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Economy Pakistan Trending Now

Pakistani Government Promises IMF to Increase Electricity and Gas Prices

Islamabad: The Pakistani government has promised to increase electricity and gas prices to the International Monetary Fund (IMF).

According to details, the International Monetary Fund (IMF) has confirmed the disbursement of the final tranche amounting to $1.1 billion to Pakistan under the nine-month $3 billion Stand-By Arrangement (SBA), following the conclusion of a staff-level agreement between the IMF and Pakistani authorities.

Key objectives outlined in the agreement include strengthening public finances through fiscal consolidation and tax base broadening, restoring the energy sector’s viability, returning inflation to target levels, and promoting private-led activity. Additionally, there is an expressed interest from Pakistani authorities in a successor medium-term Fund-supported program to address fiscal and external sustainability weaknesses and to foster inclusive and resilient growth.

Following the staff-level agreement with the IMF, it has been mentioned in the statements issued that Pakistani authorities have assured the confirmation of raising the prices of electricity and gas. According to the statements, due to management, Pakistan’s economic growth and confidence have been restored. It is hoped that the primary balance of the economy will remain at 0.4 percent (PKR 401 billion).

According to the statements, the expectation for moderate economic growth next year is significantly higher than the target, and there is a need for continued policies and reforms to address economic weaknesses. Pakistani authorities are committed to avoiding increases in the tax base, and the promise to raise the prices of electricity and gas in a timely manner and the determination to prevent an increase in the circular debt by increasing energy prices have been expressed.

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