Prime Minister Shehbaz Sharif on Tuesday said that his government was committed to taking the country towards economic growth, citing ease in inflationary pressure, state-owned Radio Pakistan reported.
The annual inflation maintained a decelerating trend, hitting a nine-year low at 2.4 per cent year-on-year in January, mainly due to a decline in prices of perishable food products.
The headline inflation, measured by the Consumer Price Index (CPI), decreased to 9.6pc in August 2024, the first single-digit figure in more than three years, and the path of slowing down continued in the following months.
However, a rising trend was witnessed in the prices of sugar, vegetables and edible oils in the domestic market despite declining prices in the international market. The government has allowed sugar exports, especially to Afghanistan, on the plea of surplus stock.
While addressing a federal cabinet meeting in Islamabad, the premier expressed confidence in achieving economic growth, noting a decline in inflation numbers.
PM Shehbaz pointed out that the inflation had come down to a nine-year low of 2.4 per cent, commending the finance ministry for its efforts.
Furthermore, the premier expressed his gratitude towards Sindh and Balochistan for approving the agriculture tax — to meet the requirements of the International Monetary Fund (IMF) programme.
On Monday, in a rare show of unity, the Sindh provincial assembly unanimously passed the Sindh Agricultural Income Tax Bill.
Punjab and Khyber Pakhtunkhwa had already passed the amended agricultural income tax law that was a part of the federal government’s commitments under the IMF’s $7 billion agreement spanning 37 months.
Shehbaz went on to mention the $1.2 billion agreement with Saudi Arabia, emphasising that it would strengthen foreign exchange reserves.
He also commended another deal with the Saudi Development Fund, which will provide $41 million for a water scheme in Mansehra, according to the report.
A day ago, Pakistan and Saudi Arabia signed two $1.61 billion agreements — one about oil import on deferred payment for one year and the other to a water scheme.
The deferred payment for oil import will be worth $1.20bn for one year while the concessional loan deal for the construction of a gravity-flow water scheme at Mansehra will amount to $41 million.
The premier also paid tribute to security personnel for rendering their lives to eliminate terrorism and ensure peace in the country.
He said, “These sacrifices will always be written in golden words in history”.
Shehbaz also stated that the Ministry of National Food Security had been directed to come up with a Ramazan package, excluding the Utility Stores Corporation, in order to ensure transparency and the provision of quality items to the public at subsidised rates during the month.
