The prime minister predicted a policy rate cut after inflation hit a 6.5-year low.

Appreciating the record reduction in inflation of 4.9 percent after almost six and a half years, Prime Minister Shehbaz Sharif is hopeful of a further reduction in the country’s policy rate.

According to data released by the Pakistan Bureau of Statistics, inflation in Pakistan fell to 4.9 percent year-on-year in November 2024, beating official forecasts, down from 7.2 percent in October to a six-and-a-half-year low. reached the highest level. (PBS) on Monday.

Addressing the Federal Cabinet meeting in Islamabad on Monday, the Prime Minister said that it is beyond imagination, adding that inflation is a tool that can be used to improve the financial condition of the people, while Rising inflation adds to the woes. of poor people.

Recalling the previous era of Pakistan Muslim League-Nawaz (PMLN), he said that inflation was 3.5 percent under the leadership of former Prime Minister Nawaz Sharif.

He said that the financial burden on the common man will be reduced with positive developments.

He was optimistic about further easing of the key policy rate in the next meeting of the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP).

After achieving economic stability, the Prime Minister emphasized on moving towards economic growth with a focus on improving the country’s GDP, exports, production, industrial growth and employment.

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

Criticizing the protests in Islamabad without naming the Pakistan Tehreek-e-Insaf (PTI), Prime Minister Shehbaz said that the uncertainty and chaos had badly affected the Pakistan Stock Exchange (PSX) with a fall of 3,000 points. Affected He said that after the situation in the capital returned to normal, the stock market returned the next day.

He further said that the government was careful while allowing the export of sugar to ensure price stability in the local market. He said that $500 million in foreign exchange can be earned from sugar exports.

Shahbaz Sharif also appreciated the role of the Pakistan Army in stopping smuggling across Afghanistan, which also played an important role in stabilizing sugar prices in the local market.

He also appreciated the efforts of Aviation Minister Khawaja Asif and former Aviation Minister Khawaja Saad Rafique for lifting the ban on Pakistan International Airlines (PIA) flights to Europe.

The prime minister also criticized the former aviation minister’s “irresponsible statement” in which he said the national carrier had suffered billions of dollars in economic losses.

He admitted that PIA’s ban on foreign routes was a factor that affected the airline’s bidding process.

Last week, the European Union Aviation Safety Agency (EASA) lifted the ban on Pakistan International Airlines (PIA) flights to Europe after a gap of almost four years.