ISLAMABAD: Prime Minister Imran Khan said on Tuesday that Pakistan's macroeconomic indicators are stable with reserves in a stable condition, reported Aaj News.

Chairing a meeting of the Macro Economic Advisory Group in Islamabad, PM said the government has tackled both the economic disaster left by the previous government and coronavirus very well, adding that now the economy is growing at a sustainable pace.

The statement comes as Pakistan recorded a high inflation rate of 11.5%, import bill that surged to $7.7 billion, and an increase in discount rate to 8.75% in the month of November.

PM Khan said the increase in Large Scale Manufacturing (LSM) and value addition of goods led to an increase in revenue. He said that rise in export figures shows that the policy measures taken by the government have started to bear fruits.

The PM further said that at the end of the current fiscal year, the economy will be growing at a higher rate as compared to the previous fiscal year.

Meanwhile, the meeting was apprised that when the economies were being battered by the adverse effects of Covid-19, Pakistan not only did well to contain the pandemic but also sustained its growth rate of 3.9%.

Just days ago, Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin expressed the hope that the import bill will taper off following a decline in oil prices in the international market and it would have a positive impact on inflation and the current account deficit.

The adviser said that increase in import bill was primarily because of increase in the prices of commodities in the global market and consequently, there was inflation in the country.

As a result, he said, the low-income and middle-income groups in the urban areas have been badly affected and the government is taking measures to protect them through targeted subsidies.

This article was first published in Business Recorder on Dec 7, 2021.