ISLAMABAD: Stressing on facilitating the business community to boost their spirits, Prime Minister Shehbaz Sharif hinted on Tuesday that a winter power relief package might be announced.
"We are gradually implementing policies to help the masses by generating employment opportunities and managing the economy," PM Shehbaz said, chairing a federal cabinet meeting in Islamabad. He said it was a difficult journey, but only the nations that faced the challenges were destined to succeed.
The prime minister told the cabinet members that in a follow-up of his recent visit to Saudi Arabia, a Pakistani delegation had left for the Kingdom to discuss cooperation in mining and minerals, solar energy and skilled IT sectors for which workforce was required by both Saudia Arabia and Qatar.
He asked the IT ministry to give a presentation to explain their strategy to produce IT workforce of international standard to make them cope with the requirements of both the countries.
Calling for swift action on B2B MoUs with Saudi Arabia, PM Shehbaz said the Azerbaijan government had also given a green light for the signing of $2 billion MoUs to strengthen bilateral cooperation.
“These are good signals. How we take advantage of these is up to us,” he remarked.
Lauding the policy rate reduction by the State Bank of Pakistan (SBP) to 15%, he said that the government’s economic stability measures were coming to fruition.
The prime minister said a further 2% reduction of the policy rate was a pleasing development for business, agriculture, exports, and commerce sectors.
He said the central bank had gradually cut the policy rate from 22% to 15%, encouraging people to invest their money in the economy to create jobs, enhance production, and exports.
"The policy rate reduction will decrease the debt burden by Rs1.3 trillion, providing huge relief and creating a great fiscal space for the country," he said.
Prime Minister Shehbaz expressed the hope that the country’s economy would strengthen, if the indicators continued to move positively.
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