PM Shehbaz eyes lower electricity costs for economic growth

PM reaffirmed his government’s commitment to economic revival, highlighting efforts to boost business and trade

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Prime Minister Shehbaz Sharif on Monday pledged to lower electricity costs, addressing the challenges faced by Pakistan’s industrial and agricultural sectors due to high energy tariffs

PM reaffirmed his government’s commitment to economic revival, highlighting efforts to boost business, trade, and foreign investment while addressing the inauguration of the six-star Movenpick Hotel in the capital.

“It is a proud moment for Pakistan that a state-of-the-art international hotel has been launched. I commend the Centaurus Group for their nation-building efforts and thank the Movenpick management for bringing world-class hospitality to our country,” said Sharif.

The prime minister pointed to progress in stabilising the economy, noting that inflation had fallen below 5% and the banking policy rate was now under 13%. Further reductions are expected after the State Bank of Pakistan’s upcoming policy meeting, he added.

PM outlined growth in exports, particularly in the IT sector, and detailed plans to develop agriculture, industry, IT, mining, and minerals. He also acknowledged the challenges of high energy costs impacting industrial and agricultural sectors.

“A competitive industrial sector is essential for economic growth, and we are committed to easing the cost of doing business,” he said.

The prime minister announced a renewed privatisation initiative for Pakistan International Airlines (PIA), urging Pakistani investors to participate in a transparent bidding process.

“Just as banks were successfully privatised during the 1990s under Prime Minister Nawaz Sharif, and are now thriving, PIA too will be transformed into a world-class airline, just as it was in the 1960s,” he said.

Shehbaz Sharif also confirmed that Pakistan is nearing the conclusion of its final International Monetary Fund (IMF) programme and emphasised the government’s focus on removing barriers to foreign investment.

“Pakistan will resurrect as a great nation through the collective efforts of stakeholders and nation-builders,” he said, expressing optimism for the country’s future.

The event saw praise for the Centaurus Group, with the prime minister lauding their contributions to economic development and urging more investments of similar calibre.

PM Shehbaz concluded by reiterating his government’s resolve to promote economic stability, facilitate commerce, and ensure Pakistan’s resurgence as a thriving and progressive nation.