Good news on power prices coming soon: PM Shehbaz

• PM addresses Independence Day event held in Islamabad. 
• He says industries cannot prosper without reduction in bills.
• "If not all is good in the country, not all is bad, says premier. 

Prime Minister Shehbaz Sharif announced on Wednesday that he would soon share "good news" with the nation regarding a reduction in electricity prices and will also outline a new economic plan.

Pakistanis have been receiving inflated bills for months now as the government keeps increasing prices to cut the power debt as well as implement conditions of the International Monetary Fund (IMF).

"Today, there is inflation. People are worried about electricity bills and other problems. However, if not all is good in the country, not all is bad," the prime minister said during an event in Islamabad held to mark the 77th Independence Day.

The premier said Pakistan's industries cannot prosper and exports cannot increase without a reduction in electricity bills, adding that he will address the nation in a few days and present a five-year economic plan.

A day earlier, PM Shehbaz said the government was focused on providing low-cost electricity as it was "inevitable" to steer the country out of prevailing crisis. 

“Our sole focus is to reduce power prices to provide relief to domestic consumers, agriculture, industry, exports and business sectors. This is inevitable to steer the economy of prevailing issues. The competitiveness of exports is linked with cheap electricity,” he said. 

Moreover, The News had reported that the government was making plans for rationalising power tariffs through different proposals including slashing allocation of development budget at federal and provincial levels.

It was revealed that the government is also working on closing down domestic independent power producers (IPPs) belonging to the government and private sectors. However, the IMF has not yet granted its endorsement for the power rationalisation plan, according to the sources.

PM Shehbaz also called low-cost electricity and efficient power transmission system the major factors for a stable economy.

The federal government also had last week struck an agreement with the Jamaat-e-Islami, in which it agreed to form a task force aimed at addressing issues related to IPPs, reducing electricity bills, and lowering taxes on the salaried class.