Prime Minister Shehbaz Sharif on Thursday announced a reduction of Rs. 4.40/unit in electricity tariffs for industries, as well a cut of Rs. 9 in wheeling charges, to support the country’s business sector.
Addressing a ceremony honoring the country’s eminent businessmen and exporters in Islamabad, the prime minister vowed that all future economic policies would be framed in close consultation with the business community. Stressing there was no alternative to export-driven economic growth, he said the traders honored in the ceremony would be granted blue passports, which provide specific visa facilitation.
The prime minister said the government is also reducing the tax rate for exporters from 7.5% to 4.5% to provide immediate relief to businesses and accelerate export-led growth. He said the government had no desire to engage in business and urged the private sector to lead economic activity. The state, he said, would provide a conducive and predictable business environment. He said the time had come to shift from stability to growth and welcomed proposals from the business community in this regard.
“You exporters deserve the highest praise. Great business leaders have worked day and night to bring pride to the country,” he said, noting an increase in the country’s exports during 2025 despite difficult conditions. He regretted that some people had previously claimed Pakistan had technically defaulted, adding it was among the government’s greatest challenges to save the country from default.
“When we assumed office, the economic situation was extremely fragile, and the common man faced severe hardships,” he said.
Referring to international engagements, Sharif said he met the managing director of the International Monetary Fund (IMF) in Paris in 2023, paving the way for a stand-by arrangement. Currently, he said, inflation was gradually reducing while the policy rate had declined sharply from 22% to around 10.5%. Prevailing policies have enabled foreign exchange reserves to double, he said, reiterating the government’s efforts had helped save the country from bankruptcy.
The prime minister maintained friendly countries had fully supported Pakistan during difficult times, adding he and Chief of Army Staff Field Marshal Asim Munir had met leaders of several countries to advance economic stabilization. The results of these difficult decisions, he claimed, are now becoming visible. He said Pakistan must move forward collectively for development, acknowledging the sacrifices of the entire nation, particularly the poor, during the stabilization phase.
Sharif also discussed Pakistan’s victory over India during Marka-e-Haq last year, claiming it had led to a “clear change” in international attitudes toward the country. In the conflict’s aftermath, he said, heads of state had personally embraced him and the world was now ready to listen to Pakistan. He claimed the government was advancing these contacts to attract fresh investment.
The prime minister also weighed in on privatization and institutional reforms, noting the sale of Pakistan International Airlines was conducted transparently. He vowed future privatization would also strictly follow transparency standards. Similarly, he said the government had shuttered the Pakistan Works Department over poor performance after years of political controversy, while utility stores were closed because of widespread corruption.
Sharif claimed the government is introducing reforms and cutting expenditures worth billions of rupees, emphasizing the need to cut taxes, particularly direct taxes. He maintained petrol smuggling is nearing elimination, crediting the Field Marshal for playing a role in achieving this goal.
Highlighting priority sectors, he said the textile and leather industries were playing a vital role in the economy, and export-based growth remained the government’s central focus. He said significant initiatives were also being taken in the digital sector.
The ceremony saw awards distributed among exporters who made a significant contribution to the national economy, with the prime minister personally presenting awards to prominent exporters and business figures from across the country.