Pakistan presented proposals to IMF to ease the burden of high electricity bills. Dr Shamsad Akhtar has said that there is no room to provide additional subsidies in IMF agreements.

ISLAMABAD ( Web News) 

Caretaker Finance Minister Shamshad Akhtar on Wednesday presented proposals to the International Monetary Fund (IMF) in an effort to ease the burden of high electricity bills.

Ministry of Finance sources revealed that there was a virtual exchange between Pakistan and IMF officials, during which Akhtar communicated with IMF representative Esther Perez to discuss potential relief measures for electricity bills.

The finance minister told the IMF the current situation stemming from the rise in electricity bills and put forth various suggestions for providing relief.

Following the briefing, the IMF demanded a written plan from Pakistani authorities outlining the proposed measures.

Ministry sources hint that Pakistan is expected to submit the plan to the IMF later today.

Moreover, the tax collections in July were extensively discussed during the IMF’s deliberations, and it is expected that further dialogue will be held between FBR officials and the IMF in the coming days.

Earlier Finance Minister Dr Shamsad Akhtar has said that there is no room to provide additional subsidies in IMF agreements.

Dr Shamshad Akhtar, the Caretaker Finance Minister, has stated that the current economic circumstances leave no room for additional subsidies within the International Monetary Fund (IMF) agreements.

Speaking to the media following a meeting of the Senate Standing Committee on Finance on Wednesday, Dr Akhtar conveyed the government’s sensitivity toward the welfare of the country’s poor, stressing that the administration is resolute in its commitment to prevent any exacerbation of hardships faced by the vulnerable.

The caretaker finance minister acknowledged that the previous governments had entered into binding agreements with the IMF, elucidating that these agreements inherently encompassed provisions for subsidies.

Consequently, she affirmed that the existing agreements do not permit the inclusion of supplementary subsidies, due to their predetermined nature within the terms established with the IMF.

Dr Akhtar pointed out that the subsidies included in the IMF agreements were already established by previous governments, and there is no room for further subsidies in these agreements.

The finance minister went on to say that the government is planning for economic stability and is working on practical measures to improve the economy.

He stated that actions were being taken to strengthen the economy in such a way that the exchange rate of the Pakistani rupee remains stable against the US dollar, as part of efforts to bolster economic stability.

This announcement from the Finance Minister sheds light on the government’s stance regarding subsidies in IMF agreements, reaffirming its commitment to economic stability and the welfare of the country’s citizens.