Prime Minister Shehbaz Sharif has announced a reduction in electricity tariffs, providing relief of 7.41 rupees per unit for domestic consumers and 7.69 rupees per unit for industries.

Announcing the power relief package at a ceremony in Islamabad today, he expressed the confidence that the reduction in electricity prices will trigger economic activities in the country. He described the reduction as a gift to the nation on the occasion of Eid.

Shehbaz Sharif emphasized that a significant reduction in power tariffs is crucial for uplifting industries and agriculture, as well as boosting exports.

The Prime Minister highlighted that successful negotiations with Independent Power Producers over the past year will help save three thousand, six hundred and ninety six billion rupees.  He said arrangements have been made to address the issue of circular debt which currently stands at 2393 billion rupees.

Shehbaz Sharif also expressed his determination to tackle power theft, which amounts to 600 billion rupees annually. He stressed the importance of privatizing all power distribution companies or transferring them to provincial authorities.

Discussing the economic challenges faced by the country, the Prime Minister said that tireless efforts had prevented the nation from defaulting. He expressed satisfaction that the economy has now achieved fundamental stability. He commended cabinet members and the Chief of Army Staff for their contributions to the country's progress.  He said difficult decisions will have to be taken to restore the true stature of the country in the comity of nations in general and the Muslim Ummah in particular. He said privatization and rightsizing are part of these efforts.

The Prime Minister said that eliminating the 800 billion rupees in losses incurred by State-Owned Enterprises is essential, and a mechanism has been devised to address this issue.

Shehbaz Sharif said that bringing the inflation down to single digit was the election manifesto of the PML-N.  He said the inflation rate has been brought down to 1.5 percent.

He mentioned that the petrol price has come down by thirty-eight rupees over the last one year. The policy rate has been reduced to twelve percent from 22.5 percent.