PM hails economic gains, IMF breakthrough

Says policy rate cut, lower inflation signal progress

ISLAMABAD:

Prime Minister Shehbaz Sharif on Friday highlighted key economic improvements, including a reduced policy rate, lower inflation, increased remittances, and rising agricultural exports, as signs that the government's economic policies were on the right track.

Addressing young parliamentarians of the Pakistan Muslim League-Nawaz, the prime minister pointed out that the recent two percent policy rate cut, announced on Thursday, provided significant relief to industrialists, investors, agriculturalists, and exporters.

Sharif also noted the upcoming IMF meeting on September 25 to discuss Pakistan's $7 billion Extended Fund Facility (EFF) as another positive development.

He emphasized the reduction of inflation from 32% last year to 9.6%, underscoring the government's efforts to stabilize the economy.

He also noted that remittances by expatriates and agricultural exports had witnessed a surge.

The government was also striving to promote IT (Information Technology) exports, he said and appreciated the role of Information Minister Attaullah Tarar in highlighting the government's performance.

But he said many more efforts were yet to be made with unity and a clear mind to regain the lost position.

He told the young parliamentarians, including senators and MNAs, that the government had made a pathway for the country to regain its stature in the comity of nations by rectifying past mistakes.

The prime minister emphasised the role of youth, including parliamentarians, engineers, students, lawyers, bankers and agriculturalists in accomplishing that journey by equipping themselves with modern education and skills, and also assured them of his fullest support in that regard.

He said the IMF programme was also being achieved following the tremendous efforts and tough decisions like putting tax burden on the salaried class, which could be lessened in the future in the form of reduced inflation.