KARACHI: Former finance minister and economist Miftah Ismail criticised the federal government on Thursday for allowing electricity and sugar prices to reach exorbitant levels, reported Dawn.com.

Speaking at a press conference, Miftah criticised the PMLN-led coalition government for permitting mill owners to export sugar for profit.

“Six months ago, the government permitted the export of 5 to 6 million tonnes of sugar so that Sindh and Punjab’s mill owners can get dollars and relief,” he said.

He said he wanted to remind the government that when the former premier Imran Khan had exported sugar, PMLN leaders had criticised the move, calling it “theft and a decision influenced by powerful sugar mills”.

“Today, I ask Shehbaz Sharif sahab, who influenced your decision to export sugar?” he rhetorically asked.

“Because you had promised — when sugar was Rs80 to 90 — that you won’t let it exceed Rs140,” he highlighted, adding that “exports started when sugar was at Rs115 — now it was at Rs175”.

“Pakistani people should know why is sugar expensive, why are you cutting solar energy bills, and why are you making people’s electricity expensive?” he asked.

Contrary to the rates announced by the prime minister and several attempts by the government to maintain retail sales at Rs130 per kg, sugar prices in the markets continue to soar above Rs180 per kg in various markets across the country.

Sugar consumption is forecast to increase slightly to 6.7 million tonnes as it has continuously grown due to population growth and demand from the food processing sector.

During the last season, Pakistan produced more than 6.84m tonnes of sugar, which is expected to rise in 2024-25.

On electricity prices, Miftah said, “Bangladesh, India, Sri Lanka, Indonesia, Thailand, Cambodia, South Africa, Kenya — these are just some of the countries that may have surpassed us and when investment doesn’t come in Pakistan, it goes to these countries.”

He noted that Pakistan’s electricity prices, however, were more expensive than these countries.

“So, what is so special about your electricity that you are selling it at such an expensive rate? What is so special about your gas that you’re selling it at such an expensive rate?

“There’s no reason apart from the fact that your policies are unsuccessful, full of U-turns and are based on greed,” he said.

Published in Dawn, March 21st, 2025