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Economy Pakistan Trending Now

World Bank Opposes Further Electricity Price Hike in Pakistan

Islamabad: The World Bank has opposed increasing electricity prices in Pakistan while calling for a reduction in line losses.

According to a private TV channel report, the World Bank has expressed its opposition to further raising electricity prices in Pakistan. World Bank’s Regional Vice President for South Asia Martin Raiser stated that there is no need to make electricity more expensive, but line losses should be reduced.

He said that Pakistan needs to work cautiously on the issue of rescheduling local loans, as it could also affect investment in the banking sector. According to Martin Raiser, the process of economic reforms should continue, and policies made in this regard should also be implemented. He mentioned that discussions have taken place with political parties on this matter before the elections.

According to Martin Raiser, just relying on tax collection is not enough in Pakistan; the tax-to-GDP ratio also needs to be increased from 2 to 3 percent. In addition, the government needs to work on expenditures and tax reforms. If facilities are not provided to the agricultural sector, it will be difficult to increase tax revenue.

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