Economy moved from ‘ICU to general ward’: Hammad

LAHORE: Federal Minister for Economic Affairs Muhammad Hammad Azhar Sunday said Pakistan Tehreek-e-Insaf government had moved “country’s economy from the ICU [intensive care unit] to the general ward”.

Even the IMF [International Monetary Fund] and other international financial institutions are praising the government’s economic policies, he claimed in his media talk after inaugurating the Shalamar Road here.

The minister said the petroleum products’ prices were cut by five rupees per litre and soon the prices of other products related to the industry would also be decreased. Prices of commodities like onion, potatoes, tomatoes and flour have already witnessed a sharp decline, he claimed.

The minister said the incumbent government faced severe economic issues when it came to power and had to take hard decisions despite their reluctance.

“If we have had not taken those decisions, the situation could have been the worst now,” he said and added that they brought the economy out of the intensive care unit and soon it would witness growth.

Hammad said their top priority was to develop underprivileged areas of the country that were once neglected. Earlier, billions of rupees were diverted towards projects in developed areas for facilitating the privileged class, he alleged.

To a question about bringing the country out of the Financial Action Task Force (FATF) grey list, the minister said Pakistan was placed on the list in February 2018 and soon after coming to power, they were able to implement 14 of the 28 points given by the Task Force.

He said currently the State Bank of Pakistan was independent in its working in contrast to the past and the decision had yielded positive results for them.

Inflation had witnessed a decline and if that trend continues, the interest rate could also come down, the minister added. Criticising Pakistan Muslim League-Nawaz (PML-N) Hammad Azhar said despite their mantra that the government could not tackle the economic issues, the PTI led government had successfully brought improvements on the economic front.

Their rule had ended now, as the PTI would rule the country for decades now owing to its public-friendly policies, he claimed.

The minister credited Prime Minister Imran Khan for successful signing of a deal between the United States (US) and Taliban, saying that it was the victory of the 10 year old narrative of the premier.