Tuesday, May 28, 2024

IMF Urges Govt to End Gas Subsidies for Protected Consumers

The International Monetary Fund (IMF) has advised the Pakistani government to discontinue subsidies for protected gas consumers as part of efforts to curb expenditure. While gas prices burden consumers, the IMF emphasizes redirecting subsidies to the poorest segments of society.

Read also: IMF Urges Pakistan to End Cheap Gas Subsidies to Fertilizer Plants

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IMF recommends providing relief to low-income consumers through the Benazir Income Support Program, aiming to target assistance more effectively. Additionally, the Fund suggests halting subsidies for the transfer of Regasified Liquefied Natural Gas (RLNG) to domestic consumers.

Read also: IMF Reaches Staff-Level Agreement with Pakistan for $1.1 Billion

In the previous fiscal year, the federal government allocated Rs40 billion for RLNG subsidies, with an additional Rs29 billion already spent this year. This move aligns with IMF conditions, which have already led to a significant increase of 40-65% in consumer tariffs.

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Zayn
Zayn
Zain is a dynamic business student with a passion for technology that goes beyond the classroom. When he's not immersed in his studies, Zain can be found playing with the latest gadgets, fueled by a genuine curiosity for emerging tech trends. His love for technology extends to his avid reading habits, where he stays updated on the latest advancements and breakthroughs in the tech world. Despite his academic focus, Zain is also an outdoor enthusiast, always ready for an adventure. With several years of experience in writing news, Zain brings a unique blend of business acumen, tech-savviness, and journalistic expertise to any discussion or project.

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