Tag: IMF

Government and IMF Face Stalemate Over Energy Sector Challenges

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pak-imf

ISLAMABAD: The government and the International Monetary Fund (IMF) are grappling with unresolved energy sector issues, raising concerns of potential defaults among major public-sector entities. These challenges are casting doubt on the stability of the $7 billion loan program signed just two months ago. The IMF, led by mission chief Nathan Porter, also expressed concern over missed provincial cash surplus targets, especially due to Punjab’s overspending of about Rs160 billion. Despite other provinces meeting targets, the national provincial surplus target of Rs350 billion was missed. In response, the Punjab Assembly…

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Government’s ‘Winter Package’ for Power Consumption Stalls Amid IMF Approval Uncertainty

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ISLAMABAD: The federal government’s proposed ‘Winter Package 2024,’ aimed at boosting electricity consumption during winter, remains uncertain as conflicting reports emerge regarding International Monetary Fund (IMF) approval. The package seeks to lower electricity rates by Rs 7-8 per unit nationwide for five months, from December 2024 to April 2025, in an effort to increase domestic demand and reduce capacity charges. Officials disclosed that the IMF has yet to fully approve the plan, despite a recent meeting where the government presented data on projected consumption increases and economic impacts. While one…

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Gas Utilities Propose Up to 54% Tariff Hike to Cover Revenue Shortfall

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Gas-IMF

ISLAMABAD: The two major gas utilities in Pakistan—Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL)—have requested an increase of up to 54% in prescribed gas prices to address revenue shortfalls for the current fiscal year (FY25). The Oil and Gas Regulatory Authority (OGRA) will conduct public hearings for these proposals, with SNGPL’s hearing set for November 5 and SSGCL’s for November 8. SNGPL has applied for a 3.66% hike, translating to an additional Rs64.16 per mmBtu, while SSGCL is seeking a significant 53.5% increase, or…

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Russia Urges BRICS to Establish Alternative to IMF, Pushes for New Financial Institutions

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Russia-Urges

MOSCOW: Russia, the current chair of BRICS, has urged its partners to develop an alternative to the International Monetary Fund (IMF) as part of efforts to counter Western political influence. Russian Finance Minister Anton Siluanov, at a BRICS finance meeting ahead of the upcoming summit, argued that the global financial system is dominated by Western nations and does not serve the interests of BRICS countries, which account for 37% of the global economy. Siluanov called for the creation of new institutions akin to the Bretton Woods institutions, such as the…

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IMF Mission Director: If Pakistan Implements Reforms, This Could Be Its Last IMF Programme

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KARACHI: Nathan Porter, Director of the International Monetary Fund (IMF) mission for Pakistan, has indicated that the ongoing IMF programme could be Pakistan’s last, provided the country implements the recommended economic reforms in full. In an interview with Voice of America, Porter emphasized that genuine commitment to these reforms could lead to lasting economic stability. Following the IMF’s approval of the debt programme, Prime Minister Shehbaz Sharif expressed hope that this would be Pakistan’s final IMF programme. Porter echoed this sentiment, noting that while Pakistan faced significant economic uncertainty in…

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