The government’s measures to control inflation, curb illicit trade, improve economy, and promote investment are yielding positive results.

In a statement issued in Islamabad, Advisor to Finance Minister on Economic and Financial Reforms Khurram Shehzad highlighted some significant policy measures and economic developments aimed at bolstering Pakistan’s economy and ensuring long-term stability.

Terming decline in inflation as a welcoming relief for masses, he said Finance Minister Muhammad Aurangzeb, in his capacity as head of the Economic Coordination Committee (ECC), has initiated a system of regular monitoring of prices for essential commodities. He said this proactive measure ensures that the government can take immediate and effective actions, making its policies more impactful and beneficial to the masses.

Turning towards curbing smuggling, Advisor to Finance Minister said the government has taken robust steps to clamp down on the smuggling of petroleum products, with extensive scrutiny of petrol pumps across the country. He said this crackdown has resulted in a historic growth in documented sales, supporting economic activity and boosting revenue.

Talking about sales of illegal Tobacco, Khurram Schehzad said the government is actively working to shut down smuggled and illegal tobacco sales, particularly in informal markets and bazars. He said this effort aims to curb the illicit trade, which will have a positive impact on the economy and public health.

Shedding light on record Remittances, Khurram Schehzad said remittances are expected to reach historic levels of 35 billion dollars in next financial year, with an average of 2.9 billion dollars per month so far. He pointed out that the significant influx of foreign exchange will strengthen reserves, providing a much-needed boost to the economy.

About Savings Made Easy, the Advisor on Economic and Financial Reforms said the State Bank of Pakistan is set to launch a new platform, InvestPak, allowing individuals and corporates to invest directly in government securities. He said through this measure, investors can earn better returns, encouraging a culture of savings and investment in the economy.

Pointing toward imported raw material, Advisor to Finance Minister informed that there has been a notable shift towards localization of imported raw materials, with top Fast-Moving Consumer Goods (FMCG) in Pakistan, sourcing more materials locally. He said this import substitution has resulted in a significant reduction in imports, with volumes rising and only 35 percent of materials now sourced through imports.

Advisor to Finance Minister said this trend has contributed to stable forex reserves, currency stability, and overall external de-risking of the economy. Khurram Schehzad emphasized the positive impact of import-substitution trend, noting that, previously, 70 percent of raw materials were imported, but now only 35 percent are imported. He said this shift has played a crucial role in improving country's s forex reserves, maintaining currency stability, and fostering export growth, which has risen by 13 percent in the first five months of the year.