Prime Minister Shehbaz Sharif announced on Friday a three-month electricity relief package, set to take effect from December to February.
Addressing an event, the premier said: "We are implementing this electricity relief package across the country, which will run from December through February."
He said: "The households would benefit from lower electricity rates, with a cost of Rs26.07 per unit for extra electricity consumption during this period."
"For the industrial consumers, the package will offer savings of between 5 and 15 rupees per unit, while commercial consumers stand to save between Rs13 and Rs22 per unit," said the premier.
PM Shehbaz said: "These reductions would stimulate industrial activity and support the agricultural sector."
"This initiative will significantly benefit the economy, boosting industrial growth and agricultural productivity. By reducing electricity costs, we aim to accelerate the pace of development in key sectors," said the premier.
PM Shehbaz highlighted that the incumbent government had made substantial cuts to its expenditures to stabilise the economy.
"The country’s economic situation is gradually improving. The inflation has decreased from 30 percent to reach 6.7 percent in the recent months," maintained the prime minister.
He was of the view that through our reforms, bank lending rates have dropped from 23 percent to 15 percent over the past year.
"Through our reforms, bank lending rates have dropped from 23 percent to 15 percent over the past year. This will boost investment, create more jobs, and provide economic opportunities for Pakistan's youth," said the premier.
Addressing foreign relations, particularly with Saudi Arabia and Qatar, PM Shehbaz expressed gratitude to both countries during the difficult times. "I have told Saudi Arabia and Qatar, our brothers, that we are no longer dependent on charity. Instead, we seek investment to grow together and mutually benefit," PM Shehbaz stated.
He resolved that Pakistan would not seek financial aid but instead would invite foreign investors to partner in the country’s economic revival.
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