ISLAMABAD: Following an IMF announcement that Pakistan’s case would be taken up by its board later this month, Prime Minister Shehbaz Sharif on Thursday expressed gratitude to some friendly countries, which had monetarily supported Pakistan in its negotiations with the lender.

“Our friendly and brotherly countries have come all the way to support us again,” he said while chairing a meeting of the federal cabinet.

Pakistan has now met the prerequisites to secure a loan from the IMF, he said.

He also welcomed the State Bank of Pakistan’s (SBP) decision to reduce the policy rate from 19.5 to 17.5 per cent, expressing optimism that this move would stimulate exports, investment, business, agriculture, and overall economic growth in the country.

Cabinet okays planning ministry proposal to hire chief economist on special pay scale

The prime minister also expressed hope that the policy rate could gradually decrease to single digits, in line with the country’s inflation rate. He stressed that after achieving the goal of macroeconomic stability, the government will now take measures to boost GDP growth of the country.

Key decisions

The federal cabinet also took a number of decision in its meeting on Wednesday, including the formation of a subcommittee that would report back to the cabinet on the volume of trade from Gwadar port.

The directions came in the wake of the PM’s earlier directives to ensure that at least half of public sector imports should be routed through Gwadar.

Cabinet members also expressed satisfaction over a report presented by the Ministry of Industries and Production regarding the export of sugar, stating that the timely decision to allow its export not only helped control the prices of sugar in the country but also added to the country’s foreign exchange reserves, while also ensuring that farmers were rewarded for their hard work.

The cabinet also approved issuance of commemorative postal stamp on the completion of 75 years of diplomatic relations between Pakistan and Sri Lanka.

It also gave the Ministry of Planning and Development the go-ahead to hire a chief economist from the open market on special professional pay scale.

Meeting with Sindh CM

A day after his meeting with PPP chief Bilawal Bhutto-Zardari and Karachi Mayor Murtaza Wahab, PM Shehbaz met with Sindh Chief Minister Murad Ali Shah, who called on the PM on Thursday.

Deputy Prime Minister and Foreign Minis­ter Ishaq Dar, Planning Minister Ahsan Iqbal, Economic Affairs Minister Ahad Khan Cheema and Minister of State Ali Pervaiz Malik also attended the meeting.

The huddle discussed ongoing federal government projects in Sindh and public welfare initiative being taken by both the Sindh and federal governments. The Sindh Chief Min­ister also called on President Asif Ali Zardari and discussed matters of mutual interest.

Published in Dawn, September 13th, 2024