The Patron-in-Chief of the United Business Group (UBG) at FPCCI, S.M. Tanvir, and UBG President Zubair Tufail have appreciated the relief measures announced by Prime Minister Mian Muhammad Shehbaz Sharif for industrialists in his recent address.
The measures announced by the Prime Minister include a reduction of PKR 4.04 per kilowatt-hour in electricity tariffs for industries, and under the Export Refinance Scheme (ERS), the financing rate has been reduced from policy rate minus 3 percent to policy rate minus 6 percent, which will provide exporters with enhanced concessional financing support. In addition, wheeling charges have been reduced by PKR 9 per kilowatt-hour, which will lower electricity costs for consumers.
S.M. Tanvir said that the Prime Minister’s relief measures will help reduce the growing problems faced by industrialists. He stated that the Free Trade Agreement (FTA) between India and the European Union will certainly affect Pakistan’s exports; however, he expressed confidence that the Prime Minister will provide better opportunities to Pakistani exporters to compete with this agreement and will take positive steps to reduce industrial production costs.
UBG President Zubair Tufail also welcomed the Prime Minister’s announcement of reducing the refinance rate for exporters by 300 basis points, bringing it down to 4.5 percent.
