There is a proposal being considered to close markets earlier in Punjab in response to the economic strain caused by soaring electricity bills.
According to sources within the Planning Commission, they are seeking feedback from all four provinces regarding the idea of shutting shops by 7pm. This move could potentially cut electricity bills by up to 25%, as power tariffs increase significantly between 6pm and 11pm.
The proposal has faced resistance from traders who are reluctant to both join the tax net and close their businesses early. The goal of this initiative is to encourage part-time business activities during the evening. It is noted that countries like the United States, Britain, China, and several others typically close shops at 7pm, and Pakistan may need to adopt similar practices for progress.
This suggestion isn’t new; it was also proposed by the Pakistan Democratic Movement-led government in December 2022. At that time, it was estimated that early closure of markets, hotels, and restaurants could save Pakistan Rs62 billion.
In other news, Pakistan has secured assurances for a one-year debt rollover from key lenders. The country is also working to improve its economy and secure an International Monetary Fund (IMF) bailout package.
Pakistan reached an agreement with the IMF for a new Extended Fund Facility programme in July, which will be the country’s 24th major loan programme. The IMF stated that the new programme is contingent on approval from its executive board and timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners.
