Former finance minister and economist Miftah Ismail on Thursday took aim at the federal government for allowing electricity and sugar prices to spiral, accusing it of prioritising profits over public welfare.
Speaking at a press conference in Karachi, he said the current administration had enabled sugar mill owners to benefit from export permissions while everyday Pakistanis bore the brunt of skyrocketing prices.
“Six months ago, the government permitted the export of 5 to 6 million tonnes of sugar, so that Sindh and Punjab’s sugar mill owners can get dollars and relief,” he stated.
Drawing a comparison with past decisions, Ismail reminded the Pakistan Muslim League-Nawaz (PML-N) of its earlier criticism of sugar exports under former premier Imran Khan. “I ask Shehbaz Sharif sahab, who influenced your decision to export sugar?” he asked, highlighting the political hypocrisy.
“Because you had promised — when sugar was Rs80 to Rs90 — that you won’t let it exceed Rs140,” he added. “Exports started when sugar was at Rs115 — now it was at Rs175.”
He further questioned the logic behind recent policy decisions: “Pakistani people should know why is sugar expensive, why are you cutting solar energy bills, and why are you making people’s electricity expensive?”
Despite several attempts by the government to maintain retail prices at Rs130 per kg, sugar now sells for over Rs180 in many markets, defying the rates set by the prime minister. The Competition Commission of Pakistan (CCP) has also stepped in, warning sugar mills of consequences for price manipulation.
Meanwhile, sugar consumption continues to rise, expected to hit 6.7 million tonnes in 2024-25, driven by population growth and demand from the food industry. Pakistan produced more than 6.84 million tonnes last season, with further growth anticipated.
Ismail also criticised the country’s high electricity tariffs, arguing they deter investors. “Bangladesh, India, Sri Lanka, Indonesia, Thailand, Cambodia, South Africa, Kenya — these are just some of the countries that may have surpassed us and when investment doesn’t come in Pakistan, it goes to these countries,” he said.
“Pakistan’s electricity prices, however, were more expensive than these countries,” he noted. “So, what is so special about your electricity that you are selling it at such an expensive rate? What is so special about your gas that you’re selling it at such an expensive rate?”
He concluded with a pointed jab at the government’s economic direction: “There’s no reason apart from the fact that your policies are unsuccessful, full of U-turns and are based on greed.”
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