The former Minister of Finance and Economist Miftah Ismail pointed to the Federal Government on Thursday for allowing electricity and spiral sugar prices, accusing him of prioritizing profits on public welfare.
Speaking at a press conference in Karachi, he said that the current administration had allowed the owners of sugar factories to benefit from export permits, while everyday Pakistani had the worst part of the shot prices.
“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.
When drawing a comparison with past decisions, Ismail reminded the Muslim League of Pakistan-Nawaz (PML-N) his previous criticisms of sugar exports under former Prime Minister Imran Khan. “I ask Shehbaz Sharif Sahab, who influenced his decision to export sugar?” He asked, highlighting political hypocrisy.
“Because you had promised, when the sugar was RS80 to RS90, that you will not let it exceed RS140,” he added. “Exports began when sugar was in RS115, it was now in RS175”.
In addition, he questioned the logic behind recent political decisions: “Pakistani people should know why sugar is expensive, why are you cutting solar energy invoices and why is people’s electricity expensive?”
Despite several government attempts to keep retail prices at RS130 per kg, sugar is now sold for more than 180 RS180 in many markets, challenging the rates established by the Prime Minister. The Pakistan Competition Commission (PCCH) has also intervened, warning the consequences sugar factories for price manipulation.
Meanwhile, sugar consumption continues to increase, which is expected to reach 6.7 million tons in 2024-25, driven by population growth and demand for food industry. Pakistan produced more than 6.84 million tons last season, with greater planned growth.
Ismail also criticized the country’s high electricity rates, arguing that they dissuade investors. “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,” he said.
“Pakistan’s electricity prices, however, were more expensive than these countries,” he said. “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?”
He concluded with a pointed soap in the economic direction of the government: “There is no reason apart from the fact that their policies are not successful, full of Us and are based on greed.”
