Shehbaz seeks enhanced collaboration with China

PM hails fall in inflation rate to 9.6%

ISLAMABAD:

Prime Minister Shehbaz Sharif said on Monday that Pakistan aimed at enhancing its collaboration with China in areas such as information technology (IT), artificial intelligence (AI), modern agriculture, and other sectors.

Talking to Chinese Ambassador Jiang Zaidong during a meeting at the Prime Minister's Office, Shehbaz remarked that the friendship between Pakistan and China had endured and remained strong throughout the years.

The prime minister highlighted that China provided unwavering support to Pakistan during every challenging period. He praised the Chinese leadership's vision to consistently enhance Pakistan-China strategic relations and collaborate on upgrading the China-Pakistan Economic Corridor (CPEC).

"The friendship between Pakistan and China is essential not only for both nations but also for regional and global peace and development," Shehbaz said. Deputy Prime Minister Ishaq Dar, Special Assistant to Prime Minister Tariq Fatemi, and other officials were also present in the meeting.

Inflation down

According to a separate statement issued by the Prime Minister's Office, Shehbaz expressed satisfaction with the new data issued by the Pakistan Bureau of Statistics (PBS) that said that inflation had come down to single-digit in August 2024.

The prime minister attributed this decrease in the inflation to 9.6% – the lowest rate in the last three years – to the hard work of the government's economic team. "This decrease in inflation is a reflection of the government's effective measures to improve the economy," Shehbaz said.

According to the Finance Ministry's Economic Outlook Report, the inflation rate was predicted to be between 9.5% and 10.5% in August 2024. Economic experts forecast a further decrease in inflation in September, which the prime minister hailed as good news for the nation.