Prime Minister Shehbaz Sharif on Economic Stability: Inflation Rate Drops

Prime Minister Shehbaz Sharif highlighted the positive shift in Pakistan's economy, citing a drop in inflation and an upgraded credit rating. He mentioned that government policies, including the rightsizing policy and relief measures, are crucial in steering the economy towards stability. The IMF's pending bailout package adds to the optimism.

Prime Minister Shehbaz Sharif announced on Sunday that the economy is on the path to stability, crediting his financial team for their hard work and noting a decrease in inflation.

He expressed satisfaction with the recent data from the Pakistan Bureau of Statistics, which showed a record drop in the Consumer Price Index, bringing inflation down to 11% in July 2024. Experts predict further reductions by September.

Sharif also highlighted the upgrade in Pakistan's credit rating by Moody's, noting this positive development follows Fitch's upgrade. He emphasized the government's commitment to economic reforms and the implementation of the rightsizing policy, which he is personally overseeing. Additionally, he acknowledged the relief provided by federal and Punjab governments to electricity consumers and the reduction in petroleum product prices.

The prime minister assured that the government is dedicated to passing benefits to the public and is addressing the hardships faced by the people. His statement came as Pakistan awaits the approval of a $7 billion bailout package from the International Monetary Fund. Finance Minister Aurangzeb expressed confidence that the IMF will approve the package by next month.

(With inputs from agencies.)