The Economic Coordination Committee (ECC) meeting, chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, reviewed Pakistan’s economic progress and stability under the government’s stewardship. The session provided an in-depth analysis of the country’s economic landscape, reflecting the administration’s consistent efforts to implement policies fostering sustainable growth and stability.
In a press release issued on December 18, 2024, the finance minister highlighted the strides made in economic consolidation and the government’s dedication to maintaining this momentum. He emphasized that the positive trends in key economic indicators showcase the success of targeted policies and the resolve to guide the nation toward prosperity.
Among the notable achievements discussed was the anticipated $35 billion in remittances for the current fiscal year, reflecting growth compared to the 2023-24 period. Foreign exchange reserves have also shown significant improvement, with import cover now extended to three months, a stark contrast to the two-week cover at the beginning of the government’s tenure.
A key highlight of the meeting was the presentation of the most recent Consumer Price Index (CPI) data, which recorded a remarkable drop to 4.9% in November 2024. This marks the lowest inflation rate since April 2018, signaling a positive shift in inflationary trends. The substantial reduction in CPI underscores the government’s effective management of inflationary pressures and the restoration of price stability, particularly for essential commodities.
The committee further acknowledged the significant decline in prices for several key goods and services, including wheat flour, diesel, petrol, onions, basmati rice, sugar, tea, and electricity. These reductions have eased the financial burden on citizens, enhancing purchasing power and improving living standards.
Senator Aurangzeb directed the National Price Monitoring Committee (NPMC) and provincial governments to ensure the smooth supply of essential items and address any undue price hikes. He reiterated that the government remains committed to sustaining this positive trajectory through effective fiscal management and robust reforms in public finances, trade, and energy sectors.
The ECC noted that while economic stability has been achieved, sustained efforts are essential to build on this progress. Plans for economic diversification, investment in agriculture, manufacturing, and infrastructure, and reforms to fortify the financial system were highlighted as critical steps for long-term growth.
The committee also emphasized the importance of public-private partnerships in driving economic growth and job creation. By engaging the private sector, the government aims to foster innovation, efficiency, and competitiveness across key industries.
In his closing remarks, the finance minister expressed optimism about the country’s economic future, stating that the progress achieved so far lays a strong foundation for continued success. The government remains focused on addressing inflation, stabilizing the currency, and boosting domestic production to ensure the benefits of economic stability reach all segments of society.
As the ECC reaffirmed its commitment to monitoring economic developments, it pledged to take proactive measures to safeguard stability and foster sustainable growth. This comprehensive strategy aims to uplift the country’s economy and improve the quality of life for its citizens, marking a significant milestone in Pakistan’s journey toward prosperity.