Prime Minister Shehbaz Sharif on Friday announced a Rs4.4 reduction in the per unit rate of electricity for the industrial sector in a bid to improve productivity and exports.

The premier stated this during an address to the country’s major exporters and business figures at a ceremony held in their honour.

“A Rs4.4 reduction is being made in the electricity unit rate for industries,” said the premier, adding that “if it were in his control, he would reduce it by another Rs10.”

“However, my hands are tied, as you all know well,” he said, addressing the business leaders and exporters.
PM Shehbaz also announced a reduction in wheeling charges for industries, stating that “it will be less than Rs9”. He hoped that the move will help industries sell their power to neighbouring industries.

To provide additional relief, the premier announced that “with the cooperation and support of Pakistan’s banks, we are announcing a reduction in the export refinance rate from earlier 7.5pc to 4.5pc”.

At the outset of his address, the premier lauded business leaders and major exporters for their “hard work and efficiency for achieving major milestones in their relevant sectors in the past year”.

“The billions of rupees you have earned for Pakistan, the entire nation congratulates you,” PM Shehbaz said.

‘Pakistan has become a stable economy’

The premier, during his address, also stated that he could now say “without hesitation” that Pakistan’s economy had become “stable”.

PM Shehbaz noted that the inflation was in “single digits, policy rate is at 10.5 per cent”.

The premier recalled that “there was a time when the policy rate used to be 21.5-22pc, and inflation was galloping,” adding that people did not know what was to come.

“We faced a lot of difficulties, and our industrialists and businessmen faced these difficulties head-on,” the PM Shehbaz recalled.

“There was hope that maybe there would come a better time, and Pakistan would be on its way to progress,” he added.

More to follow.