The Federal Minister for Petroleum, Musadik Malik, unveiled a substantial energy subsidy package of Rs 50 billion, a significant relief for low-income households consuming less than 200 units of electricity. This decision, aimed at the 86 percent of households falling within this consumption bracket, will see the prime minister maintaining last year’s power tariff for these households.
Furthermore, it was disclosed that a staggering amount of Rs 600 billion has been allocated specifically for the underprivileged through the Benazir Income Support Programme (BISP). In addition, development projects amounting to Rs 1,200 billion have been integrated into the recently approved budget.
On the economic front, the country’s stock exchange has been on an upward trajectory over the past few months, a clear indicator of the government’s sound economic policies. The minister also highlighted a significant shift in the country’s growth rate, which has risen from zero percent to 2.4 percent, with the agriculture sector achieving a growth rate of 6.3 percent after 19 years.
Pl subscribe to the YouTube channel of republicpolicy.com
Turning to inflation, the minister pointed out a substantial reduction from 38 percent to 12 percent, a clear sign of the government’s successful efforts in stabilizing the economy. While acknowledging the presence of inflation, he emphasized the notable reduction in its rate, citing recent Fitch Ratings as global recognition of the country’s journey toward achieving economic stability.
Additionally, the minister addressed political differences in the country, expressing regret at the transformation of these differences into deep-seated animosities. He reiterated Prime Minister Shehbaz Sharif’s core objectives, namely, job creation for the youth, fostering a business-friendly environment, and addressing inflation and poverty, to reassure the public of the government’s unwavering commitment to these priorities.
Finally, he acknowledged that although inflation persists, there has been a considerable decline in the rates of food items, a critical component that contributes to the overall alleviation of inflation. The minister emphasized the emerging acknowledgment, even by external entities, of the country’s imminent economic stability.
