Pakistan

ECC okays up to 124% gas tariff hike to unlock IMF loan

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet Monday approved up to 124% hike in the tariff of gas across the board for six months to implement a major prior condition set by the International Monetary Fund (IMF) for striking a staff-level agreement with Pakistan.

The finance ministry, in a statement, said the Ministry of Energy (Petroleum Division) tabled a summary on natural gas sale pricing for FY2023 and presented tariff proposals for all consumer categories in accordance with the Review of Estimated Revenue Requirement (RERR) for the fiscal year 2022-23.

“The ECC after detailed discussion approved gas price revision proposal for domestic, commercial and power sectors for six months [January to June, 2023],” the statement mentioned.

Reforms in the energy sector and controlling the circular debt remained on top of the agenda during the talks held with the IMF mission that concluded 10-day parleys in Islamabad last Thursday.

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1 comment

Mohammad Siddique February 14, 2023 at 11:17 pm

IMF releases money crushing the people. The money from IMF is pocketed by the rulers and people have to pay back.

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