Islamabad, November 5, 2024-Prime Minister Shehbaz Sharif has hinted at a forthcoming power relief package for the winter season, emphasizing the government’s commitment to supporting business and uplifting public morale.
“We are implementing gradual measures to relieve the common man, create jobs, and stimulate the economy. It’s a challenging journey, but only those nations that tackle challenges succeed,” he remarked during a federal cabinet meeting in Islamabad.
The Prime Minister informed the cabinet that, following his recent visit to Riyadh, a Pakistani delegation had departed for Saudi Arabia to discuss cooperation in mining, minerals, solar energy, and IT sectors, areas where both Saudi Arabia and Qatar are seeking skilled workers. He urged the IT Ministry to present a strategy for developing an internationally competitive IT workforce.
He also stressed the need for swift action on business-to-business agreements with Saudi Arabia and mentioned that Azerbaijan had given the green light for $2 billion in Memorandums of Understanding (MoUs) aimed at strengthening bilateral cooperation. “These are promising opportunities. It’s up to us to make the most of them,” he stated.
Commending the State Bank of Pakistan’s recent reduction of the policy rate to 15%, PM Shehbaz highlighted the positive impact on economic stability. He noted that the policy rate has steadily decreased from 22% to 15%, boosting investment in sectors such as agriculture, exports, and commerce.
He further explained that the rate reduction would lessen the national debt burden by Rs1.3 trillion, providing significant fiscal relief and creating more fiscal space for the country.
The Prime Minister expressed optimism about the country’s economic outlook, noting that continued positive trends could further strengthen Pakistan’s economy.
