Karachi: At a luncheon on Friday, S.M. Tanveer, Patron-in-Chief of the United Business Group and former caretaker Provincial Minister of Commerce and Industry for Punjab, made a strong case for reducing electricity prices to aid Pakistan’s economic sustainability. He highlighted that the current per-unit cost of electricity, inclusive of capacity charges and fuel costs, totals approximately Rs. 25, urging the government not to exceed this rate in pricing.

According to United Business Group, Tanveer expressed confidence that the task force working on electricity pricing will achieve a reduction within the next month, emphasizing the importance of lowering rates by October to “save the country.” The gathering included notable business leaders and officials such as UBG President Zubair Tufail, Chairman Sindh Zone Khalid Tawab, and FPCCI Senior Vice President Saqib Fayyaz Magoon, among others.

Tanveer also addressed the broader economic challenges facing Pakistan, noting the recent approval of an IMF loan as a significant but insufficient step. He stressed the urgency of cutting government expenditures and reforming financial practices, particularly the unsustainable cycle of borrowing for interest payments.

Furthermore, Tanveer forecasted a Consumer Price Index (CPI) inflation rate of 7.5% for September and advocated for interest rates to be reduced to single digits to align with the current economic conditions. He also remarked on the stability of the dollar rate over the past year, which has remained steady at Rs. 280.

On the topic of exports, Tanveer pushed for the reinstatement of zero-rating facilities for export-oriented industries, critical for their competitiveness. He also highlighted the necessity of privatizing loss-making state entities, noting that beyond the frequently mentioned PIA and steel mills, there are about 80 entities identified for privatization under IMF conditions, which is vital to prevent further drain on the national treasury.