Advisor to Pakistan’s PM says country’s inflation is beginning to recede

World Faizah Kamal 04-Feb-2020
Country Pakistan
Pakistan red pinpoint on map - © Raja Rc | Dreamstime.com

Pakistan’s Advisor to the Prime Minister on Finance and Revenue, Hafeez Shaikh, said on February 3 that the inflation rate in the country would start receding soon and gradually come down to a comfortable level.

The advisor said that the federal government had taken a number of initiatives to bring down prices of various commodities.

“The nation will see that soon the prices start falling down”, he added.

Shaikh said in order to control inflation, the government did not borrow money from the State Bank of Pakistan (SBP) besides minimising budget deficit by reducing unnecessary expenditures.

Proposing that provinces should play their role in controlling inflation, he said that hoarding and profiteering issues must be resolved through administrative measures.

To a question, Shaikh replied that the prices of food items of fresh vegetables increased due to seasonal changes and hoped that the prices would decrease in the days to come.

He said the decision of importing wheat was also taken in a bid to control inflation.

Shaikh also mentioned that due to prudent measures taken by the government, the rupee-dollar parity had become stable now.

He stated that as a result of stability and peace in the country, investors from across the world were coming to Pakistan and wanted to avail the opportunities offered by the country.

Shaikh said that in collaboration with the IMF, the government had doubled the funding for the Ehsaas programme besides providing a Rs. 7 billion package for Utility Stores Corporation to provide daily-use items on subsidised rates to the country’s poor.

The post: ‘Inflation to start receding soon: Hafeez Shaikh’ appeared first on the Associated Press Of Pakistan.