PM wants strategy to bring down inflation: Shibli

Minister says premier, cabinet members concerned at hike in food items’ prices

ISLAMABAD:

Federal Minister for Information and Broadcasting Senator Shibli Faraz on Tuesday said that Prime Minister Imran Khan has instructed his cabinet to formulate a strategy for bringing down inflation, especially prices of food items, with an aim to provide relief to the public.

Addressing a news conference regarding the decisions taken in the weekly federal cabinet meeting, Senator Shibli said, "The prime minister and cabinet members were concerned about the hike in food items' prices."

He said that Minister for Planning and Development Asad Umar briefed the cabinet on the economic indicators.

It was noted that the economic indicators were satisfactory as foreign exchange reserves were $20 billion and the dollar to rupee exchange rate was stable, while the large-scale manufacturing was significantly improving and the current account deficit was now in the positive territory as compared to two years back.

The foreign direct investment was increasing due to the steps taken by the government to encourage business activity and job creation, while the foreign remittances were more than the set target.

“The situation is now better from the time when the Pakistan Tehreek-e-Insaf government took charge with foreign reserves only enough to pay six weeks of import bill,” Shibli said.

The minister said that the wheat and sugar stocks were according to the requirements despite the fact that the Sindh government was not releasing its wheat stocks and the staple crop was damaged in Khyber-Pakhtunkhwa.

The cotton crop target, he said, would not be met this year due to the damages caused by rains and floods.

The minister said that the briefing was also given on the performance of Pakistan International Airlines (PIA), whose loans and liabilities stood at more than Rs400 billion.

Despite Covid-19, the PIA earned a revenue of Rs7.8 billion and the cabinet appreciated its performance, he added.

He said that during the coronavirus pandemic, Pakistan's economy performed better than other countries, whose economies were in far worse condition.

Shibli said that the cabinet approved the security plan for the Chehlum of Imam Hussain (AS), which would be coordinated and implemented by the federal and provincial governments, armed forces and police.

He said that the cabinet also discussed the prevailing political situation. The people, he said, knew the background in which the opposition had embarked on its current activities. The opposition was using the language of India, which wanted to include Pakistan in the Financial Action Task Force (FATF) blacklist.

The opposition would hold public meetings only to save assets of a few leaders, he remarked.

Shibli said that Pakistan was a nuclear power, and had strong institutions and armed forces, adding that the opposition was using different means to create chaos and economic instability in the country.

He said that the foreign powers could easily manipulate Nawaz Sharif as he had assets abroad. On the other hand, Premier Imran had no business and did not have assets abroad so no pressure could be exerted on him by any international quarter, he added.

"We are not concerned about what the opposition is doing. We will continue to work for the benefit of the country."

The minister said that PM Imran was steadfastly advancing the cause of Islam, Pakistan and Kashmir.

To a question about the registration of a first information report against the opposition leaders on sedition charges, he said it was a routine matter and neither the government nor the prime minister had anything to do with it. "We are not distributing certificates of treason."

However, he said, the enemy (India) and the opposition leaders were talking the same language.

The minister said that the opposition had opposed the FATF-linked legislation, which was against money laundering and committed by the former Punjab chief minister, but the incumbent government got it passed from parliament in the larger national interest and to meet international obligations. (With input from app)