Government Steers Economy Back On Growth Path: Ihsan Afzal

ISLAMABAD, (UrduPoint / Pakistan Point News - 31st Jul, 2024) Coordinator to the Prime Minister on Commerce and Industry, Rana Ihsan Afzal Khan said here on Wednesday that the country’s economy, left reeling by the previous Pakistan Tehreek-i-Insaf (PTI) government, has been put back on track by the incumbent political dispensation.

“Ever since PTI Imran Khan is in jail, the economy of the country is moving towards betterment,” he said while addressing a press conference along with Spokesperson of government on legal affairs, Barrister Aqeel Malik.

Highlighting some key indicators, he said that inflation had decreased significantly, falling to 12.6 percent in June 2024 from 38 percent in June of the previous year.

Ihsan said that the government is committed to reducing the inflation rate to a single digit by 2025, and efforts were currently underway to achieve this goal.

He said that the Pakistani rupee also stabilized, and things are moving in a positive direction. Although it was challenging to stabilize the exchange rate, we've successfully achieved it.

The country's exports have also shown significant growth in the fiscal year 2024, with an increase of $3 billion, reaching to a total of $30 billion while remittances were also showing positive growth.

Fitch rating has also upgraded the country's debt outlook, adding it happened only because of the restoration International Monetary Fund (IMF) programme.

He emphasized that the current government has a comprehensive plan to uplift every sector adding work on the privatization and rightsizing of the government was going on.

He said that the government was determined to provide relief to the common man. The coordinator said the Prime Minister and his team have worked tirelessly to achieve economic recovery.

He underscored that the government has protected 84 percent of domestic electricity consumers, who consumed 200 units, adding there would be no price increased in their bill for next 3 month as the government has allocated Rs 50 billion for this purpose.

He said that the government has also announced a package of Rs 175 billion for industry besides taking measures to reform this sector.