ISLAMABAD: The National Assembly Standing Committee on the Economic Affairs Division was informed on Wednesday that the repayment of highcost loans has resulted in significant savings for the government, amounting to billions of rupees in reduced interest payments.

The committee`s recommendations on the retirement of such loans were endorsed by the finance ministry, which informed lawmakers that this approach has contributed to improved fiscal management and a more sustainable public debt position.

The committee further recommended that the government work towards bringing the policy rate to a single-digit level to ease borrowing costs and support e conomic activity.

The committee meeting, chaired by Mirza Ikhtiar Baig, was informed that the European Union`s GSP+ scheme plays a pivotal role in supporting Pakistan`s economic growth by granting enhanced trade preferences aimed at promoting sustainable development and adherence to 27 international conventions on human rights, labour standards, environmental protection, and good governance.-Amin Ahmed