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Pakistan

Asad Umar admits rising inflation the biggest concern of public

Planning minister says that both rising inflation and slow economic growth were a result of macroeconomic stabiliza
20 Nov 2019
  • Planning minister says that both rising inflation and slow economic growth were a result of macroeconomic stabilization program adopted by govt.
  • He added that the current account surplus would prove beneficial for the public in coming days.

Admitting that the rising inflation rate is the biggest public concern, Federal minister for planning, development and reform Asad Umar said it would be brought under control in coming days.

“It is true that rising inflation is the biggest concern for a Pakistani these days, which is why Prime Minister’s top priority is to improve the economic situation,” said Umar, while talking to a private news channel.  Meanwhile, the economic growth has slowed down as well, said the former finance minister.

Asad further said that both rising inflation and slow economic growth were a result of the macroeconomic stabilization program adopted by the government to get out of the economic crisis. “Now we need to see whether we are reaping the benefits from the difficult decisions taken earlier or not,” he said.

Speaking about the economic indicators, Umar said that our current account has witnessed a surplus, which is a positive thing because it will generate space in our policy that would be beneficial for the public.

“Our exchange rate has been stabilized; the rising rate of dollar was a major reason behind inflation increase that has been stabilized. Similarly, the government has stopped printing currency notes, all these things would lead to a decline in inflation in coming days,” he said.

The country's current account turned positive with $ 99 million surplus in October 2019 supported by significant import compression and slight growth in exports. The current account balance has turned positive after a gap of three-and-a-half years as previously it was $ 157 million surplus in February 2016.

Former finance minister Asad Umar returned to the federal cabinet on Tuesday after taking oath as federal minister for planning, development and reform. Meanwhile, Khusro Bukhtiar has now been given charge of Ministry of National Food Security and Research. Earlier, Sahibzada Meboob Sultan was handling the Ministry of National Food Security and Research who has now been made federal minister for SAFRON.