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As inflation crosses 9-year high, Prime Minister Imran Khan is planning to sell government properties ….. reports Asian Lite News

BEIJING, April 28, 2019 (Xinhua) -- Pakistani Prime Minister Imran Khan signs autograph as he visits the Pakistan Garden at the International Horticulture zone of the International Horticultural Exhibition 2019 Beijing, in Beijing, capital of China, April 28, 2019. (Xinhua/Zhang Chenlin/IANS) by .
Pakistani Prime Minister Imran Khan signs autograph as he visits the Pakistan Garden at the International Horticulture zone of the International Horticultural Exhibition 2019 Beijing, in Beijing, capital of China, April 28, 2019. (Xinhua/Zhang Chenlin/IANS)

Pakistan Prime Minister Imran Khan has said that precious government properties would be sold for better utilisation of funds on public welfare projects.

During a meeting over the utilisation of numerous properties owned by different ministries and federal departments on Wednesday, Khan warned that stern action would be initiated against officers found to be creating hurdles in the identification of non-utilised government-owned properties, reports The News International.

“The non-utilisation of government assets in an effective manner in the past had manifest criminal negligence,” he said.

Khan directed asset management committee, relevant federal ministries and provincial governments to resolve all matters pertaining to the identified properties within a week, so that decision over their proper utilisation could be implemented.

Privatization Commission Secretary Rizwan Malik said that under the decisions of the federal cabinet, during the months of February to March, every ministry was tasked to identify at least three such properties.

In the first phase, different ministries had identified 32 such properties so far.

Inflation surges

Vegetable market. (File Photo: IANS) by .
Vegetable market. (File Photo: IANS)

Inflation in Pakistan rose to 12.7 per cent year-on-year, the highest level in nine years mainly driven by an increase in prices of food items, it was reported.

The Pakistan Bureau of Statistics (PBS) reported on Wednesday that inflation, measured by the Consumer Price Index (CPI), edged up by 1.3 per cent over the previous month after the PBS revised its calculation methodology by setting the new base year 2015-16 instead of the previous 2007-08 financial year.

The Finance Ministry claimed that inflation would come down from the next month without saying how, Dawn news reported.

The data released on Wednesday shows that higher prices of food items have been the largest driver in overall inflation in November.

It has also been observed that the prices of essential food items were higher in rural areas than in urban areas.

The International Monetary Fund has estimated that Pakistan’s inflation may escalate up to 13 per cent, but the government’s estimate is between 11 per cent and 13 per cent for the current fiscal year.

Average inflation measured by the Sensitive Price Index crawled up 14.22 per cent in July-November from 1.99 per cent during the same period last year, while the Wholesale Price Index went up 13.52 per cent from 16.99 per cent.

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