PM Shehbaz hails historic drop in inflation

ISLAMABAD: Prime Minister Shehbaz Sharif expressed satisfaction as the inflation rate dropped to 4.1 percent (pc), marking the lowest level in 81 months, ARY News reported.

In a statement from the Prime Minister’s Office, he said achieving macroeconomic stability was an important step, but it was just the beginning.

The Prime Minister highlighted the significant drop in inflation to 4.1pc in December 2024 as a positive development. He also mentioned the launch of the “Uraan Pakistan—Pakistan’s Takeoff” project, which aims to position the country among the leading nations of the world.

“Government is pursuing a policy of economic reforms. The current account has gained surplus after 24 years. Inflation has come down from 38pc to 4.1pc, stock market has become the second-best market in the world,” said PM Shehbaz Sharif.

He added that the policy rate had decreased from 22pc to 13pc, showing the government’s hard work to stabilise the economy.

“We [the government] are aware of the people’s difficulties, and therefore worked day and night to solve the problems of the masses. InshAllah [God willing], the lives of the people will improve further,” he stated.

Earlier, PM Shehbaz Sharif launched URAAN Pakistan Program, which he hailed as a crucial step toward the country’s progress and economic stability.

URAAN Pakistan is a transformative initiative aimed at highlighting and advancing key projects and reforms outlined in the 5Es National Economic Transformation Plan. This strategy is focused on revitalizing Pakistan’s economy, fostering sustainable development, and driving inclusive growth.

During the address, PM Shehbaz Sharif acknowledged that despite facing unprecedented challenges, the government had successfully achieved economic stability. He emphasised the need for continued unity and solidarity to move Pakistan forward.

PM Shehbaz Sharif noted that in 2023, efforts to secure an IMF program were intense, and Pakistan was on the brink of default. To save the nation, a joint decision was made by the coalition government to put national interest above political concerns. He further added that the government was willing to go to any extent to protect the state and its interests.

Prime Minister Shehbaz Sharif expressed that the IMF deal was not only a blessing but also the result of the public’s prayers and sacrifices. He also emphasised the government’s proactive steps to negotiate with the IMF despite knowing the difficulties that lay ahead.