Pakistan's Economy on Path to Stability, Says PM Shehbaz Sharif

Islamabad: As per reports,  Prime Minister Shehbaz Sharif announced on Sunday that Pakistan’s economy is moving toward stability, crediting the hard work of his financial team for the positive developments. He expressed satisfaction with the significant drop in the country's inflation rate, as reported by the Pakistan Bureau of Statistics.

According to an official statement, the Consumer Price Index (CPI) showed a record decrease in July 2024, bringing the inflation rate down to 11 percent. Sharif highlighted that economic experts are predicting a further reduction in inflation by September, which he described as an encouraging sign.

The Prime Minister also welcomed the recent upgrade of Pakistan's credit rating by Moody’s, noting that this follows a similar upgrade by Fitch. He said these developments reflect the positive trajectory of the country's economic indicators.

"Our government is fully committed to implementing economic reforms," Sharif stated. He mentioned that the government is actively pursuing a rightsizing policy, which he is personally overseeing, and assured that the positive impacts of these measures will soon be visible in the economy.

Sharif also acknowledged the efforts of both the federal and Punjab governments in providing relief to electricity consumers by adjusting monthly bills and reducing petroleum prices. He emphasised that the government is dedicated to ensuring these benefits reach the common people.

The Prime Minister recognized the challenges faced by the public and assured them that the government is working diligently to address these issues and ease the difficulties experienced by the population.

This statement from the Prime Minister comes as Pakistan awaits the approval of a 7 billion dollars bailout package from the International Monetary Fund (IMF). Last week, Finance Minister Aurangzeb dismissed concerns about the IMF declining the staff-level agreement reached in July, expressing confidence that the IMF Executive Board will approve the loan in September, following confirmation of necessary financing assurances from Pakistan’s development and bilateral partners.

Source-PTI