FM's monthly economic report gives good news about reduction in inflation

The Ministry of Finance released the monthly economic report and gave the good news of a reduction in inflation in the current month of July, 24News HD TV Channel reported on Wednesday.

According to the monthly economic report, the inflation rate is likely to decrease in July as the reduction in petrol and diesel prices will make essential items cheaper.

The economic report said due to the decrease in prices of petroleum products, transport fares and rates of different commodities will decrease.

As per the report, the prices of commodities especially the prices of ghee are also decreasing in the global market and political stability and stable exchange rates will keep prices under control.

The economic report also described that 2023 was a difficult year for the country's economy and the inflation rate in the country is expected to be 25 to 27 per cent in July.

The Finance Ministry said in the report that efforts will be made to achieve the economic growth rate target of 3.5 per cent in 2024 as economic recovery will be possible with the recent IMF agreement and funds will be available from friendly countries and international organizations.

In 2023, exports decreased by 14.1 per cent and imports by 27.3 per cent while the current account deficit decreased by 85.4 per cent, the ministry said adding that the foreign investment also decreased by 24.8 per cent.

The economic report said Pakistan's foreign exchange reserves were 14.13 billion dollars in July while on July 12, the dollar rate was 277.48 rupees.

According to the Immigration Bureau, 3,93,455 Pakistanis got jobs abroad from January to June, the finance ministry's economic report said.

Reporter: Waqas Azeem