Prime Minister Shehbaz Sharif on Friday announced a reduction in industrial wheeling charges, cutting the cost by Rs 4.04 per unit as part of a broader package aimed at supporting exporters and reviving industrial activity.
The prime minister said wheeling charges have been reduced from Rs 12.55 per unit to Rs 8.51 per unit. He added that the government has also decided to further lower wheeling charges for industries by Rs 9 per kilowatt hour to improve competitiveness.
As part of the relief measures, the export refinance rate has been cut by 300 basis points. It now stands at 4.5 percent, down from 7.5 percent. PM Shehbaz said the move was meant to provide cheaper financing to exporters operating in highly price sensitive global markets.
Addressing leading exporters and business figures, the prime minister said the government is shifting its focus from economic stabilization to sustained growth driven by exports. He said reducing electricity costs and financing pressures remains a priority for industry.
He also announced a reduction of Rs 4.04 per unit in industrial electricity tariffs and said the government aims to lower power costs by up to Rs 10 per unit in the future.
PM Shehbaz said blue passports will be introduced for top performing exporters. These passports will be valid for two years and are intended to ease international travel and business operations.
Referring to recent economic challenges, the prime minister said Pakistan had faced runaway inflation and a policy rate of 22 percent. He said inflation has now fallen to single digit levels, while the policy rate currently stands at 10.5 percent.
He added that Pakistan narrowly avoided a sovereign default after talks with the International Monetary Fund. According to him, foreign exchange reserves have doubled in recent months, supported mainly by assistance from friendly countries including China, Saudi Arabia, the UAE, and Qatar.
Despite signs of stability, the prime minister admitted that poverty and unemployment have increased, while exports remain largely stagnant. He said high electricity prices and elevated interest rates continue to hurt exporters.
PM Shehbaz stressed that economic growth must be led by the private sector. He said Pakistan needs to move toward export driven growth, reduce direct taxes on industry, and ensure strict collection of indirect taxes.
Earlier, awards were presented to exporters for their contribution to the national economy.
