Fuel, electricity prices, interest rates likely to drop in upcoming budget: Haroon Akhtar

ISLAMABAD: Special Assistant to the Prime Minister on Industries & Production, Haroon Akhtar Khan, has said that the upcoming federal budget will bring significant relief to the public and industrial sector, with reductions expected in petrol prices, electricity tariffs, and interest rates.

Speaking to ARY News, Haroon Akhtar revealed that Prime Minister Shehbaz Sharif is aiming to boost the country’s economic growth rate to 7% and sustain it over the next decade. “The Prime Minister is fully focused on economic matters and he considers increasing exports as the lifeline of economic growth”.

Highlighting ongoing government efforts to stabilize the economy, the special assistant stated that specialized committees have been formed to address various economic challenges. “After assigning tasks to resolve economic issues, the Prime Minister actively follows up on the progress,” he noted.

He also emphasized the government’s commitment to investor confidence, saying that PM Sharif is determined to provide both protection and assurance to investors.

In pre-budget moves to support industry, Haroon Akhtar asserted that the government has already reduced electricity rates for industrial consumers and cut the interest rate. He added that the benefits of declining global fuel prices are being directly passed on to the public.

Read More: Pakistan ‘receives’ second IMF loan tranche

Earlier, Pakistan received the second tranche under the ongoing loan programme from the International Monetary Fund (IMF), ARY News reported on Wednesday, citing sources in the Ministry of Finance.

According to the sources, the IMF has transferred $1 billion to the State Bank of Pakistan (SBP) as part of the current agreement.

The inflow will be reflected in the central bank’s foreign exchange reserves on May 16.

The disbursement follows the IMF Executive Board’s approval of the loan tranche on May 9, marking a critical step in Pakistan’s efforts to stabilize its economy and reinforce fiscal and external buffers.

“The IMF Executive Board completed the first review under the Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw the equivalent of about $1 billion,” the IMF said in a statement.