Prime Minister Shehbaz Sharif on Tuesday announced a reduction in electricity prices for the industrial sector, aiming to support exporters and boost economic activity.
The announcement was made during an awards ceremony held in honor of leading exporters and prominent business figures, where the prime minister distributed awards to individuals for their contributions to the national economy. Deputy Prime Minister Ishaq Dar and several federal ministers were also present on the occasion.
Addressing the gathering, the prime minister said the government had successfully steered Pakistan away from default through consistent economic measures and negotiations with international financial institutions, particularly the International Monetary Fund (IMF).
Rs4.04 per unit cut for industries
PM Shehbaz announced that electricity tariffs for industries will be reduced by Rs4.04 per unit, adding that the move will have a monthly revenue impact of around Rs12 billion.
He further stated that wheeling charges for industries will be reduced from Rs9, providing additional relief to manufacturers and exporters.
Exporters praised, blue passports announced
The prime minister praised exporters and business leaders for playing a key role during difficult economic conditions, saying their efforts helped increase Pakistan’s exports.
He also announced that renowned exporters will be issued two-year “blue passports” as recognition for their services.
“Pakistan saved from bankruptcy”
PM Shehbaz said when the government took charge, Pakistan’s economy was in a fragile state and many believed the country had already defaulted. However, he claimed the government’s actions helped stabilize the economy.
He noted that inflation has come down to single digits, and stressed that national stability must remain a shared priority.
“If Pakistan exists, politics will continue”
The prime minister urged political forces to work together for economic growth, saying, “Everyone may do politics, but remember: if Pakistan exists, politics will continue.”
He also called on the State Bank governor to take bold decisions and engage with the business community.
Support from friendly countries
PM Shehbaz acknowledged that borrowing often comes with compromises, but said Pakistan received support from friendly countries including China, Saudi Arabia, Qatar, and the UAE, which helped the country overcome economic pressure.
Govt reforms and anti-corruption steps
The prime minister reiterated that governments do not run businesses and that the private sector must lead economic growth. He claimed reforms were being carried out to reduce losses and corruption in public institutions.
He said the government shut down departments and entities due to corruption and inefficiency, including the PWD, Utility Stores, and PASSCO.
Claims on national defense and global standing
PM Shehbaz also spoke about national defense, claiming Pakistan had achieved success against India and that the country’s global standing improved following recent developments.
Revenue increase in communications ministry
Highlighting performance in revenue collection, the prime minister said the sugar sector contributed additional tax collection and credited Communications Minister Abdul Aleem Khan for improving ministry revenue by controlling leakages and theft.
