PM Shehbaz claims credit for single-digit inflation

Prime Minister Shehbaz Sharif has declared that the government is committed to providing relief to the common man and the drop in the inflation rate is an evidence of government’s performance, reported 24NewsHD TV channel.

Addressing a meeting of the federal cabinet in Islamabad on Tuesday, PM Shehbaz Sharif said the reduction in Pakistan’s annual inflation rate to 9.6% was not an accident rather it was the outcome of the government’s efforts. “Pakistan’s annual inflation rate has dropped to 9.6% in August, first single-digit figure in nearly three years according to Pakistan Bureau of Statistics. This is not an accident! These are results,” he added.

Shehbaz Sharif said after bringing the inflation rate down to the single digit of 9.6%, more efforts were required to bring in economic growth and stability besides addressing the challenges of circular debt and tax evasion. “Alhamdulillah, the burden of inflation is reducing gradually. A single-digit inflation rate of 9.6% was reported in August this year which was 27% this month of last year. But we have to keep up our efforts to achieve economic growth and stability, create productive employment, reduce expenditures by rightsizing and downsizing, shrink circular debt, curb evasion of receipts and eliminate smuggling,” the prime minister said addressing the meeting of the federal cabinet chaired by him.

He congratulated the finance minister, State Bank governor and other economic team members for the achievement and said that serious and tireless efforts were underway to achieve the challenging task. “This gradual improvement. We have to take it forward swiftly… The task is cumbersome but we will reach our destination if we remain focused on targets,” he remarked.

The prime minister said sincere efforts always led nations to excel and Pakistan too could achieve the same as the country had immense resources including competent minds, natural resources and youth.

Shehbaz Sharif said negotiations with the IMF are going on and this would be the country’s last loan programme with the IMF, emphasizing “We have to reduce our expenses, check corruption and eliminate smuggling.”

Shehbaz told the cabinet members that the prerequisites of IMF programme were under supervision and all-out measures were being taken to fulfill the conditionalities. “Insha’Allah, we will fulfill all the IMF conditionalities timely which will follow the consideration and approval by the IMF Board. This will start a new journey. But we should keep in mind that this should be the last IMF programme in Pakistan’s history,” he remarked.

The prime minister maintained that his government’s focus was on providing relief to the common man. “Our work is not done, and a lot more needs to be done but we are making real progress,” he added.

“This is just a beginning but the journey is way long. This is a tough journey but not impossible,” Shehbaz Sharif said and added “We have to bring stability to the economy and create job opportunities.”

More to follow…..