Reduction in inflation to lessen common man's burden: PM

Islamabad: Prime Minister Shehbaz Sharif says inflation has decreased as a result of continued efforts of the government and now there is a need to focus on growth.

Chairing the Federal Cabinet meeting in Islamabad today, he said it is good news that the inflation has come down to 4.9 percent to the lowest level in last 70 months.

The Prime Minister expressed the confidence that the reduction in inflation will lessen common man's burden. He hoped that the State Bank of Pakistan may reduce policy rate as a result of decrease in the inflation rate.

Shehbaz Sharif said uncertainty and chaos as a result of recent protest in Islamabad adversely affected the Pakistan Stock Exchange with a decline of 3,000 points. He said, the Stock Exchange bounced back, the next day, after the normalcy restored in the capital.

The Prime Minister emphasized to move towards growth with a focused approach to bring progress to the GDP with the economic stability. He called for working hard in various sectors to improve economy, enhance exports, remittances, and production, strengthen local industry, create employment and develop Special Economic Zones.

The Prime Minister said revenue collection also recorded an increase as compared to the previous year as a result of enforcement.

He further said the government took utmost care, while allowing export of sugar to ensure stability of prices in the local market. He said the sugar exports may earn foreign exchange worth 500 million dollars.

Shehbaz Sharif also commended the role of Pakistan Army in checking smuggling across Afghanistan, which also played a pivotal role in stabilizing sugar prices in the local market.

He also applauded the efforts of Aviation Minister Khawaja Asif and former Aviation Minister Khawaja Saad Rafique for removal of ban on PIA flights to Europe.