PM Shehbaz cuts electricity tariff by Rs4.04 per unit for industrial sector

ISLAMABAD (Dunya News) - Prime Minister Shehbaz Sharif has announced a reduction of Rs 4.04 in electricity tariffs for industries and expressed his desire to further reduce tariffs by Rs 10 if possible.

He also announced a Rs 9 reduction in wheeling charges for industrial units.

Addressing a ceremony in the federal capital in honor of the country’s leading exporters and business figures, the Prime Minister said that participating in the event was a source of pride.

He praised the hard work of Pakistani exporters, noting that they had achieved remarkable growth in exports despite challenging circumstances.

He said, “No amount of praise is sufficient for you. You took risks and earned billions of dollars for Pakistan. The entire nation is indebted to you.”

Shehbaz Sharif highlighted the crucial role of business leaders in enhancing Pakistan’s global reputation.

He mentioned that there were concerns that Pakistan was on the brink of default in 2023, with some claiming on social media that the country had technically defaulted.

He recalled his meeting with the IMF Managing Director in Paris, who said offering a new structure at that time would be very difficult.

The Prime Minister also referred to Sri Lanka, noting that it had defaulted and was experiencing street protests.

He shared that he had convinced the IMF to provide a short-term program, assuring them that Pakistan would comply with the IMF agreement.

Shehbaz Sharif emphasized that Pakistan was indeed on the brink of default, but difficult decisions had helped avert the crisis.

The public endured hardships, with policy rates at 22%, while industries and traders also faced losses.

He highlighted the current economic stability, with inflation in single digits and the policy rate at 10.5%.

He urged industrialists to follow the Finance Ministry’s guidance to make strong, informed decisions.

The Prime Minister also acknowledged support from friendly countries like China, Saudi Arabia, UAE, and Qatar, which helped Pakistan manage foreign debt and stabilize the economy.

He stressed that while progress had been made, challenges such as rising inflation and unemployment remained.

He emphasized the importance of private sector involvement in business and economic growth, praising his brother Nawaz Sharif’s historical efforts to support the private sector.

He encouraged increasing exports to earn foreign exchange and overcome economic difficulties, welcoming suggestions from business communities.

Shehbaz Sharif further mentioned that entrepreneurs must be supported without fear of risk and warned about challenges related to rising imports.

Electricity prices likely to drop by 72 paisa per unit

He praised traders, industrialists, and exporters as the “crown of the nation” and stressed that collaboration between government and business is crucial for economic growth.

He also highlighted Pakistan’s diplomatic successes, including a confrontation with India last year, and noted the increasing global respect for Pakistani passports.

He announced that top exporters would be awarded two-year “Blue Passports” for their achievements.

The Prime Minister discussed the privatization of Pakistan International Airlines (PIA), which was carried out transparently under his instructions and broadcast live on television.

He assured that the Arif Habib Group, the new PIA owner, would receive full government support and deliver world-class services to passengers.