PM welcomes reduction of two percent in policy rate by SBP

Prime Minister Shehbaz Sharif has said that two percent cut in policy rate announced by the State Bank of Pakistan will benefit business and economy of the country. Addressing the Federal Cabinet meeting, held in Islamabad today, he said the policy rate has now dropped from 19.5 percent to 17.5 percent, which is welcoming. He said economy is gradually and step by step improving. Regarding talks with International Monetary Fund, he said negotiations with the IMF are progressing positively. The Prime Minister also thanked friendly countries for once again overwhelming supporting Pakistan. He stressed on the need to rid the country of the loans and put it on its own feet. Shehbaz Sharif said the government is actively working on reforms in the power sector and Federal Board of Revenue. About Israeli unabated barbarism and atrocities against innocent Palestinians, the Prime Minister once against strongly condemned the massacre of Palestinians and termed it as black chapter of the human history. The Prime Mi nister expressed dismay over the silence of international conscience on the Israeli aggression saying that the international community's conscience should wake-up to end these atrocities. Source: Radio Pakistan