Islamabad: Prime Minister Shehbaz Sharif announced a significant reduction in inflation, attributing this to the government’s sustained efforts, during a Federal Cabinet meeting. He emphasized a shift in focus towards economic growth following the decrease in inflation to 4.9 percent, the lowest in 70 months.

According to Ministry of Information and Broadcasting, the Prime Minister expressed optimism that the reduction in inflation would alleviate the financial strain on citizens and anticipated a potential decrease in the State Bank of Pakistan’s policy rate. He addressed the recent downturn in the Pakistan Stock Exchange, attributing a temporary 3,000-point decline to protests in Islamabad, but noted the market’s recovery once normalcy resumed.

Sharif underscored the importance of fostering economic growth to enhance GDP and highlighted various sectors needing attention, including exports, remittances, and local industry. He pointed to increased revenue collection as a positive outcome of the government’s enforcement measures.

The Prime Minister also mentioned the strategic decision to export sugar, expected to generate $500 million in foreign exchange, while maintaining price stability in the domestic market. He commended the Pakistan Army’s efforts in curbing smuggling across the Afghan border, which contributed to stabilizing sugar prices. Additionally, he praised Aviation Minister Khawaja Asif and former Aviation Minister Khawaja Saad Rafique for their roles in lifting the ban on PIA flights to Europe.