ISLAMABAD: Pakistan’s weekly inflation, measured by the Sensitive Price Indicator (SPI), has slowed to 3.57 percent on a year-on-year basis in the week ending on Dec. 5, the country’s statistics bureau said, with Prime Minister Shehbaz Sharif congratulating the nation over the drop.
The SPI, which comprises 51 essential items collected from 50 markets in 17 cities, is computed on a weekly basis to assess the price movement of essential commodities at shorter interval of time so as to review the price situation in the country.
Inflation for the week ending on Dec. 05 decreased by 0.34 percent as compared to the previou week, with a major decrease observed in prices of tomatoes, chicken, pulses wheat flour, rice and liquefied petroleum gas (LPG).
In a statement issued from his office, Sharif noted that inflation had fallen to its lowest level since October 2018, saying that his government was working tirelessly to resolve public issues.
“Further steps are being taken for employment generation, industrial development and promotion of foreign investment in the country,” he said on Saturday.
The prime minister said an increase in remittances and investment from friendly countries as well as stable diplomatic relations were a reflection of Pakistan’s development journey.
“All stakeholders are playing their role in the national development journey,” he added.
Pakistan’s annual consumer inflation slowed to 4.9 percent in November largely due to a high base a year earlier, the statistics bureau said this week, lower than the government’s forecast.
The finance ministry had projected inflation would slow to 5.8 percent-6.8 percent in November and ease to 5.6 percent-6.5 percent in December, it said in its monthly economic report published last week. Consumer inflation cooled from 7.2 percent in October, a sharp drop from a multi-decade high of nearly 40 percent in May 2023.
The South Asian country, which has been facing an economic slowdown, also slashed interest rates by 250 basis points earlier in November to help revive a sluggish economy amid a drop in the rate of inflation.
On Friday, the Pakistan Stock Exchange (PSX) crossed 109,000 points as the bullish sentiment prevailed at the market, analysts said. The benchmark KSE-100 index surged by 814 points, or 0.75 percent, to hit a record high of 109,053 points as compared to the previous day’s close of 108,238 points.
Pakistan weekly inflation slows to 3.57 percent year on year
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Pakistan weekly inflation slows to 3.57 percent year on year
- Pakistan also slashed interest rates by 250 basis points in Nov. to help revive a sluggish economy amid drop in inflation
- PM Shehbaz Sharif congratulates nation as inflation hits lowest level since Oct. 2018, promises to resolve public issues
Sindh assembly passes resolution rejecting move to separate Karachi
- Chief Minister Shah cites constitutional safeguards against altering provincial boundaries
- Calls to separate Karachi intensified amid governance concerns after a mall fire last month
ISLAMABAD: The provincial assembly of Pakistan’s southern Sindh province on Saturday passed a resolution rejecting any move to separate Karachi, declaring its territorial integrity “non-negotiable” amid political calls to carve the city out as a separate administrative unit.
The resolution comes after fresh demands by the Muttahida Qaumi Movement (MQM) and other voices to grant Karachi provincial or federal status following governance challenges highlighted by the deadly Gul Plaza fire earlier this year that killed 80 people.
Karachi, Pakistan’s largest and most densely populated city, is the country’s main commercial hub and contributes a significant share to the national economy.
Chief Minister Syed Murad Ali Shah tabled the resolution in the assembly, condemning what he described as “divisive statements” about breaking up Sindh or detaching Karachi.
“The province that played a foundational role in the creation of Pakistan cannot allow the fragmentation of its own historic homeland,” Shah told lawmakers, adding that any attempt to divide Sindh or separate Karachi was contrary to the constitution and democratic norms.
Citing Article 239 of Pakistan’s 1973 Constitution, which requires the consent of not less than two-thirds of a provincial assembly to alter provincial boundaries, Shah said any such move could not proceed without the assembly’s approval.
“If any such move is attempted, it is this Assembly — by a two-thirds majority — that will decide,” he said.
The resolution reaffirmed that Karachi would “forever remain” an integral part of Sindh and directed the provincial government to forward the motion to the president, prime minister and parliamentary leadership for record.
Shah said the resolution was not aimed at anyone but referred to the shifting stance of MQM in the debate while warning that opposing the resolution would amount to supporting the division of Sindh.
The party has been a major political force in Karachi with a significant vote bank in the city and has frequently criticized Shah’s provincial administration over its governance of Pakistan’s largest metropolis.
Taha Ahmed Khan, a senior MQM leader, acknowledged that his party had “presented its demand openly on television channels with clear and logical arguments” to separate Karachi from Sindh.
“It is a purely constitutional debate,” he told Arab News by phone. “We are aware that the Pakistan Peoples Party, which rules the province, holds a two-thirds majority and that a new province cannot be created at this stage. But that does not mean new provinces can never be formed.”
Calls to alter Karachi’s status have periodically surfaced amid longstanding complaints over governance, infrastructure and administrative control in the megacity, though no formal proposal to redraw provincial boundaries has been introduced at the federal level.
