Shehbaz Sharif announces major reduction in electricity prices
Pakistan to enhance water storage amid India’s Indus Treaty actions: PM Shehbaz
Prime Minister Shehbaz Sharif has unveiled a major government initiative to reduce electricity prices, offering relief to domestic and industrial consumers across Pakistan. The announcement was made during a ceremony in Islamabad, attended by Deputy PM Ishaq Dar, federal ministers, and senior officials.
During his address, PM Shehbaz Sharif revealed that the electricity price for domestic consumers has been cut by Rs7 per unit, bringing the rate down to Rs34 per unit. He highlighted that earlier this year, prices had already been reduced by Rs3.50. For industries, the per-unit cost has been slashed by Rs7.59, significantly lowering operational expenses.
The PM recalled the economic challenges Pakistan faced, including near-default conditions, IMF reluctance, and industrial shutdowns. He credited the government’s relentless efforts, along with support from Army Chief Gen Asim Munir and stakeholders, for stabilizing the economy.
IMF Negotiations & Power Sector Reforms
Shehbaz Sharif emphasized the tough negotiations with the IMF, where he successfully pushed for electricity price reductions instead of fuel adjustments. Additionally, the government engaged with Independent Power Producers (IPPs), securing major concessions that saved billions in annual payments.
A dedicated task force tackled circular debt, recovering Rs2,393 billion and selling non-functional power plants for Rs9 billion. Federal Minister Awais Leghari praised PM Shehbaz’s hands-on approach in driving these energy sector reforms.
