ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif expressed satisfaction on Sunday with the economic developments in the country, highlighting a significant decrease in inflation and improved economic stability.
The Prime Minister’s remarks came in the wake of a report from the Pakistan Bureau of Statistics (PBS) showing that the Consumer Price Index (CPI) fell to a record low of 11% in July 2024, with further declines expected.
According to the Ministry of Finance’s monthly outlook report, inflation is projected to drop further to 9-10% in September.
Prime Minister Sharif attributed the positive economic trends to the diligent work of the government’s financial team, emphasizing that the decline in inflation is a testament to their effective policies. He welcomed the forecast of further reduction in inflation rates, which he believes signals a continued trajectory towards economic stability.
In a statement from the PM Office Media Wing, the Prime Minister also noted the recent upgrade in Pakistan’s credit rating by Moody’s. The rating agency raised Pakistan’s local and foreign currency issuer ratings from Caa3 to Caa2, citing improvements in macroeconomic conditions and greater certainty regarding Pakistan’s external financing sources.
Moody’s also upgraded the senior unsecured MTN programme rating to (P)Caa2 from (P)Caa3 and changed the outlook for the Government of Pakistan to positive from stable.
“This upgrade by Moody’s, following Fitch’s earlier acknowledgment, is a clear recognition of our positive economic indicators by international financial institutions,” PM Shehbaz said.
The Prime Minister also highlighted the government’s ongoing economic reforms, particularly the rightsizing policy that he personally monitors. He expressed confidence that these reforms would soon yield visible benefits for the economy.
Furthermore, PM Shehbaz noted that petroleum product prices have also been reduced. He reassured citizens that the government is acutely aware of their issues and is working tirelessly to resolve them.
