Inflation rate in Pakistan will start receding soon to a comfortable level, says Hafeez Sheikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh on Monday said the federal government has taken several initiatives to bring down the prices of various commodities.

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“The inflation rate in the country would start receding soon which would gradually come down to comfortable level,” the finance adviser said. “The nation will see that soon the prices start falling down.”

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

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

Responding to a question, he said that the prices of food items that of fresh vegetables increased due to seasonal changes and hoped that the prices would come down in days to come. Shaikh said the decision of importing wheat was also taken in a bid to control inflation.

“Due to the prudent measures taken by the government, the rupee-dollar parity had become stable now,” the finance adviser said. “Due to stability and peace in the country, investors from across the world are coming to Pakistan and want to avail themselves of huge opportunities offered by the country.”

Shaikh further said in collaboration with the International Monetary Fund, the government had doubled the funding for the Ehsaas programme besides providing Rs7 billion package for the Utility Stores Corporation (USC) to provide daily use items to the poor segments of the society on subsidised rates. He added that the government was providing subsidy to 72 per cent of electricity consumers.

APP.

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