Pakistan engages IMF over rising electricity prices
Shares
Pakistan has reached out to the International Monetary Fund (IMF) in pursuit of assistance aimed at alleviating the burden of electricity costs for the general populace. During a virtual interaction, Shamshad Akhtar, the interim finance minister, presented a series of proposals to Esther Perez Ruiz, the spokesperson of the IMF, prompting a formal request from the international body for a detailed plan. The deliberations between Pakistan's Ministry of Finance and the IMF centered on strategies to curtail the escalating expenses associated with power bills, a topic that had been exacerbated by the recent surge in electricity prices.
The discussions with the IMF highlighted the gravity of the crisis spawned by the amplified electricity charges, underscoring the urgency of addressing this matter. Pakistani officials shared a spectrum of recommendations with the IMF, all oriented towards achieving a reduction in electricity tariffs. As part of the dialogue, Pakistan also elucidated its stance on the importance of diminishing energy costs and expressed its intent to formulate a comprehensive strategy for achieving this objective.
In light of the discussions, it was revealed that the formal proposal detailing Pakistan's plan to mitigate electricity expenses would likely be submitted to the IMF by the close of the day. The discourse with the IMF extended beyond the issue of electricity costs, delving into the initial month's performance of the Federal Board of Revenue (FBR). Impressively, the FBR managed to surpass its monthly revenue goal for July by collecting Rs 538 billion in taxes, exceeding the target by Rs 4 billion. The IMF, in response, evaluated the FBR's performance and lauded its achievement in meeting the taxation target.
In sum, Pakistan's engagement with the IMF reflects its commitment to addressing the mounting electricity expenses confronting its citizens. The dialogue not only centers on curtailing electricity bills but also encompasses broader financial matters, including the commendable revenue collection by the FBR. As both parties work towards a viable solution, Pakistan aims to assuage the economic strain on its population by seeking international cooperation and devising strategic plans for sustained relief.
