Policy rate reduction pleasing move for economy: PM

On Tuesday, Prime Minister Shehbaz Sharif praised the State Bank of Pakistan’s policy rate cut to 15% and stated that the government’s efforts to promote economic stability were beginning to bear fruit.In his opening remarks, the prime minister, who was also the head of the federal cabinet meeting, stated that the business, agriculture, export, and commerce sectors would be pleased with an additional two percent drop in the policy rate.He claimed that by progressively lowering the policy rate from 22% to 15%, SBP was enticing investors to put their money into the economy in order to boost exports, output, and job creation.The policy rate drop, according to Prime Minister Shehbaz, will reduce the nation’s debt load by Rs1.3 trillion, offering significant relief and opening up a large budget