ISLAMABAD: Prime Minister Shehbaz Sharif announced on Friday a three-month electricity relief package starting in December, aimed at reducing tariffs for domestic, industrial and commercial consumers.

The announcement comes after the government faced widespread protests earlier this year over rising inflation and high electricity costs following the presentation of its first budget in June. Political parties urged the Sharif administration to renegotiate agreements with independent power producers to lower tariffs.

Pakistan’s manufacturing sector has also expressed concerns over the years due to the rising cost of electricity, saying the elevated power tariffs render national exports uncompetitive in the global market.

“The government has decided to offer an electricity relief package for the three winter months of December, January and February, providing substantial reductions in electricity prices for additional usage,” the prime minister said during a ceremony in Islamabad.

“Under this package, domestic consumers will pay a flat rate of Rs26.07 per unit for incremental electricity usage, resulting in savings of Rs11.42 to Rs26 per unit for household users,” he continued. “The package will apply across Pakistan.”

Electricity consumers in the country pay their bills according to the number of units that fall into various slabs, each with its own tariff rates.

Under the new winter package, industrial consumers will benefit from savings ranging between Rs5.72 and Rs15 per unit, according to Sharif, translating to an 18 percent to 37 percent reduction in electricity costs.

Commercial consumers are set to save between Rs13.46 and Rs22 per unit, equating to overall savings of 34 percent to 47 percent.

Sharif also emphasized the broader economic benefits of the initiative, saying it would alleviate financial pressures on consumers and stimulate economic activity in the country.

“With reduced electricity costs, industries will grow across Pakistan, agriculture will flourish, business and exports will expand, production will increase and Pakistan’s economy will strengthen further,” he said.

ISLAMABAD: Pakistan and the UAE on Friday signed four MoUs in the sectors of customs, rail and airport infrastructure, maritime shipping and logistics, Prime Minister Shehbaz Sharif’s office in Islamabad said in a statement.
The MoUs were signed between the Pakistani ministries of maritime affairs, aviation and railways and the Federal Board of Revenue with the Abu Dhabi (AD) Ports Group.
“As per these MoUs, Pakistan and AD Ports Group would explore potential collaboration in customs, rail, airport infrastructure and maritime shipping and logistics sectors,” the PM’s office said after Sharif met a delegation of UAE investors led by Dr. Thani bin Ahmed Al Zeyoudi, UAE minister of state for foreign trade.
“These MoUs are aimed at improving digital customs controls, developing dedicated freight rail corridors, upgrading Pakistan’s maritime fleet and marine services, as well as Pakistan’s international airports.”
Sharif said the delegation’s visit demonstrated that the UAE government wanted to enhance its “investment footprint” in Pakistan and continue to play a “crucial role” in boosting Pakistan’s economy.
“The Prime Minister highlighted the comprehensive economic partnership between the two nations across sectors such as trade, energy, and investment, which has contributed to growth and prosperity in both countries.”
The UAE delegation’s visit to Pakistan comes as Islamabad is seeking to strengthen trade and investment ties with friendly nations. 
In May this, Pakistan said the UAE had committed $10 billion to invest in promising economic sectors in Pakistan.
Riyadh has also promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis. Pakistan and Saudi Arabia also signed 34 MoUs worth $2.8 billion last month.