Islamabad, August 15, 2024 –Prime Minister Shehbaz Sharif assured the nation that they would soon receive “good news” regarding a reduction in the soaring electricity bills that have been burdening households across Pakistan.
Speaking at an Independence Day event in Islamabad, PM Shehbaz acknowledged the challenges faced by the public due to high inflation and steep power costs but urged the nation not to lose hope. “Today, there is inflation. People are worried about electricity bills and other problems. However, if not all is good in the country, not all is bad,” the Prime Minister remarked, hinting at upcoming measures aimed at providing much-needed relief.
The Prime Minister emphasized the critical role that lower electricity costs play in the prosperity of Pakistan’s industrial sector and the growth of its exports. He revealed that he would address the nation in the coming days to outline a five-year economic plan designed to tackle these issues head-on.
This statement comes in the wake of widespread public outcry over inflated power bills, which have risen sharply as the government continues to hike prices in a bid to manage power sector debt and comply with International Monetary Fund (IMF) conditions.
Just a day earlier, PM Shehbaz reiterated the government’s commitment to providing low-cost electricity, calling it an “inevitable” step to steer the country out of its current economic crisis. “Our sole focus is to reduce power prices to provide relief to domestic consumers, agriculture, industry, exports, and business sectors,” he said, stressing that the competitiveness of Pakistan’s exports is closely linked to the availability of affordable electricity.
Reports suggest that the government is actively exploring various strategies to rationalize power tariffs. Among the proposals under consideration is the reduction of the development budget at both federal and provincial levels, as well as the potential shutdown of certain independent power producers (IPPs) in both the public and private sectors. However, the IMF’s approval of the power rationalization plan is still pending.
PM Shehbaz also highlighted the importance of a reliable and efficient power transmission system, noting that it is a crucial component for ensuring a stable economy. He underscored the government’s commitment to addressing these issues as part of a broader strategy to alleviate the financial pressures on the public.
Last week, the federal government reached an agreement with Jamaat-e-Islami, pledging to form a task force to address issues related to IPPs, reduce electricity bills, and lower taxes on the salaried class.
As the nation waits for the promised relief, the Prime Minister’s assurances offer a glimmer of hope in the face of ongoing economic challenges.
