ISLAMABAD: Prime Minister Shehbaz Sharif has announced a massive relief in electricity prices for both domestic and industry consumers.

Addressing a ceremony on Thursday, the PM shared the economic progress achieved by his government and said that the government has decided to lower the electricity tariff by Rs 7.41 per unit for domestic consumers and Rs 7.59 per unit for industrial users.

PM Shehbaz highlighted the economic hurdles his government faced upon taking office, stating that Pakistan was on the verge of bankruptcy with severe inflation, high circular debt, lack of funds to run power plants, and IMF was unwilling to negotiate with us.

“We took difficult decisions to stabilise the economy and bring relief to the people. Our government worked tirelessly to convince the IMF to allow a reduction in electricity prices,” he said.

Preparations underway for Afghans to return home

The PM revealed that renegotiating agreements with Independent Power Producers (IPPs) helped save Rs 3,696 billion, a move he called a “historic achievement.” He assured that the circular debt crisis is being permanently addressed and power sector reforms are in motion.

“The IMF initially opposed reducing electricity prices, but we insisted that relief should come through lower power tariffs rather than cheaper petrol,” the prime minister stated.

Speaking about Independent Power Producers (IPPs), he clarified that he had no grievances against them but engaged in negotiations to ensure public welfare.

“IPPs have earned huge profits, and now it’s their turn to contribute back to the nation,” he added.

He credited Chief of Army Staff General Asim Munir for supporting economic stability and acknowledged the public’s sacrifices during tough times.

The PM vowed to continue economic reforms, including privatisation and right-sizing government institutions. “Pakistan’s journey towards prosperity has now begun,” he declared, warning that his government has no room for those who waste public time.