Advertisement
Categories: BusinessNews

IMF Demands Pakistan to Increase Electricity and Gas Prices from July 1

Advertisement

The International Monetary Fund (IMF) has called on Pakistan to raise electricity and gas prices starting from July 1 and to swiftly implement the National Electric Power Regulatory Authority’s (NEPRA) decisions on increasing tariffs.

Despite the recent approval of the Federal Budget for the fiscal year 2024-25 by the National Assembly, with a total outlay of Rs18.877 trillion, the IMF has deemed these measures insufficient and is demanding further actions, sources revealed on Saturday.

Key IMF demands include:

  • An increase in electricity and gas prices.
  • The elimination of tax exemptions and subsidies, which the IMF describes as “essential” for Pakistan’s economic recovery.

The IMF has praised the government’s difficult economic decisions, such as reducing tax exemptions and subsidies included in the budget, but insists on additional reforms.

PM Shehbaz Admits IMF Role in 2024-25 Budget

The IMF delegation’s scheduled visit to Pakistan, initially set for the last week of June, has been postponed to the second week of July.

Prime Minister Shehbaz Sharif acknowledged that the government had considered the IMF’s recommendations while preparing the budget for FY 2024-25 and expressed optimism about receiving a favorable response from the IMF. “If the response from the IMF is positive, we will present it before the house on Wednesday,” he stated.

Advertisement
News Desk

Recent Posts

Pakistan Enters Top 100 of Global Passport Index, Eyes Further Gains with Digital Upgrades

Pakistan’s passport has made a notable leap in global mobility rankings, entering the top 100…

6 hours ago

International Survey Reveals Pakistanis Support Actions to Address Climate Change

An international survey conducted across 17 total countries, including Pakistan, was commissioned by the Global…

7 hours ago

Pakistan’s first AI data center launched

Data Vault Pakistan has officially launched the country’s first AI-focused data center in Karachi, a…

7 hours ago

Trade Development Authority of Pakistan to Represent Country at Ambiente Frankfurt 2026

Ambiente Frankfurt 2026, the world’s leading international trade fair for consumer goods, is set to…

7 hours ago

LuckyOne Mall Launches SIMT: A Career Counseling Initiative Honoring Pakistan’s Unsung Heroes

In a powerful demonstration of purpose-driven leadership, LuckyOne Mall—one of Pakistan’s premier lifestyle destinations—has unveiled…

7 hours ago

Over 7 million streaming accounts’ credentials were leaked in 2024: Kaspersky Report

In a new report, Kaspersky identified over 7 million compromised accounts belonging to streaming services…

7 hours ago