In its vehemence to complete the prior actions as suggested by theInternational Monetary Fund for reaching a staff-level agreement with thelender, the government has increased the electricity price for exportsector including textile.
Reportedly, the government has withdrawn the competitive rates offered tothe export sector, and from today (March 1), the power rate has beenincreased for the sector.
So, the government has withdrawn the notification to provide electricity tothe export sector at subsidized rate of Rs19.99.
The federal cabinet gave approval to the withdrawal of the competitiverates for the export sector.
The decision was taken to reduce the circular debt in power sector.
Read Top Stories
The federal cabinet gave its assent to the revised circular debt plan.
Pakistan is facing tough conditions for the restoration of the IMF bailoutpackage. The global lender has changed interpretations of at least fourprior actions ahead of reaching a staff-level agreement (SLA) on the direlyneeded economic bailout.
Sources reveal that the authorities are extremely annoyed at the latestsituation. However, despite this disappointment, Pakistan anticipates theconclusion of the SLA next week and the materialisation of financingsupport from friendly nations – some of which took more time thananticipated because of signals from the Fund.
