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Wednesday, October 4, 2023

Pakistan in talks with IMF about relief in energy prices amid massive electricity bills protests

 Pakistan has requested assistance from the International Monetary Fund (IMF) to reduce the cost of electricity for the general people.

In a virtual meeting with IMF spokeswoman Esther Perez Ruiz, interim finance minister Shamshad Akhtar made several proposals and the IMF requested a formal plan.

Local media reported that the ministry of finance and IMF discussed reducing the cost of the power bills.

The international lender was informed of the crisis that resulted from the increase in electricity prices.

According to ministry officials, a number of suggestions were made to the IMF about the reduction of electricity rates.

The IMF was briefed on Pakistan’s position about lower energy prices. It has asked for a detailed strategy to reduce electricity costs.

According to officials at the Finance Ministry, the formal proposal would probably be given to the IMF by the end of the day.

The Federal Board of Revenue’s first-month performance was also discussed during the virtual meeting with the IMF.

Taxes of Rs538 billion in the current fiscal year were collected in July, exceeding the monthly goal by Rs 4 billion.

The sources also said that the IMF has evaluated the FBR’s performance. Additionally, it commended FBR for achieving the tax target.

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