Islamabad
\nFormer finance minister and economist Miftah Ismail on Thursday took aim at the federal government for allowing electricity and sugar prices to spiral, accusing it of prioritising profits over public welfare.
\nSpeaking at a press conference in Karachi, he said the current administration had enabled sugar mill owners to benefit from export permissions while everyday Pakistanis bore the brunt of skyrocketing prices.
\n\u201cSix months ago, the government permitted the export of 5 to 6 million tonnes of sugar, so that Sindh and Punjab\u2019s sugar mill owners can get dollars and relief,\u201d he stated.
\nDrawing a comparison with past decisions, Ismail reminded the Pakistan Muslim League-Nawaz (PML-N) of its earlier criticism of sugar exports under former premier Imran Khan. \u201cI ask Shehbaz Sharif sahab, who influenced your decision to export sugar?\u201d he asked, highlighting the political hypocrisy.
\n\u201cBecause you had promised \u2014 when sugar was Rs80 to Rs90 \u2014 that you won\u2019t let it exceed Rs140,\u201d he added. \u201cExports started when sugar was at Rs115 \u2014 now it was at Rs175.\u201d He further questioned the logic behind recent policy decisions: \u201cPakistani people should know why is sugar expensive, why are you cutting solar energy bills, and why are you making people\u2019s electricity expensive?\u201d Despite several attempts by the government to maintain retail prices at Rs130 per kg, sugar now sells for over Rs180 in many markets, defying the rates set by the prime minister. The Competition Commission of Pakistan (CCP) has also stepped in, warning sugar mills of consequences for price manipulation.
\nMeanwhile, sugar consumption continues to rise, expected to hit 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 further growth anticipated. Ismail also criticised the country\u2019s high electricity tariffs, arguing they deter investors. \u201cBangladesh, India, Sri Lanka, Indonesia, Thailand, Cambodia, South Africa, Kenya \u2014 these are just some of the countries that may have surpassed us and when investment doesn\u2019t come in Pakistan, it goes to these countries,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad Former finance minister and economist Miftah Ismail on Thursday took aim at the federal government for allowing electricity and sugar prices to spiral, accusing it of prioritising profits over public welfare. Speaking at a press conference in Karachi, he said the current administration had enabled sugar mill owners to benefit from export permissions while […]<\/p>\n","protected":false},"author":2,"featured_media":259116,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-468152","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n