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Pakistan

Khurram Dastgir confident inflation will slow down from September

  • Says rupee will stabilise after friendly countries disburse financial aid
  • Stresses that Pakistan has enough reserves to cover 2 months for diesel, and 34 days for petrol
Published July 21, 2022
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Federal Minister for Power Khurram Dastgir on Thursday was confident that inflation in Pakistan will decline from September 2022 onward, and the current government will resolve the balance of payments' crisis as well.

In a press conference, he highlighted that rupee will stabilise against dollar once friendly countries will start disbursement of financial aid to Pakistan.

He said the inflow and outflow of foreign exchange in Pakistan was stable hence the depreciation of local currency would be arrested soon.

Citing that Pakistan possessed massive fuel reserves, he stated that the country had 2 months worth of diesel and 34 days worth of petrol.

His statement comes after the Consumer Price Index (CPI)-based inflation in Pakistan hit 21.3% on a year-on-year (YoY) basis in June 2022, compared to an increase of 13.8% in the previous month and 9.7% in June 2021 as rising commodity prices and a weaker rupee took a toll on the local economy.

Inflation in Pakistan hits 21.3%, highest since Dec 2008

This is the highest monthly CPI reading (YoY basis) since December 2008. Meanwhile, on a month-on-month basis, CPI-based inflation increased by 6.3% in June 2022 as compared to an increase of 0.4% in the previous month and a decrease of 0.3% in June 2021, stated the Pakistan Bureau of Statistics (PBS).

Dastgir continued that the government has "managed to reduce circular debt as well.”

“However, we are only responsible for inflation and unemployment faced during our tenure and Imran Khan is responsible for worsening of economic indicators during his tenure,” he said.

Speaking about allegations of horse trading by PML-N to succeed in Punjab chief minister elections, he stated that Pakistan Tehreek-e-Insaf (PTI) chairman was denting democracy by accusing every institution of wrongdoing

Charges of horse-trading: PTI wants Zardari, Rana and others arrested

“Democracy and economy is being hurt due to Khan’s allegations and foreign investors are losing interest in the economy of Pakistan,” he said. “They believe that Pakistan will end up like Sri Lanka.”

He added that the fall of the local currency against the US dollar was temporary.

Dastgir said Punjab by-elections were free and fair and they were held without any unrest or harassment of voters.

Comments

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IMTIAZ CASSUM AGBOATWALA Jul 21, 2022 02:07pm
Wishful thinking. Nothing concrete happening.
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Abdullah Jul 21, 2022 04:50pm
It's good that they are talking about this to stabilize the massive depreciation. However actions are needed to reduce the recent uncertainty and volatility. Otherwise speculators will continue speculating.
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