Positive indicators testament to govt’s right economic police: PM Shehbaz

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif on Friday said that the ‘positive indicators’ of the economy are a testament to the federal government’s effective policies, ARY News reported.

Addressing Pakistan Muslim League-Nawaz (PML-N) lawmakers, PM Shehbaz said that the ‘positive indicators’ including the reduced policy rate and inflation, surged remittances and agricultural exports, and ongoing efforts to boost IT exports evidenced that the government’s economic policies are heading in the right direction.

The prime minister said the two percent policy rate reduction announced on Thursday was a major relief for the industrialists, investors, agriculturalists, and exporters, and expressed the hope for further reduction.

He told the delegation that the announcement by the IMF to discuss the US$7 billion Extended Fund Facility (EFF) to Pakistan on September 25 was also equally pleasing for the country.

PM Shehbaz said that the inflation had reduced to 9.6% contrary to 32% last year, and remittances by expatriates and agricultural exports had witnessed a surge. The government is also striving to promote IT exports, he said and appreciated the role of Information Minister Attaullah Tarar in amplifying the government’s performance.

He emphasised the role of youth including parliamentarians, engineers, students, lawyers, bankers and agriculturalists in accomplishing this journey by equipping themselves with modern education and skills, and also assured them of his fullest support in this regard.

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He said the IMF program was also being achieved following the tremendous efforts and tough decisions like putting tax burden on the salaried class, which could be lessened in the future in the form of reduced inflation.

He also appreciated the friendly countries including Saudi Arabia, China and the UAE’s support in paving the way for the IMF facility and also lauded the efforts by the government’s economic team, the army chief, and all those involved in the process.