Staff Report
ISLAMABAD: Federal Minister for Petroleum Dr. Musadik Malik on Tuesday announced that the government’s economic policies were yielding positive results under the leadership of Prime Minister Shehbaz Sharif. He highlighted a significant reduction in food inflation from 48% to 2%, with ongoing efforts to further control price hikes and provide relief to the public.
During a press conference, Dr. Malik reported that overall inflation in the country has decreased from 38% to 12% due to the government’s interventions. The inflation, he said, was gradually falling and that economic indicators suggest the country was moving towards stability. Addressing key priorities, the minister noted that the government was focused on alleviating poverty, reducing inflation, and creating job opportunities for the youth.
Despite facing economic challenges, the government has allocated Rs 600 billion in the current federal budget to uplift the poor. This budget includes funds for the construction of dams, roads, and motorways, which were expected to generate job opportunities. Additionally, development projects were being prioritized in underdeveloped areas to benefit local communities.
Dr. Malik also mentioned that Rs 50 billion has been allocated to protect 86% of electricity consumers over the next three months. The government was committed to enhancing public relief, improving hospitals, digitizing the Federal Board of Revenue (FBR), and privatizing state-owned enterprises. He criticized the previous Pakistan Tehreek-e-Insaf (PTI) government for providing $4 billion to the 100 wealthiest individuals during its tenure.
The minister emphasized the government’s efforts to combat terrorism, despite opposition criticism. He revealed that Rs 9,400 billion has been allocated for loans to farmers to develop the agricultural sector, leading to a 45% increase in tractor production and sales due to the current administration’s policies.
Additionally, Rs 600 billion had been allocated in the budget for the Benazir Income Support Programme (BISP) to assist deserving women, and Rs 1.2 trillion had been reserved for the construction of roads and infrastructure in the hilly areas of Gilgit-Baltistan.
Dr. Malik dismissed criticism from Umer Ayub regarding the government’s projects, labeling it as unfounded opposition rhetoric. He noted that Umer Ayub, who was part of the previous administration, failed to address power tariff issues at the time but now criticizes the current regime’s policies.
Earlier, Minister for Petroleum Musadik Malik emphasized that alleviating poverty, reducing inflation, and providing job opportunities to the youth are the foremost priorities of the government.
During a news conference in Islamabad, Malik stated that the Prime Minister is focused on creating job opportunities within the country. He also highlighted that the government’s measures are gradually bringing down inflation.
