The Finance Minister, highlighting the importance of reforms in the energy sector, stated that reforms in the energy sector were critical for the country’s economic growth.
Minister for Finance and Revenue, while chairing a meeting on energy sector reforms, he directed the concerned authorities to develop viable solutions for the resolution of all energy sector issues, according to a press release issued by the Ministry of Finance.
The Minister of Finance and Revenue stated on Saturday that the government was prioritizing addressing issues in the energy sector, including circular debt, in order to bring financial sustainability to the sector and ensure the country’s economic growth.
The meeting discussed the implementation of various reforms in the energy sector as well as the stock and flow of circular debt in the sector. The Finance Minister, highlighting the importance of reforms in the energy sector, stated that reforms in the energy sector were critical for the country’s economic growth.
The meeting was attended by the Minister of State for Finance and Revenue, the Minister of State for Petroleum, the SAPM on Finance, Tariq Bajwa, the Secretary of Finance, the Secretary of Power, and senior officers.
Because of various inventions and innovations in common use made in the last century, the use of energy has increased significantly. As a result, almost all human activities have become more energy-dependent. There is a critical need for reliable and affordable energy in developing countries in particular.
Energy demand in these countries has increased due to industrialization, modernization of agriculture, increased trade, and improved transportation. Pakistan is reliant on energy imports due to a lack of investment in indigenous hydro, natural gas, and lignite resources. Biomass is the most abundant energy source.
Global energy systems are undergoing rapid transitions that will significantly alter how we fuel our cars, heat our homes, and power our industries. In the coming decades, these trends will have far-reaching consequences for businesses, governments, and individuals. Special measures have been taken in Pakistan to use these innovations for domestic energy usage, such as the Electrical Vehicle Policy 2020–25.
Originally published at Pakistan Observer