Prime Minister Shehbaz Sharif said today that the economy is steadily on path towards stability and Government is taking rapid measures for improvement of the economy.
Addressing the Federal Cabinet in Islamabad, the Prime Minister said the Federal and Provincial Governments are trying to reduce public problems and inflation has been reduced from 32 percent to 6.9 percent
He said that to end the burden of capacity payments of IPPs on electricity consumers, the Government has started to terminate agreements. The Prime Minister said this initiative will benefit the electricity consumers by 60 billion rupees per year and will reduce the power tariff per unit . The country’s treasury will save a total of 411 billion rupees this way.
He said that in the first phase, the power purchase agreements with five IPPs are being terminated and tariff will be reduced by gradually revising agreements with other IPPs. He said that leader of the Muslim League-N Mian Nawaz Sharif always said that relief should be given to the people by bringing down the power prices.
He said under the leadership of Quaid Mian Nawaz Sharif, we have to work hard day and night for public relief and made this our slogan. Sharif said that the people have made great sacrifices during this period but the time has come to solve the problems of the public.
He said the 7% target of 2025 has been achieved in 2024 by the grace of Allah and the hard work of the economic team. He said five IPPs owners prioritized national interest over personal interest and voluntarily agreed to terminate these agreements with the Government. These five IPPs played a key role in initiating public relief like the first drop of rain.
He said the entire cabinet is grateful to these IPPs owners. The task force established for the reform of the Power Sector and the members of the Federal Cabinet deserve praise for this effort.
He said in the recent summer, the federation and the Chief Minister Of Punjab gave relief in electricity bills to power consumers. He said we will honor every promise made to the people and there was a record increase in remittances from overseas Pakistanis, who are our invaluable asset.
He said record remittances of 8.8 billion dollars in the last quarter reflect the confidence of overseas Pakistanis on Government policies. The Prime Minister said we are grateful to our great Pakistanis living abroad who send their hard earned money to the country.