IMF ‘not interested’ in interim govt’s power bill relief plan

Minute Mirror - Subscribe
Minute Mirror - Subscribe

The caretaker government’s plan to relieve power customers has been rejected by the International Monetary Fund (IMF).

Despite rejecting the proposal, the IMF stated that it would have a negative impact of approximately Rs15 billion, not Rs5 billion as Pakistan had suggested in its submission, according to sources in the Ministry of Finance cited by local media reports.

According to the reports, the IMF has also asked for a strategy for raising these Rs 15 billion in tax revenue, which has caused a delay because a fresh plan needs to be provided with the IMF once more.

Discussions will take place between IMF representatives and the Ministry of Finance when the new proposal has been disclosed.

The reports further said that the caretaker administration had promised the lender that the proposed relief would not have an impact on the budget. It has also asked the IMF for permission to accept four monthly payments for its power bills.