ISLAMABAD: Adviser to the Prime Minister on Finance Shaukat Tarin claimed that the country’s economy is growing stronger and the inflation will soon decline.
Addressing a press conference in Islamabad flanked by Adviser to the Prime Minister for Commerce, Textile, Industry and Production, and Investment Abdul Razak Dawood on Friday, he said that, “I want to tell the common man that our economy is in the right direction and growing while the revenue is recorded 36 percent higher than last year.”
“India’s trade deficit has soared to more than $20 billion,” he added.
The adviser expressed confidence that trade deficit will shrink and national economy will further strength with increase in exports and remittances.
Dawood said the economic fundamentals are heading in the right direction with thirty six percent increase recorded in revenues. He said the agriculture products, including sugarcane, have witnessed enhanced production in the country.
“Prices of petroleum products are pushing back at the international market and price of edible oil is also expected to come down next month,” the adviser said.
Tarin further said the government is fully cognizant of the problems being faced by the lower and lower middle income groups due to price hike. He said the government is taking measures to provide relief to lower class through Ehsaas Rashan Program and Kamyab Pakistan Program.
Maintaining that economy was moving on positive direction, he said the country was facing price escalation due to rise in prices of imported commodities. “Inflation is imported and the reason for which is price escalation at international market,” the adviser said.
“The inflation and import bill are connected and have same cause and that is international commodity prices,” he said and asserted that in fact the domestic inflation has gone down by 4 percent as compared to last year.
The adviser said the country was witnessing inflationary pressure due to rise in international prices of commodities which it was importing, citing that the prices of fuel, LNG, coal, steel and edible oil rose in international market and have impact on inflation in Pakistan.
Comparing the imports of October 2021 and November 2021, the adviser said that the import bill went up from $6.3 billion in October to $7.5 billion in November, showing around $1.2 billion difference.
This difference, he said was witnessed mainly due to import of four commodities, including raw materials the imports of which grew by $252 million on Month on Month basis, petroleum products (oil, gas, coal) by $508 million, vaccine imports $400 million and edible oil $134 million.
