ADB’s report validates correct economic policies: Ahad Cheema

ISLAMABAD (APP) - Federal Minister for Economic Affairs Ahad Cheema on Friday termed the Asian Development Outlook (ADO) report for April 2024 as a validation of the government’s correct economic policies.

“The ADO from the Asian Development Bank is a strong endorsement of the government’s correct economic policies,” said the minister.

The minister said that the ADO portrayed positive prospects for Pakistan’s economy, adding under the leadership of Prime Minister Shehbaz Sharif, the government had started working towards a stable and sustainable economy. "Inflation is decreasing in the country and this has also been confirmed by global financial institutions," he said.

Cheema said that the government had been working to improve financial discipline, promote investment, and facilitate a better business environment in the country. "The previous coalition government during past 16 months had taken necessary measures to stabilize the economy while it also saved the country from default and the economic measures taken by it have stabilized the value of rupee."

According to EAD statement, the minister said, the country’s agricultural sector was strong and has potential for further growth. "The government is committed to implementing the recommendations of the ADB and continue to work towards building an economy where opportunities are available for all Pakistanis," he added.

The Asian Development Bank in its ADO for April 2024 deemed economic reforms crucial for Pakistan and predicted that Pakistan’s growth rate would be 1.9% during the current fiscal year. The Outlook Report estimated a growth rate of 2.8% for Pakistan in the upcoming fiscal year (2024-25) and also predicted a decline of headline inflation up to 15%.