ISLAMABAD: Prime Minister Shehbaz Sharif said on Wednesday that concerns about the International Monetary Fund (IMF) rejecting Pakistan’s request to reduce electricity prices have now been “put to rest.”
The prime minister, while chairing a meeting of the federal cabinet, stated, “IMF Managing Director Kristalina Georgieva indicated that the global lender is open to reviewing Pakistan’s power tariff reduction plan if formally presented.”
“The apprehension that the IMF would not accept a power tariff reduction has now been dispelled as the international lender has invited Pakistan to present its plan for lowering electricity prices.“During his recent trip to Dubai, he said that he discussed economic and investment matters with UAE President Sheikh Mohamed bin Zayed Al Nahyan, with Chief of Army Staff (COAS) Gen Syed Asim Munir also present.
Additionally, the prime minister met with the IMF’s managing director and raised concerns about high production costs affecting industrial growth.
“We informed the IMF that economic growth is only possible if production costs decrease… I emphasised that industries can only thrive and economic growth can be achieved if the cost of production is reduced…her response was quite positive,” he added.
The prime minister stated that the IMF has acknowledged the government’s effectiveness in implementing economic reforms. In light of these achievements, he requested the cabinet to commend the team’s accomplishments during the meeting.
During the cabinet meeting, the prime minister also reaffirmed Pakistan’s commitment to Saudi Arabia, calling Riyadh a trusted brotherly nation, and maintained that Pakistan would always support Saudi sovereignty and security.
Regarding the Gaza crisis, he reiterated Pakistan’s stance at the Dubai summit, highlighting that over 50,000 Palestinians have been killed, describing it as “genocide at its worst.”
He also noted an increase in remittances, attributing it to overseas Pakistanis’ trust in the government and pledged further measures to facilitate overseas Pakistanis.
Regarding the recent boat capsizing incident in Libya, he vowed to take strict action against human trafficking, directing the relevant authorities to put an end to the black market that endangers lives.
Meanwhile, the prime minister directed the relevant authorities to prepare a comprehensive strategy to ensure the availability of food items at affordable prices during Ramazan.
He said that the federal and provincial governments should collaborate to ensure the provision of edible items at reasonable prices to the common man.
The federal cabinet, on the recommendation of the Ministry of National Education and Vocational Training, approved the appointment of Dr Hassan Al-Amin (BPS-21) as Director of the National Institute of Pakistan Studies at Quaid-e-Azam University, Islamabad.
The cabinet was informed that his appointment was made on merit through a transparent system. On the recommendation of the Ministry of Finance, the cabinet approved the appointment of Tahira Raza as a non-executive member of the State Bank of Pakistan for five years.
On the recommendation of the Ministry of Religious Affairs, it also approved the strategy of interfaith harmony policy and religious tolerance.
The cabinet was informed that a sub-committee presented the recommendation after reviewing the strategy of interfaith harmony policy and religious tolerance.
Dialogues and conferences regarding religious tolerance would be held, and public awareness campaigns would also be run under the policy.
An action plan regarding the safety of the rights of religious minorities is also part of the policy. Furthermore, under the religious tolerance strategy, measures would be taken to prevent hate material and literature as well as preparing a plan of action to resolve various sectarian differences.
On the recommendation of the Ministry of Religious Affairs, the cabinet approved the appointment of LailaIlyas Kalpana and Satwant Kaur as female members of the Evacuee Trust Property Board (ETPB).
The cabinet, on the recommendation of the Revenue Division, also approved the signing of the initial draft of the convention between the Government of Pakistan and the Government of Iraq regarding the elimination of double taxation on income tax and capital, as well as measures to prevent tax evasion and tax non-compliance.
The cabinet ratified the decisions made in the Economic Coordination Committee (ECC) meeting held on February 3, 2025.
The cabinet also ratified the decisions taken in the Cabinet Committee on Legislative Cases meeting held on February 7, 2025.
The meeting also endorsed the decisions taken in the Cabinet Committee on State-Owned Enterprises meeting held on February 11, 2025.
Copyright Business Recorder, 2025
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