Hammad Azhar: we should have taken advance measures in relation to inflation

Hammad Azhar:  we should have taken advance measures in relation to inflation

Posted on Feb 11, 2020

Minister for Economic Affairs Hammad Azhar says he agrees that we should have taken advance measures in relation to inflation.

Talking to Dawn News 'News Eye, Hammad Azhar said,' It is a fact that the average rate of inflation in our first year of government is lower than that of the Pakistan People's Party (PPP) and the PML-N. 

He said, "We have to make tough decisions in order to correct the domestic economy, which involves the depreciation of the rupee, secondly we have to raise gas and electricity prices and these measures have increased interest rates, now eat inflation. Has been in the goods which will soon be controlled. '

He said, "Wheat prices did not rise due to wheat exports but increased due to reduced production. In July we banned the export of wheat, after which Pasco started releasing wheat from their warehouses." '

"I agree that we should have taken steps in this regard, but we are a political government and we have a feeling of inflation while we will take action and commodity prices will be low," said Hammad Azhar.

"The time we took the country's economy was nearing bankruptcy, the Asian Development Bank suspended the budgetary support, the IMF's last report caused embarrassment, Moody's rejected the rankings, our timely decisions," he said. Due to the current account deficit has come down so fast, foreign exchange reserves have increased by 50%.

"We said at the time of taking over the government that the economy in which it will take two years to pull it out and make tough decisions," he said.

The Federal Minister rejected the reports of the increase in poverty and said, "These reports are not made on the basis of any survey but under a specific formula. According to the World Bank data, poverty has decreased in the country while it has We do not have any data at this time. '

He dismissed the possibility of a mini-budget, saying that "no such proposal is currently under consideration."

About the increase of Rs 11,000 billion in domestic loans during the one year, Hammad Azhar said, "These are not loans, of which Rs 4,000 billion is the amount in which one loan is not a loan but old loans are in the form of books in books." The volume is huge. '


Mian Tajamul

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