- PM to announce a “big decision” today.
- Prime Minister to meet businessmen in Islamabad.
- The IMF had approved the RE1 reduction per unit of power rate.
Islamabad: Prime Minister Shehbaz Sharif should announce a reduction in electricity prices today (Thursday) after the approval of the International Monetary Fund (IMF).
In a statement, the Minister of Defense, Khawaja Asif, said that the Prime Minister would address the nation today (Thursday) and announce “good news”.
“The address will be the result of efforts since 2022 … The PML-N and the coalition government consider national service to their absolute priority,” he said, adding that the development and economic recovery course would continue.
In addition, sources have been told Geo News that the Prime Minister will hold a crucial meeting with the main commercial figures in Islamabad. The meeting will be assisted by members of the cabinet and 336 Magnats of the business, during which Prime Minister Shehbaz will inform them of reforms in the energy sector.
It is relevant to mention here that the federal government last month officially submitted a request to the National Electric Power Regulatory Authority (NEPRA) for a reduction in RS1,71 per unit in electricity prices.
According to the proposal, the reduction will be facilitated by an increase in the differential tariff subsidy. The proposed reduction will apply to all distribution companies, including K-Electric, for the period from April to June 2025. However, national consumers of life will be exempt from this adjustment.
The NEPRA has planned an hearing on the government’s petition for April 4. If it is approved, the federal government will subsidize RS1,71 electricity consumers per unit during the specified period.
The government aims to introduce this subsidy for three months to increase the demand for electricity. The NEPRA had determined an average rate of RS35.50 / kWh for the 2010-25 financial year, while the government informed a lower national price of RS32.99 / kWh from October 2024, making the gap filled through the differential tariff subsidy.
Earlier, the IMF approved a RE1 reduction per unit in electric prices, providing relief to all consumers. According to IMF managers, the price relief would be extended to all electricity users and funded by the income generated by the levy imposed on captive gas power plants.
The development follows the agreement at the level of staff (ALS) between the lender based in Washington and the Pakistani authorities during the first examination of the rescue program in the course of 37 months.
The director of the IMF communications department, Julie Kozack, confirmed that Pakistan would be paid $ 1.3 billion under resilience and sustainability (RSF), after approval of the Fund Executive Council.
A well -placed government source revealed to The news That the government previously decided to reduce RS8 electricity prices per unit, but the decision could not exceed the world lender.