Inflation An Int’l Phenomenon: Hammad Azhar

FAISALABAD: Federal Minister for Energy Hammad Azhar on Friday said that Pakistan was not the only country facing inflation as it had become an international phenomenon.

The economic indicators were improving in the country due to the prudent policies of the government, he added.

He was addressing the inauguration ceremony of 132 KV grid station and ground breaking ceremony of gas transmission pipeline, at a local hotel. MNA Sheikh Khurram Shahzad, Provincial Minister for Punjab CM Inspection Team Muhammad Ajmal Cheema and large number of industrialists and traders were present on the occasion.

The minister said that an increase of 13 percent consumption of electricity had been recorded in the country during the current year which indicated the pace of economic growth in the country.

He said that companies were earning in the stock market after a decade and business was flourishing in the country.

He urged the industrialists to increase salaries of the labour class to provide them relief and said that the benefit of economic growth should also be passed on to labourers and farmers.

He said the government was expecting five percent economic growth during the current year, adding that the country’s exports had increased up to 30 percent, tax revenue 38 percent and foreign remittances 30 percent.

He said that gas reservoirs were declining in the country at the rate of nine percent annually, adding, “In 2010, we had 2000 MMCF gas which is now 800 MMCF.” About Fuel price Adjustment (FPA), the minister said that prices of coal and LNG had increased in the international market due to which FPA was being received in electricity bills. This was temporary, he added.

He said the government had signed an agreement of cheap LNG with the Qatar government and some cargo had also reached Pakistan under the new agreement.

He said the government fully realized about the problem of the people they were facing due to inflation, adding that measures were being taken to tackle the situation.

He said that the increase in the inflation rate in the country was due to the rise in prices of all items in the international market.

He said that COVID-19 had affected all over the world including the US, India, Sri Lanka, Turkey but Pakistan was among those three countries which were least affected due to the best strategy evolved by the incumbent government.

He said that presently 24,750 MW electricity was flowing in the system which would be increased to 30,000 MW by the year 2023.

He said that the past government converted the electricity production on imported fuel and now the prices of imported fuel had increased in the international market.

The minister said that now the electricity was being converted back to local fuel instead of imported and cheap electricity would be available to people in the country by the year 2030.

He said that work on construction of dams in the country was underway at a fast pace.

He also highlighted the Ehsaas Rashan and Insaf Sehat Cards programmes launched by the government for providing relief to common man.

He said that under Insaf Health Card, every family would be able to get medical treatment up to Rs 1 million from a hospital of his own choice, adding that first ever cardiac surgery had also been done at Doctors Hospital, Lahore on Insaf Health card.

He also thanked the Chinese government for investing in Pakistan.