Another IMF demand approved

Another IMF demand approved

Ishaq Dar chaired a meeting in Islamabad, giving briefing on another demand of International Monetary Fund (IMF) under the loan scheme to stabilize the failing economy. The new demand included the power surcharge from consumers in the next fiscal year.

Pakistan is trying to make continuous efforts to make the economy back to its position and baffles with IMF’s shifting goalposts. IMF proposed several conditions for Pakistan in order to unlock the $6.5 billion Fund Facility which was signed in 2019.

Read more | Final ends of IMF deal

The cracked down economy of Pakistan is creating a lot of difficulties for government as well as citizens of Pakistan. The new conditions from IMF to get any fund includes raising taxes, removing subsidies and artificial curbs on exhange rates. All these conditions should be implemented in Pakistan to get any more fund from the IMF.

Implementing strict conditions is putting pressure on public and making it difficult to survive in increasing inflation. Regarding the demand of IMF, the Economic Coordination Committee (ECC) decided to put Rs. 3.82 per unit increase in power surcharge.

This increase in power surcharge will continue for 2023-2024, implementing the tough conditions for reviving the funds availility. The power surcharge will be applied to both federal power producers as well as K-Electric consumers in order to maintain the power supply and tax implementation.

Ramzan Relief package

ECC also approved Ramzan Relief package for consumers in Holy Month of Ramzan, in order to make it easy for public to afford food items on low rates. The prices of 19 food items has been decreased for providing subsidy to public.

Read more | Price of wheat increased by Rs6 per KG

Meanwhile, The Trading Cooperation of Pakistan also notified a major increase in price of wheat from Rs. 4500 to Rs. 5000. This major increase in inflation is getting it difficult for local citizens to afford daily food items.

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