ISLAMABAD – The federal government has imposed an additional surcharge ofRs3.82 per unit on electricity, in another desperate move for the revivalof the IMF stalled loan.
The recent move is said to add citizens’ woes but it will generate Rs335billion more in revenue over the next fiscal year to tackle the debt andliabilities of the power sector.
Economic Coordination Committee (ECC), presided over by Finance MinisterIshaq Dar allowed imposing additional power surcharge.
In a statement, Ministry of Finance said Economic Coordination Committeegave assent to the proposal regarding the enhancement of surcharge for thefinancial year 2024 to cover federal government obligations towards powerproducers.
The recent development comes a week after Finance Minister Ishaq Darrefused to accept the demand tabled by IMF. The US-based lender demanded atotal surcharge of Rs3.82 per unit to eliminate circular debt accumulation.
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Meanwhile, the monetary policy committee of the country’s central bank isdue today as the government is set to raise the key interest rate.
Earlier in February this year, the Sharif-led government allowed anadditional surcharge of Rs3.82 per unit from March to June 2023, and alsoapproved a surcharge of Rs1.43 per unit for the next fiscal year to recoverRs126 billion.
