PM slashes electricity price by Rs4.04 per unit, announces blue passports for businessmen

2026-01-30 - 07:26

ISLAMABAD – Prime Minister Shehbaz Sharif on Friday announced a significant reduction of Rs4.04 per unit in electricity price or industries besides announcing blue passports for award-winning exporters and businessmen. Addressing a ceremony in the federal capital, where prominent exporters and business figures were honored, the premier said he wished to cut the price by Rs10 per unit but he was unable due to some issues. PM Shehbaz Sharif stated that the country’s efforts have successfully prevented Pakistan from defaulting. He further assured that the country’s economy is now stable, with exporters significantly increasing exports even amid difficult circumstances. Addressing a ceremony in the federal capital, where prominent exporters and business figures were honored, the Prime Minister expressed pride in the country’s entrepreneurs, who have worked tirelessly to increase exports despite facing numerous challenges. He commended the exporters for their resilience, saying, “The entire nation is grateful for the billions of dollars you have earned for Pakistan under challenging conditions.” He recounted that at a time when there were concerns that Pakistan was on the brink of default, some had even claimed that the country was technically in default. He mentioned his meeting with the Managing Director of the IMF in Paris in 2023, where he was told that offering a new structure at that time would be difficult. Recalling the situation of Sri Lanka, which was facing a default crisis, the Prime Minister shared how street protests broke out there after the country defaulted. He noted that the Sri Lankan president had asked him to accompany him to the IMF to resolve the crisis. PM Shehbaz Sharif explained that after further discussions with the IMF, he assured them that Pakistan would fully comply with its agreement. In response, the IMF offered a short-term program. He emphasized that Pakistan was on the verge of default, but through tough decisions, the country was saved from financial collapse. He acknowledged the sacrifices made by the nation, particularly the poor, who faced numerous challenges, including the high policy rate of 22% and widespread unrest in the country. The premier stated that Pakistan’s economy has regained stability, inflation is now in single digits, and the policy rate has been reduced to 10.5%. He urged industrialists to heed the advice of the Finance Minister and make strong decisions to strengthen the economy.