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Wednesday, April 17, 2024

Government acting promptly to strengthen the economy: PM Shehbaz

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PM claims that despite inheriting the previous administration’s failures, the new administration was making good economic decisions.

According to the prime minister, Shehbaz Sharif, his administration was acting swiftly and decisively to get the economy back on track.

PM Shehbaz’s resolution came at a time when, according to the country’s central bank, the country’s current account deficit (CAD) decreased to $0.2 billion in January 2023, down 90% from the previous year as the depreciation of the rupee slowed down imports.

He was speaking with a group from the international bank Rothschild & Co. that paid him a visit on Monday in Islamabad.

The Prime Minister claimed that the present administration has taken effective steps to strengthen the economy despite dealing with natural calamities like floods and inheriting poor management from the previous administration.

He emphasised the government’s determination to reduce pointless imports and boost exports at the same time in order to stabilise the economy.

The delegation characterised Pakistan’s talented workforce as the nation’s main strength while claiming that the country’s economic situation was steady.

The Pakistan Stock Exchange (PSX), according to the delegation, is one of the most efficient exchanges in the area.

The team also praised Pakistan for its efforts to increase global awareness of the dangers posed by climate change.

The rupee has lost more than a quarter of its value against the US dollar in less than a month as a result of the removal of artificial caps, and fuel prices have increased by more than a fifth as a result of the government implementing the fiscal measures necessary to unlock funds from an IMF bailout. This makes PM Shehbaz’s commitment to the economy all the more important.

In the meantime, the Finance (Supplementary) Bill 2023, also known as the “mini-budget,” was enacted by the National Assembly in order to resolve any issues with the $1.1 billion tranche from the international lender.

The nation’s current account deficit during the first seven months of the current fiscal year dropped by 67% to $3.8 billion from a deficit of $11.6 billion for the same time last year.

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