Minister Cheema lauds ADO report endorsing economic policies

The Federal Minister for Economic Affairs, Ahad Cheema, has hailed the recent Asian Development Outlook (ADO) report for April 2024 as a validation of the government's economic policies. According to the minister, the ADO report by the Asian Development Bank strongly endorses the government's economic strategies. Cheema emphasized that the ADO highlights positive prospects for Pakistan's economy, attributing the improvements to the leadership of Prime Minister Shehbaz Sharif.

Cheema noted that the government's efforts have led to a decrease in inflation, a development corroborated by global financial institutions. He highlighted the administration's focus on enhancing financial discipline, encouraging investment, and fostering a conducive business environment in the country. The minister also credited the previous coalition government for stabilizing the economy, averting default, and maintaining the value of the rupee.

Furthermore, Cheema underscored the strength of Pakistan's agricultural sector and its potential for further growth. He reiterated the government's commitment to implementing the ADB's recommendations and striving to create an inclusive economy with opportunities for all citizens.

The ADO report for April 2024 emphasized the importance of economic reforms for Pakistan and projected a growth rate of 1.9% for the current fiscal year. Looking ahead to the next fiscal year (2024-25), the report forecasted a growth rate of 2.8% for Pakistan and anticipated a decrease in headline inflation to 15%.