Inflation down from 7.75 percent in 2013 to 3.77 in 2018: PM Abbasi

Inflation down from 7.75 percent in 2013 to 3.77 in 2018: PM Abbasi

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi on Monday compared the current economic situation with that in 2013 — when his party had formed the government.  

Addressing a press conference along with Finance Minister Miftah Ismail and Minister of State for Information Marriyum Aurangzeb, the prime minister presented figures for various economic indicators during a press conference held in the federal capital earlier today. 

Abbasi pointed out that foreign direct investment (FDI), per capita income, total investments, and capital markets had all grown since the incumbent government came to power.

The premier claimed that the incumbent government had significantly reduced inflation, from 7.75 percent in 2013 to 3.77 percent in 2018. 

Agricultural credit has increased from Rs259 billion in 2013 to Rs756bn in 2018, he said. 

"Production of major crops including wheat, maize, sugarcane and rice has also increased over this period, while efforts are being made to revive cotton production," noted Abbasi.

He said that despite export challenges, the incumbent government had managed to bring them to the same levels as they were in 2013. Imports had also increased from $33.4 billion to $45.6 billion, Abbasi said, attributing the rise to machinery imports and a recent spike in oil prices.

The prime minister also claimed that remittances had grown over 40 percent while the Foreign Direct Investment had grown three times in comparison to 2013. Both public and private investment also increased over this period. 

"The per capita income experienced a 23 percent increase since the PML-N took power," claimed Abbasi.

"The Benazir Income Support Programme (BISP) stood at Rs46.5 billion [when PML-N came to power], while Rs121 billion have been disbursed this year. The beneficiaries also increased from 3.75 million to 5.63 million and the monthly amount has been increased to Rs5,000.