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Prime Minister Shehbaz Sharif has announced a Rs7.41 per unit reduction in electricity prices for household consumers, promising further relief as his government works to stabilize the economy.
During a press conference in Islamabad, the PM slashed the power tariff by Rs 7.41 per unit for residential consumers and Rs 7.59 per unit for industrial users.
PM Shehbaz reflected on past economic challenges and said his government had worked tirelessly to prevent Pakistan from defaulting.
He stressed that when he took office, the country was on the brink of financial collapse, and the IMF was unwilling to negotiate.
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The prime minister credited Chief of Army Staff General (COAS) Asim Munir and his team for supporting efforts to strengthen the economy.
He noted that despite challenges, Pakistan still has the lowest petroleum prices in the region.
READ: IMF approves relief for power tariff consumers in Pakistan
Shehbaz highlighted key economic improvements, including a drop in interest rates from 22 percent to 12 percent and a fall in inflation from 38 percent to single digits.
He announced plans to meet industrialists soon to further boost economic growth.
While celebrating economic progress, the PM stressed that Pakistan must follow IMF conditions, which prevent the government from providing subsidies.
He explained that lowering electricity prices was essential for industry, trade, and agriculture to grow.
Shehbaz also addressed independent power producers (IPPs), stating they had earned massive profits and should now support the nation.
He revealed a long-term plan to eliminate the Rs2,393 billion circular debt within five years, ensuring a permanent solution.
The prime minister reaffirmed his commitment to economic reforms and stability, saying Pakistan’s economy is moving forward, and it is time for the nation to rise.
