The Minister of Finance suggests raising electricity and gas rates in January

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 ISLAMABAD - High electricity and gas tariffs do not seem to have appeased the public as the caretaker finance minister Shamshad Akhtar announced the caretaker government's plan to increase these electricity tariffs in January.

In a press conference held at Q Block, the federal minister emphasized the commitment of the government under the Standby Facility (SBA) of the International Monetary Fund (IMF) to reduce the cost of the energy sector and restore its efficiency. Dr. Akhtar emphasized that the current debt of the electricity and gas sector, which has exceeded 4 percent of the GDP, needs to be urgently addressed. Discussing his discussions with the IMF, Dr Akhtar mentioned tariff changes in the energy sector and possible additional taxes on sectors such as real estate and retail. At the same time, he specified that no final decisions have yet been made in these matters. Underscoring Pakistan's need for a new short-term IMF program to ensure fragile macroeconomic stability, he hinted at the need for a medium-term program under the Expanded Facility for Finance (EFF) after the completion of the SBA. Regarding the external financing gap, finance minister Imdad Bosal expressed optimism for a successful revision of the IMF, which will release program and project loans from multilateral lenders such as the World Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank and the Islamic Development Bank. He predicts a reduction in the current account deficit, which will reduce the need for external financing. Dr. Akhtar expected the World Bank to disburse a total of $2 billion in loans in the current financial year. He also highlighted the expected increase in foreign exchange reserves after the IMF approved a $700 million cut and projected that a total of $1.9 billion of the $3 billion SBA agreement will be disbursed. Dr. Akhtar spoke about the caretaker government's efforts to stabilize the economy and discussed proactive measures to boost market confidence. Initiatives such as the $3 billion SBA program and efforts such as the Special Investment Facilitation Board to boost investment in critical infrastructure were highlighted.

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