Prime Minister Shehbaz Sharif today introduced a significant reduction in electricity tariffs, offering relief of Rs7.41 per unit for domestic consumers and Rs7.59 per unit for industries.

The announcement was made at a ceremony in Islamabad, where Sharif articulated that this measure is expected to stimulate economic activities across the country.

The Prime Minister expressed optimism, stating that the tariff reduction would serve as a catalyst for the growth of industries and agriculture, and enhance export capabilities. He described the initiative as a national gift coincidin

Highlighting the outcome of successful negotiations with Independent Power Producers, Sharif revealed that these talks are anticipated to yield savings of 3,696 billion rupees. Measures have also been established to tackle the circular debt issue, currently standing at 2,393 billion rupees.

Sharif conveyed his resolve to combat power theft, which amounts to 600 billion rupees annually. He underscored the necessity of privatizing all power distribution companies or transferring them to provincial oversight.

Addressing the nation’s economic hurdles, the Prime Minister recounted the strenuous efforts that averted a national default and affirmed the attainment of fundamental economic stability.

He acknowledged the contributions of cabinet members and the Chief of Army Staff towards national progress, while emphasizing the need for difficult decisions to restore the country’s stature globally and within the Muslim Ummah. Privatization and rightsizing are integral to these strategies.

The elimination of 800 billion rupees in losses from State-Owned Enterprises was deemed essential, with a devised mechanism set to address this challenge.

Sharif reiterated the PML-N’s manifesto commitment to reducing inflation to single digits, announcing a reduction to 1.5 percent. Additionally, he noted a decrease in petrol prices by thirty-eight rupees over the past year, alongside a reduction in the policy rate to twelve percent from 22.5 percent.