May 22, 2024 (MLN): Measures are being taken to pass on the benefits of reduction in inflation to the common man through governance, Prime Minister Shehbaz Sharif stated while chairing the first meeting of the Economic Advisory Council in Islamabad yesterday.
The favorable base effect and reduction in food prices eased the consumer price index (CPI) for April 2024 to 17.3% YoY. On a monthly basis, the CPI recorded a decline of 0.4%, marking the first decrease since June 2023.
This further improved the real interest rates, which transitioned to the positive zone in March 2024, after a hectic period of over 3 years.
Shehbaz Sharif attributed the country's deflation to government policies and conducted thorough consultations on the economic situation.
Speaking on the occasion, he said that the government is working on the mission of providing facilities to the private sector from the first day for the economic development of the country, the provision of employment and the expansion of business and investment.
"The positive trend in the stock market reflects the confidence of the business community and investors in the government policies," he added.
He further ensured that the government would provide more facilities to foreign investors and the business community in the upcoming budget and would reduce the tax rate on the common man while the number of taxpayers will increase.
The Prime Minister said that to increase production, farmers will be provided with quality seeds and fertilizers. Medium and small-scale industries will be promoted to prevent agricultural production from being wasted.
In the end, he directed authorities to immediately resolve all obstacles in obtaining visas for Pakistan for foreign investors and businessmen.
