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IMF wants Pakistan to hike power tariff

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The fund has asked for more steps to increase income tax, sales tax, and regulatory duties collection.

ISLAMABAD: The International Monetary Fund (IMF) has demanded of Pakistan to escalate electricity tariff and increase tax revenue target.

According to details, Pakistan’s virtual talks with the IMF team for the release of $1 billion tranche of the loan installment continue on third day.

The finance ministry said that its officials would brief the IMF on financial matters while technical-level talks would be followed by policy-level talks.

Sources said that IMF has demanded of Pakistan to increase electricity tariff.

“Electricity tariff should be jacked up by Rs1.40 per unit,” the IMF recommended during the talks as it will help Pakistan in controlling the circular debt.

The fund has asked for more steps to increase income tax, sales tax, and regulatory duties collection and urged the Federal Board of Revenue (FBR) to take steps in this context.

The IMF has asked Pakistan to increase FBR’s yearly collection to Rs63 trillion from Rs58 trillion, the well-informed sources said.

Today is the third day of week-long virtual talks between Pakistan with the International Monetary Fund (IMF) in Islamabad.

It is important to be mentioned that a loan agreement worth $6 billion was delayed between the IMF and Pakistan.

On August 24, Pakistan received $2.75 billion from the International Monetary Fund (IMF) as part of SDR allocation.

With the transfer of $2.75 billion, the country’s foreign exchange reserves have jumped to $27.4 billion.

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