Govt Urged to Reduce Electricity Rates or Risk Lower Exports

Federation of Pakistan Chamber of Commerce and Industry (FPCCI) President Atif Ikram Shaikh along with Patron Chief UBGSM Tanveer, Member National Assembly Mirza Ikhtiar Baig, along with other key leaders have said that export targets can be achieved only by solving the energy crisis, business community. Patron Chief UBGSM Tanveer said that the country’s economy is moving in a positive direction but the country needs dollars, if energy prices are not brought in line with the region, then it will not be possible to increase exports and break the cycle, there are only two ways to bring dollars, either take the cycle and go to the IMF, the other way is to restore the industry and increase exports. He said the government is unnecessarily delaying the announcement of reduction in electricity prices. There should be a reduction of 10 rupees. The government has so far canceled the contracts of 14 IPPs, and revised 6, these measures will have an impact of Rs. 2.30 on the electricity rates.  Price of Rs. 26 per unit should be fixed. He questioned why the interest rate has not been reduced, adding that the policy rate should be 9 percent. He also urged the government to bring a ten-year industrial policy. Member of the National Assembly Mirza Ikhtiar Baig said on this occasion that the task force formed in the name of reforms has put its hands on the solar system, electricity was being bought at Rs. 27 per unit, now the rate has been fixed at Rs. 10. Vice President Tariq Jadoon said that more and more industry should be set up in the country but the government is shutting it down. He said exports will increase only when the industry runs.