Islamabad, 1 September 2024 (TDI): Prime Minister Shehbaz Sharif on Sunday expressed satisfaction over the reduction in inflation rate in the country over the past few months.
According to a statement issued from the Prime Minister’s House, the premier was content with the Consumer Price Index (CPI) easing to 11% in July, which he believed would further decline in August.
Read More: Inflation Forecast Dropped To 9.5% for August 2024
PM Shehbaz said that the government was pursuing a policy of economic reforms and the implementation work was rapidly in progress over the right-sizing policy which he himself was monitoring.
“The positive impact on the economy will be visible soon,” he added.
The premier said the government was aware of the issues faced by the people and was making tireless efforts to resolve them.
Addressing the Federal Cabinet’s meeting, the premier said the government was strictly implementing a policy of economic reforms, which have yielded positive results.
Read More: Moody’s Upgrades Pakistan Ratings to Caa2
PM Shehbaz said due to these reforms, Moody’s has also upgraded Pakistan’s credit ratings from Caa3 to Caa2.
According to Moody’s the upgrade reflects Pakistan’s improving macroeconomic conditions and moderately better government liquidity and external positions, from very weak levels.
The rating agency also said that Pakistan’s default risk has reduced to a level consistent with a Caa2 rating.
Earlier in July, Fitch Ratings had also upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘CCC’ to ‘CCC+’.
