ISLAMABAD: Federal Minister for Petroleum Dr. Musadik Malik announced on Tuesday that the economic policies of the government under the leadership of Prime Minister Shehbaz Sharif are yielding positive results. He highlighted a significant reduction in food inflation from 48% to 2%, while efforts are ongoing to further control price hikes and provide relief to the public.
During the press conference Dr. Malik announced that overall inflation in the country has fallen from 38% to 12% as a result of government interventions. According to him, inflation has gradually decreased and economic indicators indicate that the country is 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 economic challenges, the government has allocated Rs 600 billion to support the poor in the current federal budget. This budget includes funds for the construction of dams, roads and highways that were expected to create employment opportunities. In addition, priority was given to development projects in backward areas for the benefit of 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 has pledged to boost public assistance, improve hospitals, digitize the Federal Bureau of Revenue (FBR) and privatize state-owned enterprises. He criticized the previous Pakistan Tehreek-e-Insaf (PTI) government for giving $4 billion to the 100 richest individuals during its tenure.
The minister emphasized the government’s efforts in the fight against terrorism, despite criticism from the opposition. He revealed that Rs 9,400 billion has been allocated for loans to farmers for the development of the agricultural sector, which has led to a 45% increase in the production and sale of tractors as a result of the policies of the current administration.
In addition, the budget earmarked Rs 600 billion for the Benazir Income Support Program (BISP) to help deserving women and Rs 1.2 trillion was earmarked for the construction of roads and infrastructure in the hilly areas of Gilgit-Baltistan. Dr. Malik rejected criticism from Umer Ayub on government projects, terming it as baseless opposition rhetoric. He noted that Umer Ayub, who was part of the previous administration, did not address the electricity tariff issues at that time, but is now criticizing the policies of the current regime.
