Prime Minister Shehbaz Sharif said on Sunday that the economy was moving towards stability owing to the hard work of his financial team and inflation was coming down.

He expressed satisfaction over the nose-diving of the inflation rate in the country as indicated by the data of the Pakistan Bureau of Statistics, according to an official statement.

"The Consumer Price Index saw a record drop in July 2024, bringing the inflation rate down to 11%. The economic experts' forecast of further reduction in inflation by September is encouraging," Sharif said.

He expressed satisfaction over the recent upgrade in Pakistan's credit rating by Moody’s, calling the predicted further drop in inflation in September a positive development.

He highlighted that following Fitch, the international rating agency Moody’s has also upgraded Pakistan’s credit rating, acknowledging the country's positive economic indicators.

"Our government is committed to economic reforms. We are swiftly implementing the right-sizing policy, which I am personally overseeing. The positive effects on the economy will soon become evident," the prime minister stated.

He said that the government was pursuing a policy of economic reforms and the implementation work was rapidly in progress over the rightsizing policy of the government which the premier himself has been monitoring.

The prime minister also acknowledged that the federal and Punjab governments provided a big relief to electricity consumers in respect of monthly bills and the prices of petroleum products have also been reduced from today.

"Our government is dedicated to ensuring that all benefits are passed on to the common man. The hard work of the government's economic and financial team is steering the economy towards stability," he said.

He acknowledged the public’s hardships and assured that the government is working tirelessly to address the issues and alleviate the difficulties faced by the people.

The statement by the prime minister comes as Pakistan anxiously waits for the approval of a $7 billion bailout package by the International Monetary Fund.

Finance Minister Aurangzeb last week also dismissed concerns about the IMF declining the staff-level agreement, exuding confidence that "the lender will approve it next month (September)".

The staff-level agreement was reached in July but the IMF said the loan was subject to approval from its Executive Board after timely confirmation of necessary financing assurances given to Pakistan by its development and bilateral partners.