The former Minister of Finance and Economist Miftah Ismail criticized the federal government on Thursday for allowing electricity and sugar prices to reach an exorbitant level.
Speaking at a press conference in Karachi, MiFTAH criticized the current government for allowing sugar factories to export the profits.
“Six months ago, the Government allowed the export of 5 to 6 million tons of sugar, so that Sindh and Punjab sugar factories can obtain dollars and relief,” he said.
He said he wanted to remind the current government that when former Prime Minister Imran Khan had exported sugar, PML-N leaders had criticized the movement, describing it as “theft and a decision influenced by powerful sugar factories.”
“Today I ask Shehbaz Sharif SahabWho influenced his decision to export sugar? He asked rhetorically.
“Because he had promised, when the sugar was RS80 to 90, which will not let RS140 exceed,” he said, adding that “exports began when sugar was in RS115, it was now in RS175”.
“Pakistani people should know why sugar is expensive, why are you cutting solar energy invoices and why are people’s electricity expensive?” asked.
After repeated failures of federal and provincial governments to provide sugar to the stipulated rate of RS130 per kilogram, the Pakistan Competition Commission (CCP) has also entered the stage with a warning to the Sugar mills.
Unlike the rates announced by the Prime Minister, and several government attempts to maintain retail sales at RS130 per kg, sugar prices in the markets continue to increase above RS180 per kg in several markets throughout the country.
It is forecast that sugar consumption will increase slightly to 6.7 million tons, since it has grown continuously due to population growth and demand for the food processing sector.
During the last season, Pakistan produced more than 6.84 million tons of sugar, which is expected to increase in 2024-25.
At 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 the investment does not arrive in Pakistan, it goes to these countries.”
However, he pointed out that Pakistan’s electricity prices were more expensive than these countries. “So, what is special about its electricity that is selling it at such expensive pace? What is special for its gas that is selling it to such a expensive rate?”
“There is no reason apart from the fact that their policies are not successful, full of U turns and are based on greed,” he said.
