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The International Monetary Fund (IMF) has approved a Rs 15 billion relief package that aims to provide Pakistani energy consumers with financial relief.
IMF ‘approves’ relief in electricity bills: According to people with direct knowledge of the situation, the Federal Board of Revenue (FBR) was instrumental in obtaining this IMF relief and that it far exceeded expectations by collecting an astonishing Rs 20 billion in extra taxes.
The FBR has performed admirably, as seen by the IMF’s decision to offer the relief of Rs15 billion, which is intended to lessen the financial strain on energy consumers.
Anwarul Haq Kakar, Dr. Shamshad Akhtar, and Muhammad Ali, the caretaker energy minister, caretaker finance minister, and caretaker prime minister, all make an impression with their tireless efforts.
The relief plan is anticipated to offer significant advantages to consumers who use up to 200 units of power each month.
According to sources, customers who fall under this category can anticipate savings on their electricity costs of between Rs 3 and Rs 4 per unit.
These consumers won’t be penalised for making late payments thanks to provisions for delayed payments that will also be included.
The IMF did, however, stipulate that consumers who spend more than 400 units of power will not be eligible for this relief.
According to sources, the Federal Cabinet will give its final approval of the assistance package and deferred payments.
It is important to note that the reduction in electricity costs will only apply to bills for the month of August.
According to sources, at least 64% of people using up to 200 units of power nationwide will benefit from this alleviation; in addition, consumers who fall into this group will not be penalised with the regular 10% late payment fee.
A fresh alleviation package for electricity prices was previously proposed by the caretaker government in communications with the International Monetary Fund (IMF).
“Government Diverts Over Rs 15 Billion Allocated for IPPs to Ease Electricity Costs”
According to sources, the government has chosen to use more than Rs 15 billion designated for independent power producers (IPPs) in order to provide respite from the exorbitant electricity costs.
According to insiders, “the finance ministry has sent a new relief proposal for electricity bills to the IMF.”
The current fiscal year’s budget included an increased allocation of “over Rs 15 billion” for payments to IPPs, according to sources. “This amount can be adjusted to provide relief on bills,” the sources continued.
After recovering bill installments, the IPPs will receive the over Rs 15 billion, according to sources.
However, According to other sources, “officials from the finance ministry will hold discussions with the IMF about the new plan, in which the lender will be guaranteed not to provide relief outside of the budget parameters.”