PM Shehbaz hints at winter power relief

Prime Minister Shehbaz Sharif signalled a potential winter relief package to ease power costs and boost business confidence, during a federal cabinet meeting on Tuesday.

He highlighted targeted steps to support the economy and job creation, acknowledging the challenges but expressing optimism about Pakistan's resilience.

Following his recent Riyadh visit, he noted that a Pakistani delegation had departed for Saudi Arabia to discuss partnerships in mining, solar energy, and IT—a field where both Saudi Arabia and Qatar are seeking skilled labour.

He urged the IT ministry to develop a strategy to meet the workforce demand with internationally qualified professionals.

The PM highlighted business-to-business agreements with Saudi Arabia, as well as a potential $2 billion memorandum of understanding with Azerbaijan, calling these “positive signals” for economic cooperation.

He commended the State Bank of Pakistan’s reduction of the policy rate to 15%, down from 22% earlier this year, a move he said would cut the country’s debt burden by Rs1.3 trillion.

The reduced rate is expected to stimulate investment in business, agriculture, and exports, providing much-needed fiscal space and spurring economic stability.