Finance Minister Muhammad Aurangzeb on Tuesday hailed positive macroeconomic indicators, stressing on the need to ensure continuity of policies and avoid any actions that impede the hard-won stability.
“The government has strived hard to bring about economic stability,” he said in a video statement, maintaining authorities’ efforts had led to a drop in inflation and the policy rate. Reiterating that the country is striving to enact structural economic reforms, he hoped the coming months would see further reduction in inflation and cuts to the policy rate.
According to the Pakistan Bureau of Statistics, Pakistan’s inflation in September 2024 declined to 6.9% year-on-year, its lowest level since January 2021. Similarly, the State Bank of Pakistan last month slashed the key policy rate to 17.5% from 19.5%, crediting the declining inflation for its decision.
Expressing condolences over the killing of Chinese engineers working in Pakistan, Aurangzeb said no amount of money could justify the loss of life. “Chinese nationals targeted in Karachi were the officials of independent power producers (IPPs) engaged in talks with the Government of Pakistan to revise the agreements,” he said, adding these talks were aimed at providing relief to the public.
Such attacks, as well as general strikes and street agitation, took a toll on the national economy, he warned. “Such actions cost the country around Rs. 190 billion per day, severely affecting economic growth,” he said, urging protest organizers to consider the repercussions and engage in negotiations to resolve their issues instead.
The minister said strikes and demonstrations also caused losses to the social sector, preventing people from reaching hospitals and children from attending schools, while also impacting the livelihoods of daily wagers such as hawkers and street vendors. He estimated that in Islamabad alone, the past weekend’s protests had impacted the lives of around 800,000 families.