ISLAMABAD: Prime Minister Imran Khan Sunday said Pakistan managed “much better” than other countries amidst an unexpected spurt of inflation caused by prolonged Covid-19 quarantines.
In a tweet, the prime minister said an unprecedented rise in commodity prices internationally had adversely affected most countries in the world as a result of the lockdowns.
“Pakistan MashaAllah has fared relatively much better,” he observed.
A report in the Economist observed that a rebound in the prices of services is a major factor pushing inflation higher. Consumers are returning to restaurants, bars, hairdressers and other in-person businesses faster than workers are, it noted.
The prime minister also shared a video clip of Ministry of Finance spokesperson Muzammil Aslam who turned down the notion of a dwindling economy.
While an unprecedented rise in commodity prices internationally has adversely affected most countries in the world as a result of Covid lockdowns, Pakistan mashaAllah has fared relatively much better.https://t.co/KCKt8RipNs
— Imran Khan (@ImranKhanPTI) November 7, 2021
Quoting the data from the Food and Agriculture Organisation, Aslam said between September to October, food prices increased by 1.9 percent, World Cereal Index by 3.2 percent, edible oil prices by 9.6 percent, and dairy products by 2.6 percent.
However, he said despite the worldwide inflation trend, the exports recorded an increase of 17 percent in October and are expected to touch the impressive $30 billion mark by December.
Textile exports are also expected to reach $22 billion by year-end, hadded.
Aslam said consequent to the government’s timely measures, the non-oil imports of the country reduced by 12.5 percent last month making a difference of $750 million.
He said due to increasing income, tax collection also surged with a 32 percent increase in four months, resulting in the government receiving an additional Rs151 billion compared to the corresponding period last year.
He said according to the latest data, the cotton crop increased by 81 percent during the last four months. In August, the industry recorded a growth of over 12 percent and companies’ profits by 21 percent.
“All this shows that the country’s economy is heading fast and employment would be required in the coming days,” the spokesperson commented.
Addressing a question about any relief for the middle class in the prime minister’s recently announced Rs120 billion relief package, he said the government had already announced a concession of Rs5 to Rs7 on every electricity unit to be consumed more than the previous year’s consumption during November to February.
Moreover, he said the sugar prices would fall in the near future owing to record sugarcane crop.
“All these things will appear on the ground in coming days,” Aslam said.
He said the prices of oil, gas and edible oil were not in the government’s control, however, owing to the record crops this year, Pakistan would emerge from a food deficit to a food surplus country.
