Well, the interesting question is why is the Pakistan military promoting peace rather than pushing the civil body like always ( You need to ignore the mushy movement angle, that doesn't sell well for the local audience especially after all the big talk since Aug 5th).
If peace on the border was a joint move initiated by both military and civil body together, we wouldn't have seen Imran doing the usual bitching 2 days earlier and the NSA slashing out at fake reports of an NSA meet. Surprisingly both of them turned plates and fell in line with Bajwa the next day.
Though I agree with all the economic points raised by
@Nilgiri I do believe this cease-fire has a military angle and it won't last more than a year or two at most.
For the Pakistanis, the military casualties have been considerably high last two years and IA got well-stocked during the Ladakh standoff. PA knows now that IA will divert considerable stocks to the west and is expecting a harsher reaction coming summer which could turn out to be costly in all ways.
For the Indians, they need some time off from counter-insurgency in Kashmir ( now that it's stocked up enough in the past few months) and focus more on QUAD. So even a year or two of peace on the western border is good to re-orient its forces facing china.
And Also an interesting visual is the Indian side is not interested in usual optics, which makes me think that either they are not serious about it or the south block has evolved from the old mindset and don't consider Pakistan to be their number one foe to invest any political capital.