Islamabad: Prime Minister Shehbaz Sharif has announced a reduction in electricity tariffs, providing relief of 7.41 rupees per unit for domestic consumers and 7.69 rupees per unit for industries.

According to Radio Pakistan, the announcement was made during a ceremony in Islamabad, where the Prime Minister expressed confidence that the reduction in electricity prices will stimulate economic activities across the country. He referred to the reduction as a gift to the nation on the occasion of Eid.

Shehbaz Sharif underscored the importance of the tariff reduction for uplifting industries and agriculture and boosting exports. He highlighted that successful negotiations with Independent Power Producers over the past year are expected to save three thousand, six hundred and ninety-six billion rupees. Additionally, he mentioned that arrangements have been made to address the circular debt issue, which currently stands at 2,393 billion rupees.

The Prime Minister also expressed determination to combat power theft, which costs the nation 600 billion rupees annually. He stressed the need to privatize all power distribution companies or transfer them to provincial authorities.

Addressing the broader economic challenges, Shehbaz Sharif stated that persistent efforts had prevented the nation from defaulting. He expressed satisfaction with the fundamental stability now achieved by the economy and commended both cabinet members and the Chief of Army Staff for their contributions. He emphasized that difficult decisions, including privatization and rightsizing, are necessary to restore the country’s stature globally and within the Muslim Ummah.

The Prime Minister highlighted the need to eliminate the 800 billion rupees in losses incurred by State-Owned Enterprises, noting that a mechanism has been devised to tackle this issue.

Shehbaz Sharif further stated that reducing inflation to a single digit was part of the PML-N’s election manifesto, and noted that the inflation rate has been brought down to 1.5 percent. He also mentioned a decrease in petrol prices by thirty-eight rupees over the past year and a reduction in the policy rate from 22.5 percent to twelve percent.