-Farooq and a policeman who was martyred in Karak during a terrorist attack on polio workers’ team.   Addressing the persistent challenge of polio eradication, the prime minister regretted that while the polio virus had been nearly eradicated worldwide, Pakistan still faced obstacles in becoming a polio-free country.   He stressed the need to overcome these challenges and reaffirmed the government’s commitment to eliminating the disease.  Prime Minister Shehbaz Sharif also expressed deep sorrow over the tragic loss of Pakistani lives in the recent boat capsizing incident near Greece.  Welcoming the recent positive indicators, the prime minister noted that the policy rate had been reduced by 2% to 13%, which would provide relief to businesses and investors. He described this as a “welcoming sign” for the economy, expressing optimism that it would encourage investment and stimulate growth.  He further highlighted that the inflation rate had dropped to its lowest level since 2018, a significant development for the economy.   Shehbaz Sharif emphasized the importance of promoting local investment and announced that the government had completed a home-grown economic plan, which will be formally unveiled in a special event soon.