Prime Minister (PM) Imran Khan has given a directive for the passing on of the benefit of lower international fuel prices to consumers to curb inflation.
According to the details, he chaired a meeting of the Macro Economic Advisory Group in Islamabad today, and its attendees were informed that the expected decrease in the global prices of fuel will help the government curb inflation and shift the relief to the masses.
The premier welcomed the suggestion by the members of the group and called for the aforementioned directive to be expedited.
He said that the government has tackled both the economic disaster left by the previous government and the pandemic very well, and declared that the economy is growing at a sustainable pace now.
The prime minister said that the increase in large-scale manufacturing and the value addition of goods, increased revenues, and an increase in exports show that the policy measure taken by the government have started to bear fruits. He also predicted that the economy will be growing at a higher rate than at the end of the current fiscal year as compared to the previous fiscal year.
The attendees of the meeting were informed about the stable forex reserves and sustainable structural reforms in the power sector that have led to a contraction in circular debt. They were told that Pakistan has registered a 35 percent growth in revenue with a 32 percent growth in tax collection. Moreover, there has also been a surge in exports, including value-added goods and large-scale manufacturing.
The attendees were also informed about the increase in the import of industrial raw materials, which is a sign of increased industrial production and value addition that will ultimately boost exports and revenues in the case of local consumption.
The meeting was attended by the Adviser to the PM on Finance, Shaukat Tarin; the federal Minister for Energy, Hammad Azhar; the Minister for Planning and Development, Asad Umar; SAPM Shehbaz Gill; the Governor of the State Bank of Pakistan, Dr. Reza Baqir; Dr. Rashid Amjad; Dr. Syed Salman Shah; Saqib Sherani; Dr. Ashfaque Hassan Khan; the Secretary of Finance, Hamid Yaqoob Sheikh; the Chairman of the FBR, Muhammad Ashfaq Ahmed; the Economic Advisor to the Ministry of Finance, Dr. Imtiaz Ahmed; and senior officials. Dr. Ishrat Hussain, Syed Saleem Raza, Dr. Ijaz Nabi, Dr. Abid Qayyum Sulheri. and Dr. Nadeem Ul Haque attended it via video link.
