LAHORE, Oct 30: Prime Minister Mir Zafarullah Khan Jamali has promised to bring down electricity tariffs in two years, blaming independent power producers for the existing high rates.

At the inauguration of a leather factory on Thursday, he told a big gathering of businessmen: “Rest assured we will be providing a relief to you in two years.”

He termed the IPPs vagaries of past, saying “his government was still being haunted by them” although he wanted to leave past behind him.

He maintained that the economy of the country was moving ahead and economic managers “fully realized the significance of exports and value addition for the economic development”.

Mr Jamali said his “government was making efforts to integrate country’s economy with the global economy”. “We are trying to base our relations with other nations on economic cooperation and trade with them.”

He said Pakistan had successfully managed to find “new markets for its exports despite the effects of 9/11”.

He appreciated the “policies of the former military regime that had helped bring the country back from the “verge of default and being declared a failed state in October, 1999, and put it on road to prosperity and development”. He said this journey had not been easy because it required the previous military regime to impose a strict fiscal discipline and fight recessions. “My own government has imposed a strict discipline, accountability, and transparency in financial matters and management,” he said.

He said it was easy for him and his government to continue the policies of the former military government. Even the IMF and the World Bank had praised Pakistan’s economic recovery, he said.

Jamali criticized the “political elements who had failed to see the economic and other achievements of his government”. “They are the people who cannot face realities of life,” he said.

He urged the people and businessmen to work for “collective good” of Pakistan. “Leave politics aside and work for the country.”

He said his government would continue to support and encourage the businessmen and investors. He said: “We need more investment and industry to make economic progress.”