Pakistan’s Finance Minister, Muhammad Aurangzeb, has announced that the government plans to lower electricity tariffs soon. Aurangzeb revealed that Prime Minister Shehbaz Sharif is leading the efforts to reduce electricity costs, with an official announcement expected shortly. In an interview with Bloomberg, Aurangzeb shared that the government is working on a budget that expands the tax base to include sectors like real estate, retail, and agriculture. Pakistan also plans to launch its first Chinese Yuan-denominated bond, valued between $200-250 million, to fund climate-related projects.

This initiative aims to diversify the country’s funding sources beyond the US, Europe, and Islamic sukuks. According to Aurangzeb, the bond’s volume is not the primary focus, but rather the diversification of funding sources. The finance minister expressed confidence in the country’s inflation trends, stating that the overall and core inflation levels are being closely monitored. He also hinted at a possible decrease in interest rates later this year, which would further improve economic growth conditions.

Credit: Independent News Pakistan (INP)