(Karachi) Information Minister Shibli Faraz has said that the prime minister has directed the cabinet to devise strategy to lower prices of essential items.

Addressing a media briefing after cabinet meeting in Islamabad on Tuesday, he said the cabinet was given detailed briefing about stocks of wheat and sugar in the country. "The federal cabinet members decided to launch crackdown on profiteers and hoarders to lower price of essential items."

Faraz said wheat prices are higher in Sindh due to provincial government's reluctance to release the crop.

He maintained that the country's economic indicators are improving and showing positive signs. He added Pakistan's foreign exchange reserves have reached to 20 billion dollars.

He said that foreign remittances are increasing while the current account deficit is under control for the last two months. He said the government's effective policies helped take economy in the right direction.

Regarding political situation in the country, Shibli Faraz said opposition's narrative is similar to that of the enemies of Pakistan. "India is trying its best to push Pakistan to the black list of Financial Action Task Force but it will not succeed in its aims".

The minister highlighted that Prime Minister Imran Khan is working for a developed and corruption-free Pakistan and an impartial and transparent accountability process will continue in the country.