Finmin for continuation of IMF-guided economic reforms
Business
Says policy rate cut to improve economy
ISLAMABAD (Dunya News) – Federal Finance Minister Muhammad Aurangzeb on Wednesday vowed to continue ‘economic reforms’ in line with the directives of the International Monetary Fund (IMF).
Speaking at a ceremony in Islamabad, the finance minister said the economy was on the right track as the current account deficit had decreased, and inflation was clocking in at the lowest level after 70 months.
“We have cut the policy rate to improve economy as it will help the industries. The housing sector has played an instrumental role in our economy. We will give policy guidelines to the private sector to contribute in the progress of Pakistan,” he added.
Underscoring the need to build low-cost houses to taper off housing challenges, the finmin said that the government would cut the policy rate for low-cost housing. He also highlighted role of microfinance banks for giving loans on low-interest to the people who wanted to have a permanent shelter.
“We will talk to the State Bank of Pakistan (SBP) for the mortgage financing. We will not announce any good news until winning confidence of the people,” he pointed out.
He went onto say that the government’s responsibility was to continue policies to ensure a conducive environment while remaining readily available for every kind of help.
