ISLAMABAD (Dunya News) – Prime Minister Shehbaz Sharif said efforts made by the government are yielding results as inflation decreased to 70-month low in the country.
He made the remarks while chairing the federal cabinet meeting in Islamabad on Monday, adding that the inflation has come down to 4.9 percent to the lowest level in last 70 months.
He expressed the confidence that the reduction in inflation will lessen common man's burden. He hoped that the State Bank of Pakistan may cut policy rate due to decreasing inflation.
PM Shehbaz Sharif said uncertainty and chaos as a result of recent protest in Islamabad adversely affected the Pakistan Stock Exchange (PSX) with a decline of 3,000 points. He said the stock market bounced back, the next day, after the normalcy restored in the capital.
The premier emphasized to move towards growth with a focused approach to bring progress to the GDP with the economic stability. He called for working hard in various sectors to improve economy, enhance exports, remittances, and production, strengthen local industry, create employment and develop Special Economic Zones.
He said revenue collection also recorded an increase as compared to the previous year as a result of enforcement.
He further said the government took utmost care, while allowing export of sugar to ensure stability of prices in the local market. He said the sugar exports may earn foreign exchange worth 500 million dollars.
The prime minister also commended the role of Pakistan Army in checking smuggling across Afghanistan, which also played a pivotal role in stabilizing sugar prices in the local market.
He also applauded the efforts of Aviation Minister Khawaja Asif and former Aviation Minister Khawaja Saad Rafique for removal of ban on PIA flights to Europe.