Former Minister of Finance and Economist Miftah Ismail targeted the federal government on Thursday to allow the prices of electricity and spiral sugar, accusing it of prioritizing profits on public well-being.
Speaking at a press conference in Karachi, he said that the current administration had enabled the owners of Sugar Mill to benefit from export authorizations while everyday Pakistanis brought the weight of arrow prices.
“Six months ago, the government authorized the export of 5 to 6 million tonnes of sugar, so that the owners of Sindh and Punjab can get dollars and help,” he said.
Making a comparison with previous decisions, Ismail recalled to the Muslim League of Pakistan-Nawaz (PML-N) of its previous criticisms on sugar exports under the former Prime Minister Imran Khan. “I ask Shehbaz Sharif Sahab, who influenced your decision to export sugar?” He asked, emphasizing political hypocrisy.
“Because you had promised – when the sugar was from RS80 to RS90 – that you would not let it exceed RS140,” he added. “Exports started when the sugar was at RS115 – now it was at Rs175.”
He also questioned the logic behind recent political decisions: “Pakistani people should know why sugar is expensive, why do you cut solar energy bills, and why do you cost people’s electricity?”
Despite several government attempts to maintain retail prices at RS130 per kg, Sugar is now sold more than RS180 on many markets, defying the prices set by the Prime Minister. The Pakistan Competition Commission (CCP) also intervened, warning the sweets of consequences for the manipulation of prices.
Meanwhile, consumption of sugar continues to increase, which should reach 6.7 million tonnes in 2024-25, driven by population growth and demand from the food industry. Pakistan produced more than 6.84 million tonnes last season, with additional expected growth.
Ismail has also criticized high electricity prices in the country, arguing that they dissuade investors. “Bangladesh, India, Sri Lanka, Indonesia, Thailand, Cambodia, South Africa, Kenya-these are only some of the countries that may have exceeded us and when the investment does not come to Pakistan, it goes to these countries,” he said.
“The prices of Pakistan electricity were however more expensive than these countries,” he noted. “So what is the special in your electricity that you sell it at such an expensive pace?” What is so special in your gas as you sell it at such an expensive pace? ”
He concluded with a pointed blow on the economic direction of the government: “There is no reason apart from the fact that your policies are unsuccessful, full of half-plays and are based on greed.”
