Karachi: Pakistan’s inflation rate to decline to around 20-22% in 2024 financial yearThe Central bank The governor said in a report released a week ago on Friday national election which can help restore political and economic stability in country.
The bank will continue to take decisions to prevent hyperinflation from strengthening, it said Pakistan’s economy missed its fiscal and primary surplus targets by a wide margin in FY2013, with real GDP shrinking by 0.2%.
The country of 241 million people experienced the highest inflation ever in fiscal 2013, with its currency falling to historic lows until a $3 billion IMF bailout in July averted an imminent sovereign default.
Central Bank chief Jamil Ahmed also said in his report that CPI rose to 29.2% in FY23, which is around the bank’s upper limit; Revised Estimates.
Ahmed said the central bank will keep inflation expectations stable to achieve its medium-term target of 5-7%.
Fiscal and policy measures taken before and after the bailout are stabilizing the $350 billion economy as Pakistan approaches national elections on February 8.
The report said fiscal and primary surplus targets for the year were missed by a wide margin.