Finance Ministry Spokesperson Labels Pakistan’s Economy Far Ahead of India

Spokesperson Finance Ministry, Muzammil Aslam has said that the inflation in the country is mainly because of international commodity prices, and soon the Pakistani market will be stable in terms of prices. Addressing a news conference in Islamabad on Wednesday, Muzammil Aslam said that global inflation was increased due to COVID-19, which also affected Pakistan. He said that Pakistan’s economy was improving, adding that the exports increased by 18% while the imports decreased by 23% over the last year. To a question, he said that no doubt Pakistan was far better than India in terms of economy, and the country was now on the path to prosperity. He noted that a decrease in imports with an increase in exports would reduce the trade deficit. He said that Pakistan was facing difficulties importing goods, as there was inflation in the world market, leading to an increase in prices in the commodities brought into Pakistan. Muzammil Aslam said that egg prices remained stable this year as compared to the last year. Pakistan’s foreign exchange reserves, he added, were high during the COVID pandemic and Pakistan’s currency was showing continuity. He underlined that sugar was abundant in the country and prices were stable. He said that the price of sugar was Rs. 80 to 83 per kilogram. He maintained that Pakistan’s deficit had come down from $5 billion to $3 billion. He observed that COVID-19  devalued the currencies of many countries, and the depreciation of the Pakistani Rupee against the dollar had led to inflation in the country. This was the main reason why prices were not stabilizing in the country, he explained. He said that sugar had been imported into the country which is now abundant and we will not have to import it. Similarly, we have not had to import wheat. Muzammil Aslam said that Pakistan imports 80% of its cooking oil which has affected the common man. He reiterated that the recent 13 percent inflation figures in the country were not high and there had been no increase in inflation as compared to December 2021. He emphasized that the price of flour was stable as compared to the last year. He hoped that Pakistan’s economy would grow strong and stable. He asserted that despite multiple challenges, particularly COVID-19, the country’s economy performed well during 2021 and was moving in the right direction with the support of the government’s prudent policies. He further said that the country’s exports were gradually increasing and likely to touch $30 billion by the end of this fiscal year, while inflows of home remittances would be about $32 billion. Pakistan has also revised up its economic growth rate for 2020-21 to 5.37 percent from 3.9 percent which is another historic achievement, he said, adding that the policies of the government bearing fruits and taking the economy toward sustainable development.