PM Shehbaz Sharif Promises “Good News” on Electricity Prices, Unveils Economic Plan Soon
Prime Minister Shehbaz Sharif has announced that he will soon share “good news” with the nation regarding a reduction in electricity prices. He also plans to unveil a new economic plan aimed at addressing the ongoing financial challenges.
A Response to Rising Electricity Bills
For months, Pakistanis have been grappling with inflated electricity bills, as the government has continued to hike prices in an effort to reduce power sector debt and comply with conditions set by the International Monetary Fund (IMF). Acknowledging the financial strain on citizens, PM Shehbaz said during an event marking the 77th Independence Day that while not everything is perfect, there is still hope for improvement.
Focus on Reducing Electricity Costs
The prime minister emphasized that Pakistan’s industry cannot thrive, nor can exports increase, without a reduction in electricity bills. He announced his intention to address the nation soon to present a five-year economic plan aimed at tackling these issues.
On the previous day, PM Shehbaz reiterated the government’s focus on providing low-cost electricity as a crucial step toward resolving the country’s economic crisis. He emphasized that reducing power prices is essential for providing relief to domestic consumers, as well as the agriculture, industry, export, and business sectors.
Plans for Power Tariff Rationalization
According to reports from The News, the government is exploring various proposals to rationalize power tariffs, including potentially slashing the development budget at both federal and provincial levels. There is also talk of shutting down domestic independent power producers (IPPs) from both the government and private sectors. However, these plans are still awaiting IMF approval.
Agreement with Jamaat-e-Islami
In a bid to address public concerns, the federal government recently struck an agreement with Jamaat-e-Islami. The agreement includes the formation of a task force to tackle issues related to IPPs, reduce electricity bills, and lower taxes on the salaried class. PM Shehbaz has highlighted the importance of low-cost electricity and an efficient power transmission system as key factors for stabilizing the economy.
Pakistanis are now waiting for the prime minister’s address, hoping for relief from the high cost of living and a clear path toward economic recovery.