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Tag: IMF

Punjab Withdraws Rs14 Power Subsidy for Islamabad, IMF Pressure Cited

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IMF-board

ISLAMABAD: The Punjab government has withdrawn the Rs14 per unit electricity subsidy for consumers in the Islamabad Capital Territory (ICT), effective immediately. The decision, reportedly influenced by International Monetary Fund (IMF) pressure, will result in higher electricity bills for residents of Islamabad and surrounding areas. The Islamabad Electricity Supply Company (IESCO) issued a notification confirming the discontinuation of the subsidy…

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Government Seeks IMF Approval for Risky Power Tariff Reduction Plan

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ISLAMABAD: The Pakistani government has proposed a bold plan to the International Monetary Fund (IMF) to reduce electricity tariffs by Rs6 per unit, amounting to a total funding requirement of Rs2.8 trillion. The plan, presented over the weekend, aims to address the soaring electricity costs but relies on uncertain and risky funding sources, casting doubt on whether it will receive…

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Power Subsidy in Punjab Raises Concerns Over IMF Scrutiny

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IMF-board

The Punjab government’s recent decision to provide a Rs. 14 per unit subsidy on electricity bills for consumers using 201 to 500 units per month has sparked concerns about its sustainability and potential scrutiny from the International Monetary Fund (IMF). This relief measure, amounting to Rs. 45 billion, is intended to ease the financial burden on consumers during the peak…

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Economy Boosted by $7 Billion IMF Deal

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KARACHI: Pakistan has secured a three-year, $7 billion aid package from the International Monetary Fund (IMF), offering much-needed relief to the struggling economy. The Washington-based institution announced the agreement on Saturday morning, stating that the deal, pending approval by the IMF’s Executive Board, aims to enhance macroeconomic stability and foster stronger, more inclusive, and resilient growth. Pakistan’s economy has been…

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NEPRA Approves Government’s Uniform Tariff Hike for Discos and KE

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NEPRA-KE

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has approved the federal government’s proposed uniform Schedule of Tariffs (SoTs) for distribution companies (Discos) and K-Electric (KE), leading to a uniform base tariff increase of up to Rs7.12 per unit. This adjustment raises the tariff from Rs29.78 per unit in FY 2023-24 to Rs35.50 per unit for 2024-25, aligning with the…

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Finance Minister Aurangzeb Optimistic About Securing $6bn IMF Deal This Month

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New-IMF

ISLAMABAD: Finance Minister Muhammad Aurangzeb expressed optimism on Thursday about finalizing a $6 billion Extended Fund Facility (EFF) deal with the International Monetary Fund (IMF) within this month, having completed almost all prior actions ahead of time. Additionally, he mentioned reaching an agreement in principle with all provinces over the agricultural income tax. The government plans to request the IMF…

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Pakistan Meets All IMF Bailout Requirements, Finance Official Confirms

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New-IMF

ISLAMABAD: Pakistan is on track to secure a staff-level agreement (SLA) for an International Monetary Fund (IMF) bailout exceeding $6 billion this month, having fulfilled all the lender’s requirements in its annual budget, the state minister for finance announced to Reuters. The country has introduced stringent revenue targets in its budget to gain IMF approval for the loan, crucial for…

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National Assembly Approves Budget Ahead of Fresh IMF Loan

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ISLAMABAD: Amid strong protests by opposition MPs, the government passed the Federal Budget 2024-25 in the National Assembly on Friday. The approval, which came ahead of crucial talks with the International Monetary Fund (IMF), includes several amendments but also increases taxes, offering no relief to taxpayers. The Finance Bill 2024, with a total outlay of Rs18.877 trillion, sailed through the…

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PM Shehbaz confirms IMF role in budget prep

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PM-Shehbaz

ISLAMABAD: Prime Minister Shehbaz Sharif confirmed on Tuesday that the federal budget for next year was prepared in collaboration with the Inter­national Monetary Fund (IMF). His remarks came as Finance Minister Muha­mmad Aurangzeb ann­ounced significant ame­ndments to the proposed finance bill for 2024-25.“We had to prepare the budget jointly with the IMF” because of the prevailing circumstances and ground realities, the prime minister said…

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IMF Pressures Pakistan on Power Rates Amid Expected Rupee Devaluation

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New-IMF

ISLAMABAD: The International Monetary Fund (IMF) has urged Pakistan to base the next increase in power tariffs on an anticipated further devaluation of the rupee rather than assuming the current stable value of the local currency. This recommendation could exacerbate the already significant burden on electricity consumers, as the government had previously planned a rate hike of up to Rs7…

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