ISLAMABAD: Prime Minister Shehbaz Sharif on Monday expressed satisfaction over the reduction in inflation after the Pakistan Bureau of Statistics reported it had dropped to single digits for the first time in three years, standing at 9.6 percent in August.
In recent months, Pakistan has witnessed widespread protests as citizens express frustration over the rising cost of living and escalating inflation.
Inflation has surged significantly in recent years, exacerbated by the government’s decision to implement stringent economic reforms recommended by the International Monetary Fund (IMF) in exchange for external financing. These reforms included reducing subsidies and increasing power tariffs, leading to an inflation rate that peaked at 38 percent in May last year.
Subsequently, organizations like the World Bank reported in April this year that 40 percent of Pakistan’s population had fallen below the poverty line.
“The 9.6 percent inflation rate in August reflects the government’s efforts toward economic improvement,” the prime minister said in a statement.
“The decrease in inflation is in line with the Ministry of Finance’s Economic Outlook Report, which predicted that inflation in August 2024 would remain between 9.5 and 10.5 percent,” he added.
Sharif said economic experts were already predicting a further decrease in the inflation rate in September.
“The positive results of the government’s economic reforms are beginning to reach the public in the form of prosperity,” he continued. “Achieving Pakistan’s development goals is not possible without making the life of the common man easier and ensuring their economic well-being.”
The prime minister said Pakistan’s economy had not only stabilized but was on the path to progress.
Pakistan PM applauds return to single-digit inflation as rate drops to 9.6 percent
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Pakistan PM applauds return to single-digit inflation as rate drops to 9.6 percent
- The inflation figure in August has been the lowest in the last three years, indicating economic improvement
- Shehbaz Sharif says the inflationary trend in the country was in line with the finance ministry’s prediction
Pakistan, UAE review bilateral ties, economic and trade cooperation
- UAE Ambassador Salem Mohammed Al Zaabi meets Pakistan’s deputy PM, ministers of defense, finance and IT
- UAE is Pakistan’s third-largest trading partner after China and the US, and home to around 2 million Pakistani expats
ISLAMABAD: UAE Ambassador Salem Mohammed Al Zaabi met Deputy Prime Minister Ishaq Dar and other members of the Pakistani cabinet on Sunday to review bilateral ties and discuss trade and economic cooperation between the two countries, the UAE embassy said.
Al Zaabi held separate meetings with Dar, Defense Minister Khawaja Muhammad Asif, Finance Minister Muhammad Aurangzeb, IT Minister Shaza Fatima Khawaja, Railways Minister Hanif Abbasi, Senate Chairman Yousaf Raza Gilani and National Assembly Speaker Ayaz Sadiq.
“Views on the latest developments at the regional and international levels and matters of common interest between the two friendly countries were discussed and exchanged,” the UAE embassy in Islamabad wrote on social media platform X.
Meanwhile, the embassy said Zaabi discussed bilateral relations and ways to enhance economic and trade cooperation in his meeting with Aurangzeb.
Pakistan enjoys cordial ties with UAE rooted in shared values, faith, culture and economic relations. The Gulf nation is Pakistan’s third-largest trading partner after China and the US.
The UAE is also home to two million Pakistani expatriates, who make it the second-largest source of foreign remittances for cash-strapped Pakistan after Saudi Arabia.
The UAE is also a major source of foreign investment in Pakistan, which have been valued at over $10 billion in the last 20 years, according to the Gulf state’s foreign ministry.
Policymakers in Pakistan consider the UAE an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
Both nations have signed agreements worth billions of dollars recently as Pakistan eyes greater trade and economic ties with Gulf states. In January 2024, Pakistan and the UAE signed multiple agreements worth more than $3 billion for cooperation in railways, economic zones and infrastructure.
