IMF’s response on electricity will come by Monday, government, gas price hike announcement

In the fifth meeting of the Specialized Investment Facilitation Council (SIFC) held by the apex committee, economic and administrative challenges were addressed, and a roadmap for the country’s economic development was laid out. Prime Minister Imran Khan stated that despite the short duration of the incumbent government, they are determined to ensure the implementation of the economic revitalization program. He emphasized that the forthcoming elected government will also find it easier to execute the program for the economic well-being of the nation.

Addressing a press conference after the meeting, federal ministers mentioned that an increase in gas prices would be implemented to cover annual losses of over three hundred billion rupees. A response from the International Monetary Fund (IMF) regarding relief in electricity tariffs is expected by Monday. Talks are underway with the IMF for relief of 500 to 600 billion rupees. They also stated that there is an excess stock of more than 2 million tons of sugar, and efforts will be made to curb smuggling.

According to details, the apex committee meeting of the SIFC included the Army Chief, federal cabinet members, provincial chief ministers, and relevant high-ranking civilian and military officials. The meeting discussed long, medium, and short-term project planning for the achievement of economic development goals under the Specialized Investment Facilitation Council.

During a subsequent press conference with federal ministers, Prime Minister Imran Khan mentioned that gas and oil exploration had declined in Pakistan after 2013, resulting in a significant increase in our circular debt and the departure of companies from the country.