ISLAMABAD, Jan 31, (Xinhua): Pakistani Prime Minister Shehbaz Sharif on Friday announced cuts in industrial power tariffs and export financing rates to support industry and trade. Addressing exporters and business leaders, Sharif said electricity tariffs for industries have been reduced by 4.04 Pakistani rupees per unit, while wheeling charges were cut by 9 rupees per kilowatt-hour to facilitate power sales to nearby industrial units.

He also announced a 300-basis-point reduction in the export refinance rate to 4.5 percent to lower financing costs for exporters. Sharif said the measures aim to achieve sustained growth amid efforts to boost exports and attract investment.

He noted that inflation has fallen to single-digit levels and the policy rate was lowered to 10.5 percent from 22 percent, adding that Pakistan had narrowly avoided a sovereign default after talks with the International Monetary Fund. The prime minister said foreign exchange reserves have improved, but warned that high energy costs and interest rates continue to weigh on exporters' competitiveness.