ISLAMABAD:
The National Electricity Regulatory Authority (Nepra) has approved a massive increase in of Rs 7.91 per item in electricity tariffs.
FROM new hike, i.e. one-Unit ism price of electrification has gone up from 16.91 to 24.82 rupees. “Nepra” sent a campaign to the federal government for notification. new rates will apply after final notice from the government, according to the statement.
Depreciation of rupee and rising oil prices in in international market were cited as reasons for tariff increase.
According to the statement, “Nepra” fixed in national average fare for in financial year 2022-2023 at Rs 24.82 per unit, which is Rs 7.91 per unit. higher above the previous average.
The statement also said that the authorities were determining new tariff based on distribution and transmission losses and in terms of income of various distribution companies.
Also read: Electricity tariffs up for per month across the country
A day earlier, the International Monetary Fund (IMF) said that “Pakistan needs to take a wide-ranging steps restore macroeconomic stability”, indicating that the recovery of the program will not be a cakewalk, despite governments decision raise fuel prices by 25%.
” set of policies and reforms to restore macroeconomic stability are broad,” said Esther Pervez, Permanent Representative of the IMF, in response to a question sent Express Tribune last a week.
She singled out out conclusion of fuel and energy subsidies and fiscal year 2022-23 budget as areas that need be addressed for “repairing damaged economy and achieving the objectives of the Expanded Funding (EFF) program.
“Implementation package of complex actions, including the elimination of fuel and energy subsidies and the fiscal year 2023 budget will be essential to achieving the goals of the program,” Perez said.
Express Tribune asked the country to the IMF head to comment on can a staff level agreement be reached by 12 June after Pakistan raised fuel prices in in range of from 20% to 25.4%.
IMF also suggested that an agreement could only be reached after Pakistan took Other steps including reaching consensus with IMF on in next fiscal year tax proposals and budget framework.
Esther called recent discussions with Pakistan is “very constructive”, stating that dialogue continuation with Pakistani authorities. Pakistan and the IMF met in Doha, Qatar from 18 to 25 May, but failed to reach an agreement at the staff level.
“The IMF looks forward promote review progress via continuation dialogue and close interaction with Pakistan government”, the representative said.
