Prime Minister Shehbaz Sharif on Sunday hailed improvements in various economic indicators under the incumbent government, pointing specifically to a declining rate of inflation and upgradation of the country’s credit rating by international agencies.
According to a statement issued by the Prime Minister’s Office, he told journalists in Lahore that the Consumer Price Index (CPI) had declined to 11 percent in July and economists were predicting a further decline in the coming days. “After Fitch, the global rating agency Moody’s recently upgraded Pakistan’s credit rating, which is an acknowledgement of the country’s positive economic indicators by the international financial institutions,” he said, stressing the government was pursuing several initiatives to implement economic reforms through “rightsizing.”
He also hoped, per the statement, that the positive impact on the economy would soon be felt by the general public as well.
The prime minister noted that both the federal and Punjab governments had provided relief in electricity bills, while the price of petroleum products had been reduced for the upcoming fortnight in line with international prices. In July, the federal government announced a subsidy for consumers of up to 200 units of electricity per month, while the Punjab government last month announced a Rs. 14/unit reduction in the electricity tariff for August and September for consumers of the province using 201-500 units.
Sharif emphasized that the government wished to pass on all benefits of economic improvements to the common man, adding the country was proceeding toward stabilization thanks to the hard work of the government’s economic and financial teams.