Prime Minister Shehbaz Sharif announced a significant reduction in electricity prices on Thursday, lowering rates by Rs. 7.41 per unit for domestic consumers and Rs. 7.59 per unit for industrial consumers. Following this adjustment, the cost of electricity for households has dropped to Rs. 34 per unit.
Speaking at a ceremony in Islamabad, the prime minister described this reduction as an Eid gift for the nation. He highlighted the economic challenges Pakistan faced last year and the government’s efforts to steer the country away from a financial crisis and potential default.
Shehbaz Sharif also expressed gratitude to Army Chief General Asim Muneer and his team for their support in stabilizing the economy. Additionally, he hinted at further downsizing in government institutions and the privatization of more state-owned enterprises to ensure economic stability.
The prime minister claimed that Pakistan’s economy was emerging from a crisis and moving towards stability, likening the transition to the arrival of dawn after a long night. He stressed that the government would no longer tolerate inefficiency from any official, including himself.
He also shared details of the government’s negotiations with the International Monetary Fund (IMF) to secure a reduction in electricity prices. Previously, domestic electricity rates stood at Rs. 48.70 per unit, but had already been reduced by Rs. 3.50 before the latest cut. Similarly, industrial rates, which had been Rs. 58.50 per unit, had already dropped to Rs. 48 before the newly announced reduction.
