Tag: Power Minister

  • Reduced electricity prices to spur industrial activity and improve exports: Power minister

    Reduced electricity prices to spur industrial activity and improve exports: Power minister

    Following a reduction in electricity prices for industries, Power Minister Sardar Awais Leghari stated that the government’s decision aims to boost industrial activity and exports.

    Speaking to the media in Dera Ghazi Khan, Leghari highlighted the government’s revolutionary measures to improve the power distribution system. He underscored the government’s commitment to addressing power sector issues, including combating electricity theft.

    Leghari reiterated the goal of eradicating electricity theft nationwide to provide cheaper electricity to the public.

    He also noted the government’s achievement in reducing electricity rates for industries by Rs10.69, which is expected to stimulate industrial activity and generate more job opportunities.

    The minister assured that the government is aware of the challenges faced by farmers and is actively working to provide maximum relief to the public.

    In a related development, Prime Minister Shehbaz Sharif announced on Saturday that government institutions incurring massive losses would be shut down.

    During his address to the nation, the premier stated, “I have decided to close institutions that have become a burden instead of offering assistance,” and added that a ministerial committee has been formed to oversee this process.

    “I will come to you with a new message in a couple of months,” PM Shehbaz said. “I believe this will be a significant step in reducing expenses and saving funds.”

    The premier also mentioned his recent trips to China and the Middle East, noting that commitments for investment were secured during these visits.

  • Pakistan nears finalisation of IMF loan agreement: Power Minister announces positive progress

    Pakistan nears finalisation of IMF loan agreement: Power Minister announces positive progress

    Power Minister of Pakistan, Khurram Dastgir, announced that the country is close to sealing a deal with the International Monetary Fund (IMF) and that the agreement has been achieved on almost all the issues between the two sides.

    With a $350 billion economy, Pakistan is in need of a crucial installment of $1.1 billion from the IMF to avoid default. However, the IMF has identified a significant gap of approximately Rs900 billion, equivalent to 1 per cent of the country’s Gross Domestic Product (GDP), which has been a hindrance in reaching a staff-level agreement.

    Minister Dastgir reassured that the IMF has not demanded the government to cut its defense budget during his appearance on the Geo News program “Capital Talk” on Monday.

    The Minister stated that instead of cutting the defense budget, the IMF has asked the Energy Division to reduce its losses. The Fund has also emphasized the need for the government to reduce line losses in the northern, southern, and western regions of the country. The Minister emphasized that the IMF has made it clear to Pakistan that the country must establish its financial stability by increasing its tax revenues and reducing losses.

    He also mentioned that the international community is not displaying leniency towards Pakistan since the US withdrawal from Afghanistan. The Minister indicated that the country must take the necessary measures to align its financial position and meet the expectations of the IMF and the international community.