The economic team led by Adviser to PM on Finance Hafeez Sheikh predicts ease in inflation within the next two months.
ISLAMABAD: (Urdu Point/Pakistan Point News-Dec 4th, 2019) Prime Minister Imran Khan’s economic team led by Advisor to PM on Finance Hafeez Sheikh said that suspension of trade with neighboring India is one the factors that caused inflation in the country.
The economic team said that failure of provinces’ administrative control over the middlemen and changing weather conditions were the other factors that led the country towards inflation. However, it predicted ease in the inflation during the next two months.
State minister on Revenue Hammad Azhar and Federal board of Revenue Chairman Shabbar Zaidi were the other members who appeared as members of the economic team at a press conference held in Islamabad on Tuesday.
The team said that the steps were being taken up with the provincial governments for setting up of Sasta Bazaars and effective use of magistracy system to ensure relief to the public.
“The inflation will start going down next year in January and February,” said the team, adding that economy could not be transformed from a default or crisis situation to growth mode in a very short time. The speakers said that they took steps which were now enough to lead the country to economic growth within next few months .
The economic team also gave reference of the recent comments and status declared by the international lending and trading agencies.
“Now set to move from stabilization to recovery mode and lead to higher growth,” said Hafeez Sheikh, the Advisor to PM on Finance. Sheikh said that oil and energy prices were beyond the government’s control because of the changes at international level. The government, he said, was ensuring enough safeguards through subsidy, income support programme, health insurance and cheaper availability of essential items to the public. He pointed out that World Bank, the Asian Development Bank, the International Monetary Fund and the Moody’s rating agency all had appreciated positive growth of Pakistan. He said that the government took measures and reforms steps which resulted into positive results for the national economy.
He further said that the exchange rate was stabilized and claimed that foreign direct investment was increasing. He also claimed that World Bank president also wanted to improve relationship with Pakistan. He quoted the IMP and Asian Development Bank which appreciated Pakistan’s economic growth. Sheikh said that all promises were met with margin and recommended disbursement of about $500million. In addition to that, Moody also changed Pakistan status from negative to positive, he added.
