PM Sees Lower Electricity Costs for Economic Growth

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PM Shehbaz eyes lower electricity costs for economic growth

Prime Minister Shehbaz Sharif on Monday vowed to reduce electricity costs to alleviate the burden on Pakistan’s industrial and agricultural sectors, which have been struggling with high energy tariffs.

Addressing the inauguration of the six-star Movenpick Hotel in Islamabad, the prime minister reaffirmed his government’s commitment to revitalizing the economy, with a focus on fostering business growth, enhancing trade, and attracting foreign investment.

“Today marks a proud moment for Pakistan as we witness the launch of a state-of-the-art international hotel. I extend my appreciation to the Centaurus Group for their nation-building initiatives and commend the Movenpick management for introducing world-class hospitality to our country,” he stated.

Highlighting economic progress, the prime minister noted that inflation had dropped below 5%, while the banking policy rate had been reduced to under 13%.

He added that further cuts were anticipated following the upcoming policy meeting of the State Bank of Pakistan.

Shehbaz Sharif detailed advancements in exports, especially within the IT sector, and outlined plans for the development of agriculture, industry, IT, mining, and minerals.

Recognizing the challenges posed by high energy costs, he emphasized the importance of a competitive industrial sector for economic growth, pledging to reduce the cost of doing business.

The prime minister also announced a renewed privatization initiative for Pakistan International Airlines (PIA), encouraging Pakistani investors to participate in a transparent bidding process.

“Just as the banking sector thrived after successful privatization under Prime Minister Nawaz Sharif in the 1990s, PIA will also be transformed into a world-class airline, reminiscent of its excellence in the 1960s,” he said.

Additionally, Shehbaz Sharif shared that Pakistan was nearing the conclusion of its final International Monetary Fund (IMF) programme and underscored the government’s efforts to eliminate obstacles to foreign investment.

“Pakistan will rise as a great nation through the collaborative efforts of all stakeholders and contributors to national development,” he expressed, showing confidence in the country’s future.

The event included accolades for the Centaurus Group, with the prime minister praising their role in economic development and urging further investments of similar scale.

In conclusion, the prime minister reiterated his government’s dedication to achieving economic stability, promoting trade, and ensuring Pakistan’s emergence as a prosperous and progressive nation.

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