After \u2018record decline\u2019 in inflation
\nShehbaz Sharif urges ministers to focus on fiscal growth after achieving initial milestone of economic stability
\n islamabad
\nPrime Minister Shehbaz Sharif has lauded a record decline in inflation to 4.9% after almost six-and-a-half years, expressing hope that the remarkable development will lead to further cuts in the key policy rate.
\nBeating official forecasts, Pakistan\u2019s inflation slowed to 4.9% year-on-year in November 2024, down from 7.2% in October, marking its lowest level in six-and-a-half years, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday.
\n\u201cIt is beyond imagination,\u201d said the premier addressing a federal cabinet session in Islamabad on Monday, adding that inflation is a tool that can be used to improve the financial condition of the masses, while at the same the increase in inflation increases the hardship of poor people
\nRecalling the previous tenure of the Pakistan Muslim League-Nawaz (PML-N), he said that the inflation stood at 3.5% under the leadership of former prime minister Nawaz Sharif.
\nHe said that the positive development would reduce the financial burden on the common man.
\nHe was optimistic about further relaxation in key policy rate by the State Bank of Pakistan\u2019s (SBP) Monetary Policy Committee (MPC) in its next meeting.
\nAfter achieving economic stability, the premier called for moving towards economic growth with a focused approach to improve the country\u2019s GDP, exports, production, industrial development, and employment.
\nThe prime minister said revenue collection also recorded an increase as compared to the previous year as a result of enforcement.
\nCriticising the protests in Islamabad without naming the Pakistan Tehreek-e-Insaf (PTI), PM Shehbaz said uncertainty and chaos adversely affected the Pakistan Stock Exchange (PSX) with a decline of 3,000 points. He said the stock market bounced back, the next day, after normalcy was restored in the capital.
\nHe further said the government took utmost care while allowing the export of sugar to ensure the stability of prices in the local market.
\nHe said the sugar exports may earn foreign exchange worth 500 million dollars.
\nShehbaz also commended the role of the Pakistan Army in curbing smuggling across Afghanistan, which also played a pivotal role in stabilising sugar prices in the local market.
\nHe also applauded the efforts of Aviation Minister Khawaja Asif and former Aviation Minister Khawaja Saad Rafique for removal of ban on the Pakistan International Airlines (PIA) flights to Europe.
\nThe premier also criticised \u201cirresponsible statement\u201d of a former aviation minister that he said caused economic loss of billions of dollars to the national carrier.
\nHe admitted that the ban on PIA\u2019s foreign routes was one of the reasons that affected the airline\u2019s bidding process.
\nLast week, the European Union Aviation Safety Agency (EASA) had lifted ban on the flights of Pakistan International Airlines (PIA) flights to Europe after a gap of nearly four years.<\/p>\n","protected":false},"excerpt":{"rendered":"
After \u2018record decline\u2019 in inflation Shehbaz Sharif urges ministers to focus on fiscal growth after achieving initial milestone of economic stability islamabad Prime Minister Shehbaz Sharif has lauded a record decline in inflation to 4.9% after almost six-and-a-half years, expressing hope that the remarkable development will lead to further cuts in the key policy rate. […]<\/p>\n","protected":false},"author":2,"featured_media":447016,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-446986","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n