PM Shehbaz Sharif Addresses Cabinet on Budget and Economic Outlook

Prime Minister Shehbaz Sharif convened with the federal cabinet to discuss the upcoming budget, identifying its approval as the sole item on the agenda. He informed the cabinet that this would be the third budget presented by his administration.

He acknowledged that in the preceding two budgets, the government found it necessary to impose taxes. This was attributed to both national imperatives and requirements set by the International Monetary Fund (IMF), aimed at stabilizing the economy and fostering avenues for progress.

The Prime Minister recognized the difficulties faced by the common citizen as a result of these measures. He extended gratitude, on behalf of himself and the cabinet, to the 240 million people of Pakistan for their patience in tolerating inflation.

Sharif highlighted an improvement in economic indicators, noting that inflation had decreased from 38 percent to a single-digit figure over the past two years. He added that inflation had recently seen a slight increase due to the ongoing conflict in the Middle East. Furthermore, the policy rate had reportedly dropped from 22.5 percent to 11 percent during the same period, though it was subsequently raised due to the impacts of the US-Iran conflict.

Earlier in his address, Prime Minister Shehbaz Sharif mentioned his attendance at the funeral prayers for "martyrs who sacrificed their lives in the line of duty," including two individuals of Christian faith. He also recalled meeting with the families of the martyred personnel.

(Source: Dawn Pakistan)