PM Shehbaz hails PSX milestone as economy shows signs of stability

Prime Minister Shehbaz Sharif extended felicitations to the nation as the Pakistan Stock Exchange (PSX) reached a historic milestone, with the KSE-100 index crossing the 90,000-point mark on Friday.

He attributed this significant achievement to the relentless efforts of his administration’s economic team and stated it as a marker of investor confidence in the government’s economic policies.

In a statement, the PM commended the economic team for orchestrating a 36% surge in the stock market since March and for helping reduce inflation from 38% to 6.9%. He highlighted recent economic stability, pointing to increased remittances and a surplus in the current account for the past two months.

Remittances from Pakistanis abroad reached a record $8.8 billion in the last quarter, supporting the balance of payments and reinforcing financial resilience, he noted.

The PM also cited the forthcoming $7 billion facility from the International Monetary Fund (IMF) as a stabilising factor for Pakistan’s economy, assuring the public that these indicators represent a turnaround from the economic challenges faced previously.

“The positive economic indicators have dispelled the narrative of imminent default,” he said, expressing satisfaction with the progress on multiple fronts and promising further positive developments for the economy in the coming days.

PM Shehbaz said that his administration remains committed to steering the country away from economic distress, calling this progress a testament to his government’s focus on fiscal responsibility and investor trust.