The Federal Cabinet of Pakistan has authorized a substantial rise in the basic electricity tariff, complying with a condition set by the International Monetary Fund (IMF). The approved tariff adjustment raises the rate from Rs29.78 per unit to Rs35.50 per unit, effective from July 1 of the current fiscal year.
The decision follows a request by the National Electric Power Regulatory Authority (NEPRA) to implement an average tariff hike, meeting stringent demands from the global lender. This move is part of Pakistan’s efforts to adhere to IMF requirements, which were discussed and acknowledged during virtual meetings between Islamabad and the IMF.
Furthermore, the IMF has expressed satisfaction with Pakistan’s economic reforms and measures undertaken to meet its stipulated criteria. These developments set the stage for anticipated progress by the end of the month regarding a new IMF loan program, projected to range between $6 billion and $8 billion over a three-year period.
Stay updated on Pakistan’s economic policies and developments in international financial relations as the country navigates its economic trajectory and IMF obligations.
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