Energy Markets
Pakistan cuts power prices as a sign of stabilising economy
Shehbaz sharif, the Prime Minister, announced on Thursday that Pakistan would cut electricity prices for industrial and domestic users. This is a sign that the economy has recovered from its near-default. The International Monetary Fund intervened to stabilize the Asian country's financial situation with a standby agreement in 2023, and then a bailout of $7 billion last year. Sharif said that it was difficult to convince the IMF to accept a reduction in electricity tariffs, despite the fiscal consolidation mandated by the bailout. He said at an event in Islamabad that he couldn't describe the efforts that were involved. The...