Pakistan attained economic stability, inflation down to 5%, Dar tells Overseas Pakistanis

LONDON: Deputy Prime Minister Ishaq Dar said Pakistan has averted default, achieved economic stability, reduced inflation from 30% to 5% and brought down interest rates to 11% from 22%.

Addressing Overseas Pakistanis in London at Pakistan High Commission, the Deputy Prime Minister and Foreign Minister said during the UN General Assembly session, the Prime Minister effectively represented Pakistan.

He said eight countries including five Arab countries; Saudi Arabia, United Arab Emirates, Qatar, Jordan and Egypt and three non Arab Muslim countries; Pakistan, Turkiye and Indonesia held the meeting with the US President and discussed the issue of Gaza.

He said after the initial meeting, subsequent meetings were continuing and would produce a positive outcome on the issue of Gaza, which would be shared with the nation.

Ishaq Dar said Pakistani leadership represented the nation on all forums in about two dozen meetings during the United Nations General Assembly session.

Pakistani delegation raised the issues of Kashmir, Palestine and Gaza before the international community, he noted.

He said when the Prime Minister assumed responsibility in the interim tenure in April 2022, he saved Pakistan from economic default.

Pakistan’s economy which was made 24th biggest by Nawaz Sharif later on plummeted to 47 due to mismanagement of next four years, he observed.

He said, “Now the conditions have improved, economic stability is attained, interest rate is down to 11 percent from high of 22 percent and inflation has decreased to five percent from 30 percent.”

As Pakistan would make progress and gain development, it would end poverty, lead to progress and increase the per capita income of people, he added.

He said the government was making effort to take Pakistan forward, adding progress made by Pakistan was visible and recognised by the world. APP