IMF to release $1.17b tranche on Monday
Ijaz Kakakhel Islamabad
Finance Minister Miftah Ismail on Friday announced to install 8000MW solar power project to lessen cost of producing electricity in the country besides announcing that the government would provide relief to power consumers having bills between 200 to 300 units.
Talking to journalists, the finance minister announced that the government is going to install a solar power project, producing 8000 megawatts of electricity to lessen the overall power tariff.
He explained that the fuel adjustment charges hiked after electricity was produced in May and June on exorbitant rates following an increase in fuel prices globally. “We hiked Rs7 on basic tariff after IMF insisted that the tariff has not been increased for an year and a half,” the finance minister said.
Speaking over the subsidy announced by the prime minister on FCA for power units upto 200, he said that 56 percent consumers will be benefitted from it. “Just forget the bills received in August and we will deliver your new bills after excluding fuel adjustment charges. You are not required to visit offices of power utilities,” he said.
He further announced that they would also mull over a relief for consumers having electricity bills between 200 to 300 units. “Consumers using tube wells are already exempted from the fuel adjustment charges,” he added. “We have taken this decision to waive off fuel adjustment charges after consultation with IMF.”
The Minister also said the International Monetary Fund would release the tranche (worth US$1.17bn) to Pakistan after its board meeting on Monday. He said Pakistan had already fulfilled all the requirements of the IMF and it is very likely that the board would approve the release of tranche on Monday (August 29). He said now the $4 billion gap had been bridged as Qatar and Saudi Arabia had also assured new investments and facility of getting oil on deferred payment for Pakistan.
The minister said the visit of PM to Qatar remained successful as Qatar had agreed to make $3 billion investment in Pakistan’s various sectors. Further he also made it clear that there was not discussion or agreement of selling Pakistan International Airlines or Roosevelt Hotel to Qatar saying that Qatar was interested in getting only the management control of Pakistan’s big airports.