ISLAMABAD, Apr 16 (APP): Federal Minister for Petroleum, Ali Pervaiz Malik, on Wednesday praised Prime Minister Muhammad Shehbaz Sharif’s leadership, saying his consistent efforts had helped pull Pakistan back from the verge of economic collapse.
Speaking at a press conference, the minister said Pakistan had faced a serious threat of default, with foreign exchange reserves at alarmingly low levels. However, under the leadership of PM Shehbaz Sharif and his economic team, the country not only avoided default but also began offering real relief to the people.
He said that the foreign exchange reserves held by the State Bank of Pakistan had now crossed $12 billion, a clear improvement from the dangerously low levels seen earlier.
“Inflation, which had become unbearable for the average citizen, has dropped sharply. Latest figures show it is now close to just 1%,” he added.
The minister also said the government had taken practical steps to reduce electricity bills, which had become a major concern for the public. “Last summer, on the directions of former Prime Minister Nawaz Sharif, PM Shehbaz Sharif and Punjab Chief Minister Maryam Nawaz launched special relief programs,” he said.
Through these efforts, billions of rupees in subsidies were provided. Punjab contributed nearly Rs. 50 billion, while the federal government supported consumers using up to 200 units of electricity. Later, this relief was extended to those using up to 500 units by the Punjab government, he added.
In another move to support citizens ahead of the summer season, the Prime Minister announced a permanent reduction of Rs. 7.50 per unit in electricity rates.
The minister said that these steps had gained international attention. “According to a recent Fitch Ratings report, Pakistan has been upgraded to an ‘Investment Grade’ market, with its rating improved to ‘B-’. This reflects growing confidence in the country’s economic outlook,” he said.
He also mentioned the successful Pakistan Minerals Summit, calling it a symbol of Pakistan’s growing economic potential. High-level delegations from Türkiye and Saudi Arabia participated in the summit, showing increased interest in the country’s mining sector. The Reko Diq project, worth billions of dollars, is also moving forward due to investor confidence, he said.
Ali Pervaiz Malik praised Barrick Gold CEO Mark Bristow for openly sharing progress on the project’s financial closure and operations during the summit, calling it a sign of strong investor trust in Pakistan’s economy.
Highlighting another major development, the minister said PM Shehbaz had made a bold decision to prioritize Balochistan’s development. “Instead of announcing a fuel price cut, the Prime Minister has decided to use those savings to complete the N-25 highway project, which is vital for connecting Chaman and other parts of Balochistan,” he said.
He described the move as a step toward national unity and urged the public to support it, as it promotes inclusive and sustainable growth.
Despite tough economic conditions, the minister said the government had already reduced petrol and diesel prices by Rs. 30 to 40 per litre in recent months. “Even now, fuel prices in Pakistan are lower than those in neighboring countries such as India, Bangladesh, Sri Lanka, and Nepal,” he added.
He recalled that in September 2023, when international oil prices hit a high, petrol in Pakistan reached Rs. 330 per litre. “Since then, a relief of Rs. 70 to 80 per litre has been passed on to the public,” he noted.
Reaffirming the government’s commitment, the minister said, “Prime Minister Shehbaz Sharif is fully aware of the challenges faced by the people. His efforts to reduce inflation and provide energy relief will continue to support the economic well-being of all Pakistanis.”