Prime Minister Shehbaz Sharif has announced a handsome cut in the electricity tariff for industries along with issuing blue passports to top exporters in order to enhance competitiveness and bolster exports, reported 24NewsHD TV channel.
Addressing the country’s major exporters and businessmen in Islamabad on Friday, PM Shehbaz Sharif maintained that electricity in Pakistan is very expensive as compared to other countries in the world. “I announce a Rs4.04 decrease in electricity price. I want to cut the power tariff by anther 10 rupees but my hands are tied,” he added.
During his speech, the prime minister also announced that the government will issue blue passports to the country’s top exporters.
Shehbaz Sharif said he could now state without hesitation that Pakistan’s economy had become “stable”. He lauded the audience members for their “hard work and efficiency” and stated, “I can say without any hesitation that Pakistan has become a stable economy.”
PM Shehbaz noted that due to the efforts made by the government, inflation was now in “single digits, policy rate is at 10.5 per cent”.
The prime minister recalled that “there was a time when the policy rate used to be 21.5-22pc, and inflation was galloping” and added people did not know what was to come. “We faced a lot of difficulties, and our industrialists and businessmen faced these difficulties head-on,” he recalled.
“There was hope that maybe there would come a better time, and Pakistan would be on its way to progress,” he added.
Earlier, Prime Minister Shehbaz Sharif, Deputy Prime Minister Senator Ishaq Dar, federal ministers, leading businessmen, entrepreneurs and exporters attended the ceremony, during which prominent members of the business community and exporters conferred awards on the basis of their performance during the year 2024 and 2025.
PM Shehbaz Sharif said Pakistan is in talks with the International Monetary Fund (IMF) over a plan to boost economic growth after the South Asian nation achieved stability with stringent policy measures.
“Now is the right time to move toward sustainable, export-led growth,” Shehbaz Sharif said and added “I have talked to the finance minister and the central bank governor that we have to divert the capital to help the industry. The governor has to listen to business leaders and take bold decisions.”
Announcing other measures for the business community, Shehbaz Sharif said the wheeling charges are being slashed to nine rupees to enable the industries to sell their power to neighbouring industries.
The Prime Minister said mark-up rate on export refinance scheme is being reduced from 7.5 percent to 4.5 percent.
He also announced awarding blue passports with validity of two years to those exporters and businessmen who won awards today. He said the recipients will be ambassadors at large.
The Prime Minister said Pakistan has become a stable economy, emphasizing that the country will have to be taken towards sustainable growth. He urged the business community to invest in the export-led projects to enhance growth and increase foreign exchange earnings.
Shehbaz Sharif stressed to divert capital to the Small and Medium Enterprises to boost exports. He expressed full confidence in the potential of business community in transforming Pakistan's economy in next few years. He assured to give due consideration to their proposals. He said a number of suggestions of the businessmen have already been implemented. Alluding to the reforms carried out, he said these have helped save billions of rupees.
Minister for Commerce Jam Kamal Khan said an export led economy is being promoted in the country. He said Pakistan has come out of economic turmoil, restoring the confidence of exporters in government policies.
On the occasion, the Prime Minister distributed awards among top business leaders and exporters.