Prime Minister Shehbaz Sharif has announced further reductions in electricity tariffs for domestic consumers and industries. He assured that reforms in the electricity sector would continue to bring relief to the public.
Chairing a review meeting in Islamabad on Friday, PM Shehbaz expressed satisfaction with ongoing reforms in the power sector. He said the measures are producing great results and will ensure the supply of affordable and sustainable energy.
The Prime Minister said revising agreements with Independent Power Producers (IPPs) has saved the national treasury and reduced electricity prices.
He highlighted the ongoing campaign against power theft and vowed to intensify efforts to eliminate losses faced by power distribution companies.
Private Sector Board Members Improve Performance
PM Shehbaz said appointing well-reputed private sector members to the boards of electricity distribution companies has improved their efficiency. He noted that reduced transmission losses are a sign of the success of these reforms.
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Officials informed the meeting that the recovery rate of distribution companies improved to 93.26% by December 2023 due to reforms and the anti-theft campaign.
The meeting also reviewed progress on the 500 kV Matiari-Moro-Rahim Yar Khan and Ghazi Barotha-Faisalabad transmission line projects. Officials briefed PM Shehbaz on the advancements and expected completion timelines.
PM Approves Major Maritime Reforms
Pakistan to Establish Maritime and Seaport Authority
Separately, PM Shehbaz approved a comprehensive reform plan to revive Pakistanās maritime sector. The government will establish the Pakistan Maritime and Seaport Authority to oversee the development and regulation of ports. The Defense Minister will lead the commission supervising the implementation.
To ensure swift execution, a special committee will meet every two weeks to review progress. Under the reforms, the National Ports Master Plan will be updated. The Pakistan National Shipping Corporation will be restructured, and port rates will be standardized. New terminals will also be developed across various seaports.
Pakistan Faces Huge Losses in Maritime Sector
Economic experts revealed that Pakistan loses Rs5 trillion annually due to underutilized ports, tax evasion, and fraudulent billing.
They also pointed out that misuse of the Afghan Transit Trade System causes billions in losses. The maritime sector alone suffers tax evasion losses exceeding Rs1.1 trillion.
Experts emphasized that reviving the maritime sector is crucial for economic stability. They believe digitalizing seaports and implementing reforms will significantly improve the national economy.
Pakistan is now set to transform its maritime sector, aiming for higher efficiency, transparency, and economic growth.
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