Prime Minister Shehbaz Sharif stated that while the inflation rate has decreased to a single digit of 9.6%, further efforts are needed to achieve economic growth and stability, as well as to tackle issues like circular debt and tax evasion.

“Inflation is gradually easing. In August, we recorded a single-digit inflation rate of 9.6%, down from 27% in the same month last year. However, we must continue our efforts to promote economic growth and stability, generate productive jobs, reduce expenditures through rightsizing, manage circular debt, combat tax evasion, and eliminate smuggling,” he remarked during a federal cabinet meeting he chaired.

He praised the finance minister, the State Bank governor, and the economic team for their achievements and emphasized that dedicated efforts are ongoing to meet these challenges.

“This gradual progress needs to be accelerated. Although the task is difficult, we can reach our goals if we stay focused,” he added.

He emphasized that sincere efforts have always enabled nations to thrive, and Pakistan is no exception, given its abundant resources, skilled individuals, and youthful population.

Prime Minister Shehbaz informed cabinet members that the conditions set by the IMF are being closely monitored, and all necessary actions are being taken to meet these requirements.

“We will timely meet all IMF conditions, which will then go to the IMF Board for consideration and approval. This will mark the beginning of a new chapter. However, we must aim for this to be the last IMF program in Pakistan’s history,” he stated.

Earlier in the day, the prime minister posted on X, noting that the drop in Pakistan’s annual inflation rate to 9.6% was not a coincidence, but rather a result of the government’s efforts.

Read more

Pakistan annual inflation falls to first single-digit stat in nearly three years

Pakistan inflation to fall to 9.5 to 10.5% in August, says finance ministry

Pakistan assures IMF of taxing agriculture, construction sectors

“Pakistan’s annual inflation rate has fallen to 9.6% in August, marking the first single-digit figure in nearly three years, according to the Pakistan Bureau of Statistics. This is not an accident! These are the results of our work,” he asserted.

He stated that his government is dedicated to delivering relief to the average citizen.