Pakistan likely to raise gas prices by over 45% amid IMF's demand
- By Shoaib Nizami -
- Jul 24, 2023
ISLAMABAD: After an increase in electricity rates, the government of Pakistan is planning to jack up gas price by over 45 per cent in line with the demand of the International Monetary Fund (IMF), ARY News reported, citing sources.
Sources said the federal government has shared a plan with the International Monetary Fund (IMF) for the increase in the gas price.
Sources further said that the international lender has asked Pakistan not to delay rise in the gas tariff to reduce circular debt۔
The IMF wants the federal cabinet to approve the Circular Debt Management Plan 2024 by the end of July as the performance of the institutions cannot be reviewed with the Circular Debt Management Plan 2023.
Read more: IMF asks Pakistan to further hike power, gas tariffs
Sources say the new plan will ensure steps to pay a whopping circular debt of Rs392 billion.
As per sources, the International Monetary Fund wants Pakistan to freeze the power sector circular debt at Rs2374 billion and devise a 10-year plan to pay the debt of the sector.