Finance Ministry claims inflation rate will soon drop below 10%

Islamabad: The Finance Ministry has claimed that the inflation rate in the country will soon fall below 10%.

The Ministry of Finance has released its monthly Economic Update Outlook report, which indicates that the national economy is moving towards stabilization in 2024, with further improvements expected following an agreement with the IMF.

According to the report, inflation was 11.8% in May and 12.6% in June 2024. Inflation is expected to be between 12% and 13% in July and between 11% and 12% in August.

The current account deficit is decreasing, inflation is expected to reduce, and the exchange rate is stable, while the agricultural sector has performed well and the industrial sector is recovering.

Exports and remittances have increased, and the fiscal deficit was 4.9% over the past 11 months.

Exports in July are projected to be between $2.4 billion and $2.7 billion, while imports are estimated to be between $4.5 billion and $4.9 billion.

From July to May 2024, the agricultural sector received over 1,972 billion rupees in loans, representing a 26% increase compared to the previous fiscal year.

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