PM Shehbaz to meet businessmen over power sector reforms

ISLAMABAD: Prime Minister Shehbaz Sharif will meet distinguished businessmen on Thursday to take them into confidence over the proposed power sector reforms, sources at the Ministry of Finance said on Wednesday.

Former caretaker minister for industries and commerce Gohar Ejaz will lead the businessmen delegation.

Major cut is expected in power tariffs during the prime minister’s meeting with businessmen, sources said.

A breakthrough is also likely over exports and other economic issues in the meeting.

The meeting has been scheduled at 2:00 PM at the Prime Minister’s Secretariat, sources added.

It is to be mentioned here that the International Monetary Fund (IMF) has recently allowed the government to reduce electricity tariffs by Rs1 per kilowatt-hour for all consumers.

The relief will be financed through revenue collected via a levy imposed on captive power plants using natural gas, the IMF said in a statement.

The move is part of a broader relief package the government is working on for electricity users.

According to official sources, the reduction could lessen the financial burden on consumers by up to Rs100 billion.