Pakistan Cuts Electricity Prices Amid Fuel Cost Reduction
A meeting of the federal cabinet chaired by Prime Minister Muhammad Shehbaz Sharif was held at the Prime Minister House, Islamabad today, in which major decisions were taken on the country’s economy, energy, tax reforms and other important issues.
The Prime Minister expressed satisfaction over the $7 billion agreement between Pakistan and the International Monetary Fund (IMF), saying that this agreement is a reflection of global confidence in Pakistan’s economy.
The IMF has appreciated the government’s performance on economic reforms, inflation reduction and financial stability in Pakistan, which is a major achievement.
The cabinet decided that the benefit of the reduction in petroleum product prices will be used to reduce electricity rates to pass on to the public.
Approval was given to review the agreements of bagasse-fired power plants to promote alternative energy sources.
Amendments to income tax, sales tax on services and federal excise duty were approved in Islamabad, while income tax rebate for teachers and researchers was restored.
The Whistleblower Protection Act was approved to provide legal protection to witnesses and informants against corruption.
The cabinet decided to hold further consultations on solar net metering regulations and announced to include the opinions of all stakeholders.
The Prime Minister said that the Pakistani economy is moving in the right direction and the government is paying special attention to tax reforms, improving the energy sector and promoting the private sector.
These decisions will prove important for Pakistan’s economic stability and will help provide relief to the people.
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