— Package includes electricity tariffs cut and wheeling charges reduced
— Blue passports for top exporters, refinance rate lowered to 4.5%
— PM Urges industrialists to focus export-led growth and sustainable investment
— Calls for increased lending and entrepreneurship promotion; top exporters and bankers awarded for contribution
ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Friday announced major relief measures for Pakistan’s industrial and export sectors, including a Rs 4.04 per unit cut in electricity tariffs for industry and a reduction in wheeling charges to below Rs 9.
Speaking at the award ceremony for top exporters of 2024–25, the prime minister also revealed a significant drop in the export refinance scheme rate from 7.5 percent to 4.5 percent and announced the issuance of blue passports for leading exporters for two years. The government has allocated Rs 1,052 billion for the refinance scheme, of which Rs 900 billion has already been utilized.
PM Shehbaz emphasized that Pakistan’s long-term economic revival depends on export-led growth and foreign direct investment in export-oriented projects. “There is no other way forward. Export-led growth is the only solution for Pakistan’s economic future,” he said, adding that FDI would now be encouraged only in projects that generate foreign exchange and strengthen reserves.
Paying tribute to exporters, the prime minister said they were the backbone of the national economy and credited their resilience for helping Pakistan navigate past economic crises. He noted that inflation, which had peaked at 32 percent in June 2023, was now in single digits, policy rates were down to 10.5 percent, and foreign exchange reserves had doubled over three years, including support from friendly countries.
The prime minister urged banks to increase lending to small and medium enterprises to promote entrepreneurship and diversify the economy. He also stressed tax compliance, warning industries against withholding consumer taxes, and highlighted government efforts that recovered Rs 50 billion from sugar mills and Rs 125 billion via control of petroleum smuggling.
On digital development, PM Shehbaz said the government aimed to boost IT exports from $3 billion to $30 billion within five years, praising Minister Shaza Fatima Khawaja for her efforts. He also recognized Deputy Prime Minister Ishaq Dar and other cabinet members for their role in economic reforms, privatization, and export promotion.
Commerce Minister Jam Kamal Khan added that Pakistan was regaining international recognition due to the government’s engagement with the business community. During the ceremony, the prime minister awarded the top 30 exporters and leading bankers for their contributions to the national economy in fiscal year 2024–25.
