Islamabad, September 1, 2024 – Prime Minister Muhammad Shehbaz Sharif expressed satisfaction on Sunday over the significant decline in the country’s inflation rate, citing recent data from the Pakistan Bureau of Statistics (PBS) that indicates a downward trend.
The Prime Minister highlighted that the falling inflation rate is a promising sign for the economy and reflects the government’s efforts to stabilize prices and improve economic conditions.
According to Prime Minister Shehbaz, the Consumer Price Index (CPI) fell to a record low in July 2024, bringing inflation down to 11%. This decline marks a notable improvement from the previous months, where inflation had remained stubbornly high. The Prime Minister welcomed economists’ forecasts predicting a further decrease in inflation for September, indicating that the government’s economic measures are beginning to take effect.
“After Fitch, the global rating agency, Moody’s recently upgraded Pakistan’s credit rating, which is an acknowledgment of the country’s positive economic indicators by international financial institutions,” the Prime Minister stated in a press release from the PM Office Media Wing. He emphasized that such upgrades reflect international confidence in Pakistan’s economic policies and stability, which is crucial for attracting foreign investment and boosting economic growth.
Prime Minister Shehbaz highlighted the government’s ongoing efforts to implement comprehensive economic reforms aimed at fostering growth, reducing the fiscal deficit, and enhancing the overall business environment in the country. These reforms include measures to streamline regulations, improve tax collection, and cut unnecessary expenditures. The Prime Minister stressed that these reforms are being closely monitored and are progressing rapidly, with the government taking a hands-on approach to ensure their effective implementation.
He expressed confidence that the positive impacts of these reforms on the economy would become evident soon, contributing to sustained economic growth and prosperity. “We are focusing on long-term economic stability and ensuring that the benefits reach every segment of society,” he stated.
The Prime Minister also noted that both the federal and Punjab governments had provided substantial relief to electricity consumers regarding their monthly bills, easing the burden on households and businesses. Additionally, he announced a reduction in the prices of petroleum products starting today, which is expected to further alleviate inflationary pressures and lower the cost of living for citizens.
“The government is committed to passing on all the benefits of such policies to the common man,” Prime Minister Shehbaz emphasized. He reiterated that the economy is moving toward stability due to the hard work of the government’s economic and financial teams, who are diligently working to implement policies that promote economic resilience and growth.
He assured the public that the government is fully aware of the challenges faced by the people and is working tirelessly to address them. The Prime Minister emphasized the importance of maintaining public trust and confidence in the government’s ability to manage the economy effectively. He noted that the government’s efforts are not only focused on short-term gains but also on laying a strong foundation for long-term economic stability and prosperity.
The Prime Minister’s statements reflect a positive outlook for Pakistan’s economic future as the government continues to implement measures aimed at economic stabilization and growth. He concluded by encouraging all Pakistanis to remain hopeful and supportive of the government’s efforts, expressing his belief that the country is on the path to a brighter economic future.