Muhammad Aurangzeb announced government will soon reduce power Tariffs

ISLAMABAD: Finance Minister Muhammad Aurangzeb announced that the government will soon reduce electricity tariffs. Aurangzeb announced that Prime Minister Shehbaz Sharif is spearheading efforts to reduce electricity costs, with an official announcement expected soon.

In an interview with Bloomberg, Aurangzeb stated that the government is expanding the tax base to include sectors like real estate, retail, and agriculture.

Pakistan plans to launch its first Chinese Yuan-denominated bond, valued between $200-250 million, to fund climate-related projects. This initiative will diversify the country’s funding sources beyond the US, Europe, and Islamic sukuks.

Aurangzeb emphasized that diversifying funding sources is the prim focus, not the bond’s volume.

The finance minister expressed confidence in the country’s inflation trends, stating that authorities are closely monitoring overall and core inflation levels. He also suggested that interest rates could decrease later this year, potentially improving economic growth conditions.