PM seeks economic well-being of masses

Prime Minister Imran Khan has stressed Finance Minister Shaukat Tarin to initiate steps to improve economic well-being of the urban lower and middle class population affected by “imported inflation”.

According to a statement issued by the PM Office on Saturday, Premier Imran and Tarin in a telephonic conversation discussed the ongoing global commodity price super cycle which has adversely affected inflation and trade deficit in Pakistan. PM Imran also inquired about his health condition.

The prime minister highlighted that international organisations like Bloomberg and The Economist had recognised Pakistan’s successful economic reforms and initiatives taken during the Covid pandemic to save jobs and lives.

Overall, the PM expressed satisfaction over tax collection, exports and remittances. During the talk, the prime minister congratulated the finance minister and his team on achieving the gross domestic product (GDP) growth of 5.37% in three years, which led to creation of substantial jobs and rise in per capita income.

Finance Minister Tarin informed the PM that local food prices had been declining since December as reflected in the weekly sensitive price indicator. Tarin said he was hopeful that the as soon as the prices of international commodities stabilise, the pressure on imported goods will come down as well.
On Twitter, Tarin said that for the third consecutive time, Pakistan stood in the top three in The Economist’s Global Normalcy Index.

“No other country has achieved this in the world.” He said the same is reflected in the revised GDP growth of 5.37 per cent in FY21, the second-best in the last 14 years. “Moving on with the structural changes, inclusive growth and policy actions, Bloomberg has also recognised that Pakistan has entered the decade of sustained growth,” he said.

The minister said that the next 10 years will help reduce income disparity, increase employment and improve human development. The Economist’s normalcy index aims to determine which countries are returning to their pre-pandemic levels, by grading each country using eight indicators: time not at home, retail, office use, public transport, road traffic, flights, cinema and sports attendance.

In June last year, the report had similarly placed Pakistan at number three in its index out of 50 countries. The Global Normalcy Index plummeted in March 2020, stated the report, as many countries imposed restrictions on the movement of their citizens.

In the category of retail, office use, time not spent at home and public transport, Pakistan had ranked over 100. However, in the category of flights and cinema it scored low. (With input from app)