Electricity bills now cost more than house rent for some Pakistanis: Bloomberg

WEB DESK: A Bloomberg report has said that electricity bills in Pakistan have now surpassed the cost of rent due to the recent increase in tariffs.

The report attributes the surge in inflation to the government’s adherence to the International Monetary Fund (IMF) loan conditions. These conditions have led to increases in electricity tariffs and other necessary economic reforms.

“The South Asian nation — where nearly half the population survives on less than $4 a day — has seen electricity prices surge 155 per cent since 2021 after the government started hiking industrial and retail rates to bolster its chances of securing loans from the International Monetary Fund,” read the report.

Read more: Punjab announces electricity bill relief for August, September

“The average per-unit electricity price for residential users rose 18 per cent in July when the country secured a new $7 billion loan from the IM,” it added.

Earlier today, in a bid to offer relief to electricity consumers, the Punjab government has announced relief for August and September bills.

Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif, speaking at a press conference with Punjab Chief Minister Maryam Nawaz, stated that relief will be granted to consumers using up to 500 units per month.