ISLAMABAD: Prime Minister Shehbaz Sharif on Monday hailed the remarkable decline in inflation to 4.9%—the lowest in six and a half years—expressing optimism that this milestone could lead to further reductions in the key policy rate by the State Bank of Pakistan (SBP). Speaking during a federal cabinet meeting, Shehbaz emphasized the importance of leveraging this development to improve the financial well-being of the general public.
Citing the Pakistan Bureau of Statistics (PBS), Shehbaz noted that November’s inflation rate had fallen from 7.2% in October. He stressed that while lower inflation brings relief, sustained economic growth is essential to achieve long-term stability. “Our next step should be shifting focus towards GDP growth, enhancing exports, and creating job opportunities,” Shehbaz stated.
Shehbaz also highlighted an increase in revenue collection, attributing it to improved enforcement measures. Commending government efforts to maintain sugar price stability, he revealed that sugar exports could generate $500 million in foreign exchange. He also lauded the Pakistan Army for its role in combating smuggling along the Afghanistan border, which has bolstered domestic sugar price regulation.
The cabinet meeting addressed key policy matters, including approval of a review petition to revisit the 2018 Supreme Court verdict banning monosodium glutamate (MSG), commonly known as Ajinomoto. Based on findings from a special committee of scientific experts, Shehbaz supported the conclusion that MSG is safe for human consumption.
In a discussion on aviation, Shehbaz welcomed the European Union Aviation Safety Agency’s (EASA) decision to lift its ban on Pakistan International Airlines (PIA), a move he said would boost the airline’s operational prospects.
Shehbaz also expressed concern over political instability, pointing out that last week’s protests by Pakistan Tehreek-e-Insaf (PTI) caused a 3,000-point drop in the Pakistan Stock Exchange (PSX). However, he noted that calm was restored quickly, with the market bouncing back.
The cabinet approved significant policies, including the National Prevention of Violent Extremism Policy 2024 and the establishment of the Islamabad Central Business District Development Authority. Additionally, it ratified agreements with leading global universities and updated the jurisdiction of special courts to align with judicial directives.
PM Shehbaz’s commitment to economic stability and governance reforms reflects his broader vision for national progress amidst evolving challenges.
