Party chairman Nadeem Mumtaz Qureshi calls for pro-people reforms as the World Bank sees inflation at 8.2%, though the 1.3% contraction he cites applies to the wider region, not Pakistan
LAHORE: Nadeem Mumtaz Qureshi, chairman of the Mustaqbil Pakistan party, has warned that rising inflation and a weakening economy pose a serious challenge, urging the government to replace “stopgap measures” with a comprehensive strategy to protect household purchasing power and create jobs.
In a statement, Qureshi cited a projected 1.3% decline in Pakistan’s economic output this year and a World Bank forecast that inflation could reach 8.2% in the 2026-27 fiscal year, up from 7.1% last year.
Checking the numbers
The inflation figure matches the World Bank’s latest Pakistan forecast, released this week. The output figure does not refer to Pakistan alone. The 1.3% contraction comes from the International Monetary Fund’s regional outlook, published on October 22, and covers the combined economies of the Middle East, North Africa, Afghanistan and Pakistan, where the Gulf is in deep recession because of the war involving Iran.
For Pakistan itself, both lenders still expect growth. The World Bank forecasts 3.8% for 2026-27 after 3.7% last year; the IMF projects 3.5%. The IMF’s inflation forecast is higher than the World Bank’s, at 9.9%.
The squeeze is real
Even with positive growth, Qureshi’s core concern is borne out by the data. The World Bank says inflation averaged 10.2% between March and June 2026 and peaked at 11.7% in May, as petrol rose about 36%, diesel 31% and LPG 46% between February and June, pushing transport fares up around 30%. The central bank raised its policy rate to 11.5%.
In Lahore, families have felt that in petrol, milk and vegetable prices, weekly sensitive price indicator data has shown annual inflation above 8%, and LPG has been selling at nearly double the official rate. Rights groups and economists warn of rising food insecurity, while Punjab now subsidises about half of the province’s flour.
What he wants
Qureshi said rising inflation erodes living standards and business activity and makes it harder for low-income families to meet basic needs. He called for immediate action to curb inflation, stabilise prices of essentials, expand employment and provide economic security to vulnerable groups.
He urged priority for productive sectors, industrial activity, investment and economic self-reliance. “A truly strong economy is not defined merely by statistics, but by improvements in the lives of ordinary citizens, the creation of jobs, and an increase in the public’s purchasing power,” he said, adding that only sustainable reforms and pro-people policies could bring stability.
The constraints
The government’s room to respond is limited by its $7 billion IMF programme. Under a staff-level agreement this month, the Fund pressed Islamabad to wind up its Rs100-a-litre petrol relief and keep fiscal policy tight, arguing that broad subsidies are costly and poorly targeted. Mustaqbil Pakistan, a small party formed in 2010 with Qureshi, an engineer, as its founding chairman, campaigns on competent and honest governance; it won no seats in the 2018 general election.
With fuel relief due to expire and winter energy costs rising, inflation data over the next two months will show whether the World Bank’s 8.2% or the IMF’s 9.9% proves closer to the mark.
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