In a significant development, the International Monetary Fund (IMF) has given its approval to a relief initiative amounting to Rs 15 billion, which is aimed at providing financial respite to electricity consumers in Pakistan.
Insider sources have disclosed that the Federal Board of Revenue (FBR) played a pivotal role in securing this relief from the IMF, exceeding expectations by collecting an impressive surplus of Rs 20 billion in taxes.
The IMF's decision to grant this relief package of Rs 15 billion, intended to alleviate the financial burden on electricity consumers, stands as a testament to the commendable performance of the FBR.
This approval highlights the unwavering dedication of key figures in the caretaker government, including Caretaker Prime Minister Anwarul Haq Kakar, Caretaker Finance Minister Dr. Shamshad Akhtar, and Caretaker Energy Minister Muhammad Ali.
This relief package is anticipated to offer significant benefits to consumers with electricity consumption of up to 200 units. Within this category, consumers can look forward to experiencing relief ranging from Rs 3 to Rs 4 per unit on their electricity bills. Additionally, provisions will be in place to accommodate delayed payments, ensuring that these consumers do not incur penalties for late payments.
It's important to note that the IMF has set a condition that consumers exceeding 400 units of electricity consumption will not be eligible for this relief. The final approval for deferred payments and the relief package will be granted by the Federal Cabinet.
This relief in electricity bills will specifically apply to bills for the month of August, and it is estimated that at least 64 percent of those using up to 200 units of electricity nationwide will benefit from it, with late payments in this category no longer incurring the usual 10 percent penalty