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IMF nod awaited to provide relief to consumers using up to 300 units in Oct bills

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  • Rs13,000 relief to be provided in Rs60,000 to Rs70,000 power bills.
  • IMF seeks more data from govt regarding suggestions for relief.
  • Talks underway between IMF, interim govt for electricity relief.

ISLAMABAD: Amid nationwide protests over inflated electricity bills, the caretaker government has reportedly chalked out a plan to provide relief to the power consumers, Geo News has learnt.

Sources told Geo News the interim government has decided to provide relief of up to Rs3,000 to consumers using up to 300 units in October’s electricity bills.

Likewise, the sources said power consumers whose electricity bills are of Rs60,000 to Rs70,000, will benefit from a reduction of Rs13,000.

Meanwhile, the insiders said talks between the International Monetary Fund (IMF) and the caretaker government are underway on the matter of providing relief to the power consumers

Meanwhile, The News reported that the Washington-based global lender has sought more data from the Power Division for its decision on various suggestions forwarded to the Fund seeking relief in the increased bills for August and September.

“We have shared the required data with the Fund people hoping that IMF may today (Monday) come up with its response with a yes or no to the assertions of the Finance and Power Divisions, seeking permission for relief to inflation-stricken people in electricity bills,” some top sources engaged with the IMF told The News.

“At the moment, authorities of both Power and Finance divisions are in hectic talks with the Fund people on the data related to suggested measures for solace in power tariffs and their possible impact on circular debt, cash flow situation and further delays to IPPs, ultimately making the power sector more unsustainable.”

Following continuous protests by citizens and traders, who have taken to the streets against the exorbitant hikes in power bills and addition of taxes, the caretaker Prime Minister Anwaar-ul-Haq Kakar-led setup in Islamabad has been trying to woo the global lender to agree to provide immediate relief for electricity consumers in the cash-strapped country, where people are already battered by skyrocketing inflation.

The interim premier, on August 31, had assured about the likelihood of the Fund nodding to the government’s relief-related proposal — aimed at providing relief to the public — in 48 hours, but it kept waiting to hear back after the deadline elapsed.

The IMF was earlier briefed about the said proposal, under which some portion of the tariff — up to 30% for August and September — would be scaled down and the impact of reduced tariff would be passed on to consumers in six months of the winter season, from October 2023 toMarch 2024 in a staggered manner.

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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