IMF ordered Pakistan to increase the prices of electricity and gas to restore the IMF program

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IMF ordered Pakistan to increase the prices of electricity and gas to restore the IMF program
IMF ordered Pakistan to increase the prices of electricity and gas to restore the IMF program

According to sources, the International Monetary Fund (IMF) has shared a list of pre-actions and has told Pakistani authorities in clear terms that Islamabad should implement all demands to revive the stalled fund program.

The IMF has asked Pakistan to take all necessary steps that could pave the way for the implementation of the staff-level agreement and the release of a $1 billion tranche under the Extended Fund Facility (EFF).

The sources say the IMF has sought a roadmap from Pakistan for the collection of Rs 855 via the petroleum levy till June 30, 2023. The Pakistani government must increase the diesel levy by Rs 15 per liter, bringing it to Rs 50 per liter.

According to the sources, the IMF has also requested the settlement of circular debt in the gas sector in order to restart the stalled loan program, adding that Pakistan must raise gas prices by 74% to repay the debt.

Pakistan has also been directed to take steps to increase tax collection by Rs 300 billion and increase the basic electricity tariff. It has also been learned that the IMF wants Pakistan to end the “artificial ban” on the dollar exchange rate.

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