ISLAMABAD: Prime Minister Shehbaz Sharif expressed contentment with the significant decline in the inflation rate in Pakistan, attributing the progress towards economic stability to the diligent efforts of the government’s financial team.
Referring to the details provided by the Pakistan Bureau of Statistics (PBS), the prime minister noted that the ‘Consumer Price Index’ dropped to a record low in July 2024, reducing inflation to 11%. He also welcomed the forecast of a further decrease in the inflation rate in September.
Meanwhile, the Ministry of Finance, in its monthly outlook report, indicated that due to stable economic indicators, inflation is projected to stay within the range of 9.5-10.5% in August and further decrease to 9-10% in September.
The PM Office Media Wing, in an official statement, quoted the prime minister as saying, “Following Fitch, the global rating agency Moody’s has recently upgraded Pakistan’s credit rating, which reflects the international financial institutions’ recognition of the country’s positive economic indicators.”
The government is actively pursuing a policy of economic reforms, with swift progress being made on the government’s rightsizing policy, which the prime minister is personally monitoring, according to the communiqué.
Prime Minister also expressed confidence that its positive impact on the economy would become evident soon.
He also acknowledged that the federal and Punjab governments had provided significant relief to electricity consumers regarding their monthly bills, adding that the prices of petroleum products were further reduced starting today.
The Pakistan Muslim League-Nawaz (PML-N)-led government announced a reduction of Rs14 per unit in the electricity tariff for August and September as part of a power subsidy plan for consumers using 201 to 500 units.
The premier stated that the government is committed to passing on all the benefits of such policies to the common man. “The government is aware of the people’s issues and is working tirelessly to resolve them,” he added.
In August, Moody’s Ratings upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings from Caa3 to Caa2, citing improvements in macroeconomic conditions.
