ISLAMABAD: Prime Minister Shehbaz Sharif on Friday announced a reduction of Rs4.04 per unit in electricity tariffs for the industrial sector, while expressing his intention to further slash power costs by up to Rs10 per unit if circumstances allow. He also revealed a Rs9 cut in wheeling charges for industrial consumers.
Addressing a ceremony in Islamabad held in honor of leading exporters and business figures, the prime minister said attending the event was a matter of pride. He praised Pakistani exporters for achieving impressive growth despite difficult economic conditions, stating that their contributions had earned billions of dollars for the country.
“No words are enough to appreciate your efforts. You took risks and brought valuable foreign exchange to Pakistan. The nation owes you a debt of gratitude,” he said, highlighting the role of business leaders in strengthening Pakistan’s global standing.
Recalling the economic challenges of 2023, the prime minister said Pakistan was close to default, with widespread speculation on social media claiming the country had already defaulted. He shared details of his meeting with the IMF Managing Director in Paris, who had warned that introducing a new financial framework would be extremely difficult at the time.
Referring to Sri Lanka’s default and subsequent unrest, Shehbaz Sharif said he had convinced the IMF to approve a short-term program by assuring full compliance. He acknowledged that Pakistan narrowly avoided default through tough decisions, which placed a heavy burden on the public, industries, and traders, especially when interest rates climbed to 22 percent.
He noted that the economy has now stabilized, with inflation reduced to single digits and the policy rate lowered to 10.5 percent. He urged industrialists to work closely with the Finance Ministry and make informed decisions to support sustainable growth.
The prime minister also credited friendly countries including China, Saudi Arabia, the UAE, and Qatar for their assistance in managing foreign debt and stabilizing the economy. While acknowledging progress, he cautioned that challenges such as inflationary pressures and unemployment still persist.
Emphasizing private sector-led growth, Shehbaz Sharif reiterated his commitment to empowering entrepreneurs and welcomed suggestions from business communities to boost exports and foreign exchange earnings. He warned about the risks of rising imports and stressed the need for balanced trade policies.
He described traders, industrialists, and exporters as the “crown of the nation,” underlining the importance of strong coordination between the government and the business community for economic development.
The prime minister also touched on Pakistan’s recent diplomatic achievements and announced that top exporters would be awarded two-year “Blue Passports” in recognition of their services. Additionally, he said the privatization of Pakistan International Airlines (PIA) was conducted transparently and broadcast live, assuring full government support to the Arif Habib Group to deliver world-class services.
