Prime Minister Shehbaz Sharif on Thursday announced a significant reduction in electricity tariffs, providing much-needed relief to the public. Speaking at a special event, the prime minister revealed that the government has decided to cut electricity prices by Rs 7.41 per unit for domestic consumers and Rs 7.59 per unit for industries.
Calling it a “gift to the nation on the occasion of Eid,” PM Shehbaz expressed confidence that the lower electricity costs would stimulate economic activity across the country. He stated that this move aligns with PML-N’s election manifesto and fulfills a promise made by Nawaz Sharif.
“The decline in global oil prices is being directly transferred to the people through reduced electricity rates,” the prime minister said, adding that the International Monetary Fund (IMF) has also agreed to provide relief.
Economic Reforms & Debt Management
PM Shehbaz highlighted that successful negotiations with Independent Power Producers (IPPs) will lead to a massive saving of Rs 3,696 billion. He also addressed the issue of circular debt, which currently stands at Rs 2,393 billion, assuring that effective measures have been taken to manage it.
Additionally, he reaffirmed the government’s determination to combat power theft, which causes Rs 600 billion in annual losses. He emphasized the urgent need to privatize power distribution companies or transfer them to provincial authorities to improve efficiency.
Progress in Economic Stability
The prime minister noted that Pakistan had successfully avoided an economic default due to tireless efforts. He commended his cabinet members and Chief of Army Staff Gen Syed Asim Munir for their contributions to stabilizing the country’s economy.
He further stressed the importance of eliminating Rs 800 billion in losses from State-Owned Enterprises (SOEs), stating that a comprehensive plan has been devised to address these financial setbacks.
Inflation & Policy Reforms
PM Shehbaz reiterated his commitment to reducing inflation to single digits as per the PML-N’s manifesto. He highlighted that the inflation rate has already fallen to 1.5%, petrol prices have dropped by Rs 38 per liter over the past year, and the policy rate has been reduced from 22.5% to 12%.
With these economic reforms, the prime minister assured the public that Pakistan is on the path to financial stability and sustainable growth.
