IMF demands further hike in electricity, gas prices

ISLAMABAD: The International Monetary Fund (IMF) has demanded further increases in electricity and gas prices before July 10.

According to Geo News, the IMF wants electricity and gas rates to be raised in the new fiscal year to control subsidies and to adhere to prior conditions for new loan programmes./

Sources added that it is likely that an IMF delegation will visit Pakistan in the second week of July.

According to reports, the hike in energy prices is deemed necessary to facilitate the implementation of the $3 billion program outlined in the Staff-Level Agreement (SBA) with the IMF.

Read more: No increase in petroleum levy: finance minister

Earlier today, Finance Minister Muhammad Aurangzeb announced that there would be no increase in the Petroleum Development Levy.

Aurangzeb made this statement during a media address following President Asif Ali Zardari’s signing of the Finance Bill 2024, which marks the implementation of the Budget for the fiscal year 2024-25.