PTI govt steered country out of economic crisis: Hammad Azhar

ISLAMABAD: Lauding the economic policies of the incumbent government, Federal Minister for Economic Affairs Hammad Azhar on Monday said that Pakistan Tehreek-e-Insaf (PTI) has steered the country out of economic crisis, ARY News reported.

Addressing the Senate session, Hammad Azhar said the country had only two weeks foreign exchange reserves when PTI came into power.

Talking about the achievements of PTI government, the minister said that the country’s exports in the month of February increased by 13.6 per cent and the  imports declined by four per cent.

He said that inflation rate has fallen from 14.6 percent in January to 12.4 percent in February. Hammad Azhar said that reduction in the prices of petroleum products by Rs5 per litre will further help decrease inflation in the country.

The minister said that the government did not inject even a single dollar in the market to keep the exchange rate stable. He maintained that the State Bank of Pakistan’s reserves increased by 50 per cent in one year.

Read More: Financial indicators hopeful, inflation will come down in few months: Reza Baqir

Earlier in the day, Governor State Bank Reza Baqir had said that Pakistan’s economy was heading in the right direction and they are now more hopeful than ever.

Baqir while addressing a ceremony had said that there were clear indicators of the economy improving further in the months to come which will surely bring down the rate of inflation.

He had also stated that streamlining the supply-chain mechanism will also aid the positive trajectory of the economy.