Federal Minister For Finance and Revenue Ishaq Dar on Thursday announced providing subsidized electricity to Pakistan’s export industries with per unit electricity cost set at Rs19.99.
Addressing the media after negotiations with the Pakistan Textile Exporters Association (PTEA) in Islamabad, the finance minister said that all distribution companies will provide electricity to country’s export industry at Rs19.99, adding that government would bear the difference between the new fixed price and the actual per unit production cost.
Dar continued by stating that the “all-inclusive” package was announced for all five of the main exporting industries, not simply the textile industry. For the benefit of Pakistan, he urged the business community to increase exports from that nation.
The only way to improve Pakistan’s export sector, he said, is to raise exports. “I expect the industries to enhance Pakistan’s exports immediately,” he remarked.
He added that the coalition administration, led by Prime Minister Shehbaz Sharif, was exerting every effort to help the business community and farmers reposition the nation’s economy.
Ishaq Dar promised to reinstate the rupee at its previous exchange rate, which was less than 200 to the US dollar. He continued, “I can truly demonstrate that its (the dollar’s) actual value is below Rs200.”
It is important to note that after Dar took over as finance minister for Miftah Ismail on September 22, the rupee, which had nearly reached an all-time low of Rs239.71 on September 22, has begun to rebound. In the last nine sessions, it has increased by Rs17.77, or 7.41 percent.
