IMF’s nod essential for giving relief in electricity bills: Miftah Ismail

Former finance minister Miftah Ismail reveals that the caretaker government in Pakistan must seek permission from the International Monetary Fund (IMF) before giving relief to consumers facing inflated electricity bills, and urges political leadership to come up with a strategy to collect taxes from the rich.

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8/26/2023

In debut talk with IMF, Shamshad vows policy upkeep

Caretaker Finance Minister Shamshad Akhtar has assured the International Monetary Fund (IMF) of steadfast implementation of policy actions committed under the $3bn Standby Arrangement in order to maintain economic stability during the tenure of the caretaker government.

8/30/2023

Govt seeks IMF nod for relief in electricity bills as protests continue unabated

The Pakistani government is seeking approval from the International Monetary Fund (IMF) before announcing any immediate relief for consumers protesting against inflated electricity bills, with relief likely to be provided to those using up to 400 units per month for August and September.

9/3/2023

Inflated electricity bills: PM's 48-hour deadline to announce relief expires as IMF nod awaited

The International Monetary Fund (IMF) has not granted assent to Pakistan's request for deferment of electricity bills, leading to a failure to provide relief to power consumers within the stipulated 48-hour deadline given by the caretaker Prime Minister.

9/5/2023

Pakistan amidst a polycrisis

The caretaker government in Pakistan must seek approval from the International Monetary Fund (IMF) before providing any relief in electricity bills, as the country needs to maintain its IMF agreement to address its balance-of-payments challenges and regain the trust of investors, which is crucial for stabilizing the value of the rupee and preventing further depreciation. The depreciation of the rupee has significant implications for the electricity sector, leading to higher fuel import bills and capacity payment charges, resulting in higher electricity bills for consumers. The government relies on electricity bills to generate revenue through taxes and surcharges, exacerbating the financial burden on consumers. To address these challenges, the caretaker government should focus on enhancing revenue mobilization, reducing expenditures, and improving the inflow of dollars through exports and remittances. Additionally, the government should consider privatizing loss-making public-sector enterprises and reducing inefficiencies in the power system to lower the unit cost of electricity. The government should also secure pledges for flood rehabilitation and disaster preparedness projects to access funds from international financial institutions.

9/8/2023

Pakistan's Interim Government Focuses on Reviving Economy and Fulfilling IMF Agreements

Pakistan's interim government is prioritizing economic revival and fulfilling international obligations, including agreements with the International Monetary Fund (IMF), to address the stagnant economy and financial issues. They aim to improve the overall business and investment environment, increase inflow of dollars from multilateral institutions, and reduce expenditures while upholding international agreements.

9/15/2023

IMF to Urge China to Shift to Consumer-Driven Growth, Address Real Estate Risks As It Cuts Global Outlook

The International Monetary Fund (IMF) plans to advise China to boost domestic consumption, address its troubled real estate sector, and rein in local government debt, in order to combat the declining growth in China and the global economy, according to IMF Managing Director Kristalina Georgieva.

9/19/2023

IMF: Petrol smuggling into Pakistan costs billions in lost revenue, benefits terrorists

The International Monetary Fund (IMF) has expressed concerns about the rampant smuggling of petroleum products in Pakistan, which costs the country Rs10 billion annually and is being used as a key source of financing for terrorists, calling for increased vigilance and security measures at the borders.

9/21/2023

IMF Chief Urges Pakistan to Tax Rich, Protect Poor as Inflation Soars After Bailout

IMF Managing Director Kristalina Georgieva has urged Pakistan to collect more taxes from the wealthy and protect the poor people as the country grapples with soaring inflation after securing a bailout from the IMF in July.