ISLAMABAD: Former Finance Minister and economist Miftah Ismail on Thursday sharply criticized the federal government for allowing electricity and sugar prices to reach alarming levels.
During a press conference in Karachi, Miftah accused the current government of enabling sugar mill owners to profit from exports at the expense of the common man.
“Six months ago, the government allowed the export of 5 to 6 million tonnes of sugar, so that sugar mill owners in Sindh and Punjab could benefit from foreign exchange,” he explained.
He reminded the government that when former Prime Minister Imran Khan allowed sugar exports, PML-N leaders had condemned the move as “theft,” accusing it of being influenced by powerful sugar mills. “Today, I ask Shehbaz Sharif: Who influenced your decision to export sugar?” Miftah rhetorically questioned.
The former finance minister pointed out that the government had promised that sugar prices would not exceed Rs140 per kilogram when prices were between Rs80 to Rs90, but now sugar costs Rs175 per kilogram, following the start of exports when the price was Rs115. “The Pakistani people deserve to know why sugar is so expensive, why solar energy bills are being reduced, and why electricity prices are skyrocketing,” he added.
Despite the government’s efforts to keep sugar prices at Rs130 per kilogram, the Competition Commission of Pakistan (CCP) has now intervened, warning sugar mills as retail prices continue to rise above Rs180 per kilogram in many markets.
Miftah also expressed concern about the rising electricity prices in Pakistan, noting that neighboring countries like Bangladesh, India, Sri Lanka, and others offer cheaper electricity. “What makes your electricity so special that it’s being sold at such high rates?” he questioned. He further stated that the high electricity tariffs are driving away investment, as businesses are choosing to invest in countries with lower energy costs.
“The reason for these soaring prices is not due to any special qualities of the electricity or gas but rather the government’s failed policies, constant U-turns, and greed,” he concluded.
