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Miftah Ismail criticises govt for exorbitant electricity, sugar prices

Former finance minister and economist Miftah Ismail on Thursday criticised the federal government for allowing electricity and sugar prices to get to an exorbitant level.

Speaking at a press conference in Karachi, Miftah criticised the current government for allowing sugar mill owners to export for profits.

“Six months ago, the government permitted the export of 5 to 6 million tonnes of sugar, so that Sindh and Punjab’s sugar mill owners can get dollars and relief,” he said.

He said he wanted to remind the current government that when the former premier Imran Khan had exported sugar, PML-N leaders had criticised the move, calling it “theft and a decision influenced by powerful sugar mills”.

“Today, I ask Shehbaz Sharif sahab, who influenced your decision to export sugar?” he rhetorically asked.

“Because you had promised — when sugar was Rs80 to 90 — that you won’t let it exceed Rs140,” he highlighted, adding that “exports started when sugar was at Rs115 — now it was at Rs175”.

“Pakistani people should know why is sugar expensive, why are you cutting solar energy bills, and why are you making people’s electricity expensive?” he asked.

After repeated failures of the federal and provincial governments to provide sugar at the stipulated rate of Rs130 per kilogramme, the Competition Commission of Pakistan (CCP) too has entered the scenario with a warning to the sugar mills.

Contrary to the rates announced by the prime minister, and several attempts by the government to maintain retail sales at Rs130 per kg, sugar prices in the markets continue to soar above Rs180 per kg in various markets across the country.

Sugar consumption is forecast to increase slightly to 6.7 million tonnes as it has continuously grown due to population growth and demand from the food processing sector.

During the last season, Pakistan produced more than 6.84m tonnes of sugar, which is expected to rise in 2024-25.

On electricity prices, Miftah said, “Bangladesh, India, Sri Lanka Indonesia, Thailand Cambodia, South Africa, Kenya — these are just some of the countries that may have surpassed us and when investment doesn’t come in Pakistan, it goes to these countries.”

He noted that Pakistan’s electricity prices, however, were more expensive than these countries. “So, what is so special about your electricity that you are selling it at such an expensive rate? What is so special about your gas that you’re selling it at such an expensive rate?”

“There’s no reason apart from the fact that your policies are unsuccessful, full of U-turns and are based on greed,” he said.



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