Pakistan 'shares' electricity tariff plan with IMF

ISLAMABAD: Pakistan has shared an electricity tariff plan for the export sector with the International Monetary Fund, ARY News reported, quoting sources.

As per details, the Pakistan government has proposed lowering the power tariff to 9 cents from 14 cents to the export sector. Sources familiar with the development said the plan will be enforced after approval of the international lender.

It is to be noted that the International Monetary Fund (IMF) has once rejected the decision to lower the power tariff for the export sector.

The export sector of Pakistan has been demanding the government to lower the power tariff to boost the exports of the country.

Earlier, the International Monetary Fund (IMF) revised down Pakistan’s growth estimate for fiscal year 2024 to two percent – a 0.5pc reduction from October outlook, stated its World Economic Outlook (WEO).

According to the Fund’s World Economic Outlook (WEO) report, Pakistan’s growth estimate was downgraded by 0.5pc from 2.5pc in October’s outlook, expecting a “sluggish pace” of growth in the current fiscal year.

The IMF’s latest growth forecast is lower than the government’s 3.5pc GDP growth target for the current year. However, the Fund predicts a rebound in economic growth for the next fiscal year 2025, projecting a rate of 3.5pc.