Prime Minister Shehbaz Sharif is currently addressing a federal cabinet meeting.
He began the meeting by saying that the meeting had a one-point agenda that pertained to the budget’s approval.
“Today, we are presenting the third budget of our government,” the premier said.
He acknowledged that “despite our best efforts”, the government had to impose taxes due to the “national and IMF requirements so that the economy […] could be stabilised and the avenues for progress could be expanded”.
The prime minister added: “Definitely, the common man had to face many difficulties due to it, and I, on my own and the cabinet’s behalf, would like to thank the 240 million people of Pakistan who tolerated the inflation with patience.”
PM Shehbaz highlighted that inflation had declined to single-digit from 38 per cent in the past two years, before increasing slightly due to the ongoing Middle East conflict. He further highlighted that the policy rate had also dipped to 11pc from 22.5pc during the period, but had to be raised due to the impacts of the US-Iran war.
At the outset of his address, PM Shehbaz said he attended the funeral prayers of “martyrs who sacrificed their lives in the line of duty”, which included two Christians.
“It was a heart-wrenching scenario that brought tears to every eye,” he said, recalling his meeting with the families of the martyred personnel.
More to follow
