Federal Minister for Petroleum Dr. Musadik Malik has said that under the leader leadership of Prime Minister Shehbaz Sharif, economic policies of the government are yielding positive results and a significant decrease in food inflation from 48% to 2% has been witnessed with ongoing efforts to further control price hikes and provide relief to the public. Addressing a press conference here on Tuesday, he said that overall inflation in the country has decreased from 38% to 12% due to the government’s interventions. He said the inflation was gradually falling and that economic indicators suggest the country was moving towards stability. Dr Musadik Malik addressing key priorities noted that the government was focused on alleviating poverty, reducing inflation, and creating job opportunities for the youth.

He said that despite facing economic challenges, the government has allocated Rs 600 billion in the current federal budget to uplift the poor. This budget includes funds for the construction of dams, roads, and motorways, which were expected to generate job opportunities. Additionally, development projects were being prioritized in underdeveloped areas to benefit local communities, he added. The minister also mentioned that Rs 50 billion has been allocated to protect 86% of electricity consumers over the next three months. The government was committed to enhancing public relief, improving hospitals, digitizing the Federal Board of Revenue (FBR), and privatizing state-owned enterprises. He criticized the previous Pakistan Tehreek-e-Insaf (PTI) government for providing $4 billion to the 100 wealthiest individuals during its tenure. He emphasized the government’s efforts to combat terrorism, despite opposition criticism.

He revealed that Rs 9,400 billion has been allocated for loans to farmers to develop the agricultural sector, leading to a 45% increase in tractor production and sales due to the current administration’s policies. Additionally, Rs 600 billion had been allocated in the budget for the Benazir Income Support Programme (BISP) to assist deserving women, and Rs 1.2 trillion had been reserved for the construction of roads and infrastructure in the hilly areas of Gilgit-Baltistan. Dr. Musadik Malik dismissed criticism from Umer Ayub regarding the government’s projects, labeling it as unfounded opposition rhetoric. He noted that Umer Ayub, who was part of the previous administration, failed to address power tariff issues at the time but now criticizes the current regime’s policies.

Credit: Independent News Pakistan