Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Monday inflation has decreased as a result of continued efforts of the government and now there is a need to focus on growth.
Chairing the Federal Cabinet meeting in Islamabad today, he said it is good news that the inflation has come down to 4.9 % to the lowest level in last 70 months.
The prime minister expressed the confidence that the reduction in inflation will lessen common man's burden.
He hoped that the State Bank of Pakistan (SBP) may reduce policy rate as a result of decrease in the inflation rate.
PM Shehbaz said uncertainty and chaos as a result of recent protest in Islamabad adversely affected the Pakistan Stock Exchange with a decline of
“The Stock Exchange bounced back, the next day, after the normalcy restored in the capital,” the prime minister said.
The prime minister 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 (SEZs)
PM Shehbaz said revenue collection also recorded an increase as compared to the previous year as a result of enforcement.
“The government took utmost care, while allowing export of sugar to ensure stability of prices in the local market,” he said, adding that the sugar exports may earn foreign exchange worth $500 million.
The prime minister underlined that smuggling had gone zero due to Pakistan Army’s complete enforcement and support as previously there were multiple law enforcement agencies on the borders but the current stringent regime remained an uphill task for them.
“The Federal Board of Revenue (FBR) should deploy competent enforcement teams to achieve its revenue collection targets as that was how nations were built,” he added.
The prime minister also congratulated, Minister for Aviation, Defence Minister Khawaja Muhammad Asif and his team for achieving landmark success as the European aviation regulator lifted the ban on Pakistan International Airlines (PIA) flights to Europe after more than four years.
PM Shehbaz regretted that the former Aviation Minister’s irresponsible statement brought embarrassment and bad name to the country that caste negative impact on the national economy.
He also praised former Aviation Minister, Khawaja Saad Rafique and his team for making efforts in the previous regime for this cause.
