Cutting Power Costs: PM Shehbaz Sharif’s Plan for Economic Resurgence

In a bid to alleviate the economic pressures on Pakistan’s industrial and agricultural sectors, Prime Minister Shehbaz Sharif pledged on Monday to reduce electricity costs, a move he believes is crucial to the country’s economic revival. Speaking at the inauguration of the six-star Movenpick Hotel in Islamabad, the Prime Minister highlighted his government’s ongoing efforts to stimulate business, trade, and foreign investment, all while addressing Pakistan’s energy challenges.

“It is a proud moment for Pakistan to witness the launch of this state-of-the-art international hotel,” Sharif said, applauding the Centaurus Group for its contribution to the country’s development. He also expressed gratitude to Movenpick for bringing world-class hospitality to Pakistan. The Prime Minister used the occasion to outline his government’s broader economic agenda, which he emphasized aims to stabilize and grow Pakistan’s economy.

Sharif pointed to recent positive developments, including a notable reduction in inflation, which has fallen below 5%, and a decrease in the policy rate to under 13%. He hinted that further rate cuts are on the horizon, following the upcoming meeting of the State Bank of Pakistan’s Monetary Policy Committee.

The Prime Minister also underscored the importance of a thriving industrial sector, acknowledging that high energy costs have been a major burden for both industry and agriculture. He reaffirmed his administration’s commitment to easing the cost of doing business, noting that competitive energy prices are crucial for driving growth and fostering economic competitiveness.

“Achieving a competitive industrial sector is essential for our economic success,” Sharif stated, emphasizing that reducing energy expenses would play a key role in spurring industrial growth and boosting employment.

Turning to privatization, Sharif announced plans to revive efforts to privatize Pakistan International Airlines (PIA). Drawing parallels with the successful privatization of the banking sector in the 1990s under his brother, former Prime Minister Nawaz Sharif, he expressed confidence that PIA could once again become a world-class airline.

“PIA will be transformed into a world-class airline, just as it was during the 1960s,” Sharif said, urging Pakistani investors to participate in a transparent bidding process for the airline’s privatization.

On the broader economic front, Sharif confirmed that Pakistan was nearing the completion of its final International Monetary Fund (IMF) program and reiterated the government’s focus on removing barriers to foreign investment. He stressed the importance of attracting international capital to fuel the nation’s recovery and long-term growth.

“Pakistan will rise again as a great nation, with the collective efforts of our people and stakeholders,” Sharif proclaimed, reflecting optimism about the country’s future. He also called for more investments of the caliber seen in the Centaurus Group, whose development projects he lauded for their contribution to Pakistan’s economic progress.

The Prime Minister concluded his remarks by reaffirming his government’s commitment to ensuring economic stability, facilitating trade and investment, and steering Pakistan towards a prosperous future.

Sharif’s comments reflect a broader vision of economic revitalization, with a clear focus on improving energy affordability, bolstering industrial growth, and attracting foreign capital to Pakistan. His government’s ambitious plans come at a time when the country is grappling with several economic challenges but remains hopeful for a positive trajectory in the years ahead.