The International Monetary Fund (IMF) has shared lists and told Pakistani authorities to raise Power and Gas Tariff for the revival of the Loan.
According to reports IMF said that Government will have to move towards implementing all demands of the IMF for reviving the stalled Fund (Loan) programme. IMF asked Pakistan to take all measures that could pave the way for striking a staff-level agreement and releasing of $1 billion tranche under the Extended Fund Facility (EFF).
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The sources say the IMF has sought out a plan from Pakistan for the collection of Rs855 via petroleum levy till June 30, 2023. The Pakistani authorities have to raise the levy on diesel by Rs15/litre and drag it to Rs50/litre.
The IMF has also sought settlement of circular debt in the gas sector for the revival of the stalled loan programme, the sources said and added Pakistan also has to raise the gas price up to 74% to fix the debt.
Pakistan has been also directed to take steps for the increase of Rs300 billion in tax collection and increase the tariff on Electricity.
It has also been learned that IMF wants Pakistan to end the ‘Artificial ban’ on the Dollar exchange rate.
Some credible Sources claim that Finance Minister Ishaq Dar is also worried over the ‘strong stance’ of the International Monetary Fund (IMF). Finance Minister Ishaq Dar already said that Mini-budget includes some tough measures like imposing a “flood levy” and increasing Duty on Petroleum products.
Finance Minister also gave hope to investors that the country will not default but did admit that the economy was in a “tight position”.
In his address, the Finance Minister said he always believed that Pakistan has a prosperous future and “resilience” in its economy. However, he lamented that it was unfortunate that the country had been brought to a point where it should not be.