ISLAMABAD: In Pakistan, electricity bills have exceeded the house rent amounts, according to a report of the Bloomberg.
The report says that while inflation has slightly decreased, it remains at the highest level compared to other Asian countries, placing immense pressure on the nation’s struggling population.
It noted that the government was compelled to increase energy prices to fulfil the demands for a new loan programme of the International Monetary Fund. The report also noted that in Pakistan, electricity bills have increase much more than the house rents, creating a new burden for citizens already grappling with inflation. According to Bloomberg, people are protesting against the high tariff increase, while the government is making reforms to meet IMF conditions to obtain new loan.
In Pakistan, electricity prices have risen by 155% since 2021, pushing many households to the financial instability. Citizens are now protesting in various parts of the country, expressing their frustration with the government’s economic policies and the IMF’s stringent conditions, which have led to reforms that many deem unsustainable.
The report highlights that half of the population of Pakistan lives on less than $4 a day, making it one of the poorest nations in the region.
Meanwhile, during a special ceremony marking Pakistan’s Independence Day, Prime Minister Shehbaz Sharif paid tribute to those who sacrificed their lives for the nation and assured the public of forthcoming good news regarding a reduction in electricity prices.
Addressing the nation, the Prime Minister emphasized that the government is working tirelessly to lower electricity bills, underscoring that a reduction in these costs is essential for the prosperity of industry and agriculture. He vowed to fight relentlessly to bring down electricity prices, even at the risk of his own life.
Shehbaz Sharif also celebrated the achievements of weightlifter Arshad Nadeem, who recently won a gold medal, bringing pride to the entire nation.
He attributed the country’s independence to the grace of God and the sacrifices of the forefathers who fought for freedom, specifically mentioning the leadership of Quaid-e-Azam Muhammad Ali Jinnah, whose efforts led to the creation of an independent Pakistan free from British colonial rule.
Acknowledging the hardships faced by the people due to high inflation and electricity bills, the Prime Minister expressed the need to investigate the factors contributing to the current economic situation. He stressed the importance of accountability and future planning, noting the decline in various sectors, including the economy.
Reflecting on the past 77 years, Prime Minister Sharif admitted that the journey has not been easy. He concluded his speech by saluting all those who have sacrificed their lives for Pakistan.
The Prime Minister’s announcement of a five-year economic plan to be unveiled in the coming days has raised hopes for a brighter future. The promise of relief on electricity bills is expected to bring much-needed respite to citizens struggling with rising costs of living.
I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.
