PM praises economic team for rate cut

ISLAMABAD: Prime Minister Shehbaz Sharif on Monday lauded the economic team led by Finance Minister Muhammad Aurangzeb following the State Bank of Pakistan’s (SBP) decision to cut the benchmark interest rate by 50 basis points.

In a statement, Sharif expressed confidence that the rate cut was a sign of positive momentum for the country’s economy. He framed the decision as part of broader efforts to stabilise the country’s economic outlook after months of volatility.

“The government’s economic team, under the leadership of Finance Minister Muhammad Aurangzeb, has worked relentlessly to steer the country towards stability, and this decision is a reflection of their hard work,” he added. The prime minister specifically highlighted the contributions of Aurangzeb, Minister of State for Finance Bilal Azhar Kiani, and the Secretary of Finance, commending their efforts to bring about much-needed economic reforms.

“The reduction in interest rates is a crucial step forward for Pakistan. It will provide significant relief to both the business community and the public,” he added. “Our economy is steadily moving toward stability, and we are laying the groundwork for sustainable growth.’ Sharif also acknowledged the sacrifices made by the business community and ordinary citizens amid the country’s economic challenges, reiterating that the government was focused on providing as much relief as possible through policies aimed at fostering long-term improvement.

The rate cut, which follows a series of difficult fiscal adjustments, is expected to benefit small and medium-sized enterprises, allowing them easier access to affordable financing.

Sharif underscored that these businesses stand to gain the most from the change, with access to lower-cost loans critical to their survival and growth.

Copyright Business Recorder, 2025