Committee reviews economic progress and stability under government’s oversight
ISLAMABAD: Chairing the Economic Coordination Committee (ECC) meeting, Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, provided an in-depth review of the economic landscape. He emphasized the government’s consistent efforts to bolster economic stability and ensure sustainable growth through targeted policy measures.
Key Highlights from the Meeting:
- Record-Low Inflation Rates:
- The Consumer Price Index (CPI) recorded a significant drop to 4.9% in November 2024, marking the lowest inflation level since April 2018 when CPI stood at 3.96%.
- This 78-month low highlights the government’s success in managing inflationary pressures and restoring price stability for essential commodities.
- Essential Commodity Price Reductions:
- Substantial price reductions were observed across key items, including wheat flour, diesel, petrol, onions, sugar, tea, soap, chicken, eggs, tomatoes, garlic, and salt.
- Specific reductions include:
- Chicken: Reduced by Rs. 49 per kg (from Rs. 383 to Rs. 334).
- Gram Pulse: Reduced by Rs. 31 per kg (from Rs. 411 to Rs. 380).
- Mash Pulse: Reduced by Rs. 20 per kg (from Rs. 528 to Rs. 508).
- Minister’s Directives:
- The Minister directed the National Price Monitoring Committee (NPMC) and provincial governments to ensure the smooth supply of essential items and address undue price hikes.
- Stakeholders were commended for their efforts in achieving price reductions.
Progress and Outlook:
The Minister highlighted the effectiveness of fiscal policies in:
- Managing public finances.
- Stabilizing the currency.
- Enhancing domestic production.
He reassured the public and the business community of the government’s focus on addressing inflation and promoting economic resilience.
Strategic Initiatives:
The ECC acknowledged the need for continued efforts in:
- Economic diversification.
- Investment in agriculture, manufacturing, and infrastructure.
- Reforms to strengthen the financial system.
- Public-private partnerships to drive growth and job creation.
Commitment to Reforms:
The meeting reaffirmed the government’s resolve to:
- Implement stabilization measures.
- Enhance living standards.
- Monitor economic developments closely.
Minister Aurangzeb expressed optimism about the economic progress achieved so far, emphasizing its role as a foundation for future success. The government remains dedicated to building a prosperous and stable Pakistan through sustained reforms and proactive governance.
