Economy is moving into right direction: PM

Food inflation is the major problem masses are facing, says Premier Imran Khan

NEWS DESK November 12, 2020

PM Imran Khan. SCREENGRAB

Prime Minister Imran Khan has said that the economy is moving into the right direction and all the economic indicators are on the positive trajectory.

“After 17 years the current account is in surplus which is unfortunately not being highlighted ,” said the premier while addressing a ‘Naya Pakistan Certificates’ launching ceremony in Islamabad on Thursday.

The initiative would facilitate overseas Pakistanis to invest in their home country and get good return, he added.

Under the initiative, the non-resident Pakistanis – who have an account at a local bank under the recently launched Roshan Digital Account (RDA) – and resident Pakistanis – who have declared assets abroad with the Federal Board of Revenue (FBR) – are eligible to invest in the three-month to five-year long Shariah-compliant saving certificates – Islamic Naya Pakistan Certificates (INPCs) – both in foreign currencies (mainly in US dollar) and local rupee-denominations.

In local rupee-term, the government is offering annualised return of 9.5% on three-month certificate, 10% on six-month certificate, 10.5% on 12-month, 10.75% on three-year and 11% on five-year saving certificate.

However, the premier admitted that the food prices are high in the country. “The only problem is food inflation which is also high in our neighbouring countries including in India.”

He said the coronavirus lockdown which interrupted the supply chain and climate change were the primary reason for the all-time high inflation in the country.

On prevailing sugar and wheat crisis, PM Imran said after the government’s action, sugar cartel increased the prices of sweetener.

He assured that his government is working to resolve the shortage of essential commodities, saying that “no cartel would be allowed to create artificial shortage of any commodity in the country anymore”.

At the same time, he appreciated the performance of his economic team, saying that due to their tireless effort the economy is reviving and industrialisation is picking up pace.