ISLAMABAD: Federal Minister for Petroleum Musadik Malik announced a Rs 50 billion energy subsidy package on Tuesday, aimed at low-income households consuming up to 200 units of electricity. This initiative will benefit 86 percent of households, ensuring they retain last year’s power tariff.
Additionally, Rs 600 billion has been allocated for the Benazir Income Support Programme (BISP) to assist the poor. The recent budget also includes development projects worth Rs 1,200 billion.
Minister Malik highlighted the country’s economic progress, noting a bullish trend in the stock exchange and a rise in growth from zero to 2.4 percent. The agriculture sector achieved a 6.3 percent growth rate, the highest in 19 years, and a record increase in tractor sales was reported. Inflation has significantly dropped from 38 percent to 12 percent.
Criticizing PTI leader Omar Ayub’s remarks on capacity payment agreements with Independent Power Producers (IPPs), Malik pointed out Ayub’s involvement in the 2013 agreements as a cabinet member.
Malik emphasized Prime Minister Shehbaz Sharif’s priorities: job creation for youth, fostering a business-friendly environment, and reducing inflation and poverty. He noted a significant reduction in food prices from 40 percent to two percent, and referenced recent Fitch Ratings as evidence of the country’s improving economic stability.
