PM Shehbaz announces Rs4.04 cut in industrial electricity tariff

ISLAMABAD: Prime Minister Shahbaz Sharif has announced a reduction of Rs4.04 in electricity tariffs for industries. He said that if it were up to him, he would reduce the tariffs by another Rs10, but the government’s hands are tied.

The announcement came during an event held to honor leading exporters and business personalities in the country. The Prime Minister also gave awards to top exporters and business figures for their contributions.

In his speech, Shahbaz Sharif said that businesses play a key role in the country’s economy. He praised exporters for working hard under difficult conditions and bringing billions of dollars into Pakistan.

He noted that in the past, there were talks of Pakistan going bankrupt and that during the PDM government, the IMF imposed strict conditions. He said that the government’s efforts have helped save the country from bankruptcy.

Shahbaz Sharif added that Pakistan’s economy has now stabilized. The policy rate has dropped from 22% to 10.5%, and the IMF has approved Pakistan’s economic program. He thanked countries supporting Pakistan, including China, Saudi Arabia, UAE, and Qatar, for helping during challenging times.

The Prime Minister also highlighted Pakistan’s victory over India in the “Battle of Truth,” saying it was a historic win that has increased Pakistan’s international respect.

He acknowledged that more work is needed for economic improvement, mentioning that unemployment has increased and exports have not grown as much as expected. He also praised efforts to stop petroleum smuggling, which now brings in Rs12 billion annually.

Shahbaz Sharif spoke about curbing corruption in sugar mills, PASCO, and other sectors. He said that industries will now benefit from the reduced electricity tariffs, and reiterated his wish to further reduce rates if possible.

This announcement is seen as a move to support industries, boost exports, and strengthen Pakistan’s economy.