Islamabad: Prime Minister (PM) Shehbaz Sharif while giving big relief to people in power tariff has announced to slash electricity tariff for domestic consumers by Rs 7.41 per unit and for industrial consumers Rs 7.59 per unit.

He further said power tariff will be further curtailed by stopping power theft of Rs 600 billion.

Circular debt will be abolished once for all in next five years. Army chief role in reduction in electricity tariff is key role. There were certain no go areas and it was difficult for us to go there. Army chief resolved the problems connected with them, he said this while addressing ceremony held here in connection with government package with reference to curtailment in electricity tariff here Thursday.

He held that the promise made by Mian Nawaz Sharif in the manifesto has been delivered today. We are moving forward the chain of successes in economic field. The threat of default and weak economy was hovering. But we faced this challenge. Time has come to fulfill the promise we made in our manifesto.

When I took over government the threat of country going default was hovering over the head. Those who had brought the country on brink of default were very happy. This group was sure that country will go default. This group crossed all limits to harm national interest. This group erected barricades on the way to our efforts for stabilizing the economy. This group played with state to serve their personal interests. This group tried to create hindrances in IMF program. But our efforts materialized and the country was saved from going default.

Full- fledged cooperation of army chief remained with us in economic stability.

Now micro- economic indicators have improved.

We have full perception of this reality that people were affected by costly electricity. The economic activities were also affected.

We have to address the problems which have pushed the country towards backwardness. We have to conduct surgery to address problems.

Inflation has reduced to single digit at present.

There is target of 35 percent increase in revenue tax this year. The agriculture sector has enormous potential to grow. Unluckily we are importing cotton worth billion of rupees despite the country being agricultural.

Costly electricity is impediment in development of all sectors. Reduction in power tariff is inevitable to advance development process.

The enemies of country played heinous role by writing letter to IMF in adverse situation that this agreement should not be restored. They sacrificed interests of state for the sake of their politics.

There was time when pensioner after making payment of electricity bill was overtaken by worries he would bring medicine from where. When electricity bill came in all the four provinces then a wave of anger, helplessness and dismay enveloped the environment. The shop keepers sat idle. Investors were forced to shut their business. We fully realize the difficult situation the nation underwent.

We will have to conduct surgery of our problems. Then we will be able to regain our lost status in the comity of nations. We will not be able to take full advantage of our economic development if we don't uproot this cancer.

Need is there to take correct and difficult decisions. We are taking steps ahead fast.

Nawaz Sharif had got written it in the manifesto that inflation will be brought to single digit in 2026. But this has happened in 2025. This is outcome of shared efforts of provincial and federal governments.

He held 800 billion rupees of people sink annually. Country cannot go ahead in the race of development till its complete elimination. Mechanism has been worked out in this regard.

He said in unequivocal words that there will be no place for such person in the government who wastes time of nation. If we have to make flight then we will have to go ahead with a commitment.

Pakistan is demanding from you by calling repeatedly " come and make me robust. Every one should demonstrate responsibility for it.

Power tariff is major hurdle on the way to development and prosperity of the country. Our exports cannot go up unless the power tariff is slashed. The entire team talked to IMF repeatedly about curtailment in power tariff. Eventually IMF became convinced.

He held talks were held with IPPs this year that they had reaped too much profit and " now give relief to the people. The entire team worked hard day in day out and revoked the agreements with IPPs. The payments of 3696 billion rupees which were to be made to IPPs in 15 years will not now be made.

This will be saving of huge amount and it will afford benefit to the nation.

Circular debt stands at Rs 2393 billions, he said adding firm arrangements have been made in connection with circular debt of electricity. This circular debt will stand exterminated in the next five years.

We paid attention to losses of government productivity plants. Annual expenses were incurred Rs 7 billion on rusty plants. Lot of first junk was sold out in transparent manner. Windfall was running since long years.

He pointed out electricity is stolen worth Rs 600 billion per annum. We have to prevent power theft completely. We will have to privatize more DISCOs by setting up open market. Task has been assigned to respective team in this regard.

Addressing the ceremony minister for energy Sardar Owais Leghari said he is grateful to PM Shehbaz Sharif that he gave them full powers and freedom to work. No favor was afforded of any kind to any person.