*ISLAMABAD – Pakistan accepted all IMF demands including Rs 500 billionnew taxes, dollar free float and much more on gas and electricity prices.*
* Pakistan has accepted the conditions of the International Monetary Fund(IMF) for bailout package.*
According to the details garnered, the federal government accepted thedemand of the IMF of increasing electricity and gas prices in Pakistan. Italso said that the *consumers will pay Rs340 billion in three years* forelectricity and gas.
The government has also agreed to make the *National Electric PowerRegulatory Authority (NEPRA)* an autonomous body to set electricity prices.
It further reported that only exporters will be given limited subsidy inindustrial consumers. “The *Oil and Gas Regulatory Authority (OGRA)* willalso be made autonomous in setting the prices,” it added.
Both the respondents already agreed on the amnesty scheme and it was saidthat the value of rupees fixed by the market. However, the* taxes worth of500 billion rupees* will be increased within three years of the period. Thegovernment will not provide subsidy and tax relief to any department.Negotiations with IMF moving ahead in positive way: Hafeez
Earlier, *Adviser on Finance *linkHafeez Shaikh*linkthat the negotiations with International Monetary Fund (IMF) are movingahead in a positive way to reach a program.
Addressing an Investment Conference, the PM adviser said that IMF packagewill provide a platform for macro-economic development in the country.
Dr Hafeez Shaikh also said that agreement with IMF will send a positivesignal to other international financial institutions as well as countriesregarding Pakistan’s commitment to fiscal discipline.