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 reduce wheeling charges for industries by Rs. 9 per kilowatt hour to enhance competitiveness.
Export Refinance Rate Slashed to Boost Competitiveness
As part of the relief package, the government has cut the export refinance rate by 300 basis points, reducing it to 4.5 percent from 7.5 percent.
PM Shehbaz said the move was intended to provide cheaper credit to exporters, particularly those competing in highly price-sensitive international markets.
Focus on Lower Energy Costs for Industry
Addressing leading exporters and business figures, the prime minister outlined measures to shift Pakistan’s economy from stabilization toward sustained, export-led growth. He said the government was focused on easing cost pressures faced by industries, especially electricity tariffs and financing costs.
In addition to wheeling charges, PM Shehbaz announced a reduction in industrial electricity tariffs by Rs. 4.04 per unit, adding that the government aims to lower power costs by up to Rs. 10 per unit in the future.
Blue Passports for Top Exporters Announced
The prime minister also announced the introduction of blue passports for top-performing exporters, valid for two years, to facilitate international travel and ease business operations.
Economic Stability Achieved, Challenges Remain
Recalling recent economic challenges, PM Shehbaz said Pakistan had faced galloping inflation and a policy rate of 22 percent, but government measures have reduced inflation to single-digit levels, while the policy rate now stands at 10.5 percent.
He said Pakistan narrowly avoided a sovereign default after negotiations with the International Monetary Fund (IMF) and noted that foreign exchange reserves have doubled in recent months, supported by loans from friendly countries including China, Saudi Arabia, the UAE, and Qatar.
Need for Export-Led Growth Emphasized
Despite economic stabilization, the prime minister acknowledged that poverty and unemployment have increased, while exports remain stagnant. He said high electricity costs and elevated interest rates continue to undermine exporters’ global competitiveness.
PM Shehbaz stressed that economic activity should be led by the private sector and said Pakistan must move toward sustainable, export-driven growth. He added that while direct taxes should be reduced to support industry, the government would continue strict collection of indirect taxes.
Earlier, awards were presented to exporters who made significant contributions to the national economy.
