IMF will consider electricity price cut plan, says PM Shehbaz

Prime Minister Shehbaz Sharif on Wednesday said that concerns over the International Monetary Fund (IMF) rejecting Pakistan’s proposal to lower electricity prices have now been put to rest.

Speaking at a federal cabinet meeting, the prime minister said IMF Managing Director Kristalina Georgieva indicated that the global lender is open to reviewing Pakistan’s power tariff reduction plan if presented formally.

Shehbaz Sharif noted that during his visit to Dubai, he discussed economic and investment matters with UAE President Sheikh Mohamed bin Zayed Al Nahyan, with Army Chief General Syed Asim Munir also in attendance.

Additionally, the prime minister met the IMF’s managing director and raised concerns about high production costs affecting industrial growth. “We told the IMF that economic growth is only possible if production costs decrease,” Shehbaz said, adding that the response from the lender was positive.

He further stated that the IMF has appreciated the government’s performance in implementing economic reforms, and in recognition of these efforts, he had the cabinet applaud the team’s achievements during the meeting.

Discussing foreign relations, Shehbaz reaffirmed Pakistan’s commitment to Saudi Arabia, calling the kingdom a “trusted brotherly nation.” He assured that Pakistan would always support Saudi sovereignty and security.

Touching upon the humanitarian crisis in Gaza, the prime minister reiterated Pakistan’s stance at the Dubai summit, highlighting that over 50,000 Palestinians have been killed. “This is genocide at its worst,” he said, expressing hope for peace in the region.

Shehbaz also pointed to a rise in remittances, attributing it to overseas Pakistanis’ trust in the government. He pledged further measures to facilitate expatriates.

On the recent Libya tragedy, where several Pakistanis lost their lives while attempting illegal migration, the prime minister called for stricter action against human trafficking, urging authorities to put an end to the “black market” that endangers lives.