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Articles for tag: denies, Finance Minister Muhammad Aurangzeb, IMF, International Monetary Fund, Minister, opposes, Subsidies

March 31, 2024

News Desk

The minister denies that the IMF opposes subsidies

KARACHI: Finance Minister Muhammad Aurangzeb on Friday argued that the International Monetary Fund (IMF) is being misconstrued to oppose subsidies, while wanting the targeted increase. “The fact is that the IMF is against untargeted subsidies. He actually wants targeted subsidies to be enhanced,” he told the media during a visit to a utility store in Karachi’s posh Defense neighborhood. Answering a question, the finance minister said that the IMF program was actually Pakistan’s program as it was aimed at pulling the country out of its financial mess. “We need to boost the tax-to-GDP ratio, reduce cyclical debt and end the

March 28, 2024

News Desk

Rs 1.2 trillion requested for electricity subsidies

Islamabad: Despite the seemingly rising price of electricity, the Power Ministry has sought a whopping power subsidy of Rs 1.23 trillion for the next financial year, a 26% increase over this year’s allocation. Funds are being sought mainly to cover the gap between consumer prices and production costs and for subsidies to Azad Jammu and Kashmir (AJK), the former Federally Administered Tribal Areas (Fata), pipe drilling in Balochistan and a circular debt reduction scheme through of a dividend system. The Power Ministry’s demand for Rs 1.234 trillion in power subsidies for the next fiscal year is 26% higher than the

March 7, 2024

News Desk

Gas subsidies of Rs 129 billion for consumers are set to expire by June

The government plans to re-engage the IMF in the circular debt reduction plan that was rejected on February 12 this year A man walks past the IMF logo outside its headquarters in Washington. — Reuters/File The Energy Department must share with the IMF a circular debt recovery plan. IMF requests SSGC audit report by June 2024. The IMF also wants the natural gas subsidy withdrawn from the fertilizer sector. ISLAMABAD: The government has been asked to remove the Rs 100 billion cross-subsidy provided to protected natural gas consumers and a Rs 29 billion subsidy to consumers for RLNG diversion by

February 4, 2024

News Desk

Burden of industrial subsidies could be reduced by 91%

Islamabad: The International Monetary Fund has agreed to review a proposal backed by the Special Investment Facilitation Board to cut the industrial sector subsidy by 91%. This initiative aims to make Pakistani exporters more competitive regionally, potentially reducing their monthly bills by up to 29%. Pakistani and IMF officials are scheduled to hold virtual talks early next week. The IMF’s approval could lead to a reduction in electricity bills for large industrialists and small manufacturers by 16% to 29%, according to government sources. The IMF will also assess the practicality of the government’s plan to write off Pakistan International Airlines’

January 16, 2024

News Desk

SIFC approves FBR overhaul, phasing out of subsidies

Caretaker Prime Minister Anwaar-ul-Haq Kakar while presiding over a meeting in Islamabad. — APP/File A special committee was formed to restructure the FBR. The restructuring of PRAL with Nadra also gets the green light. The CMs have asked to launch a crackdown on fertilizer hoarding. ISLAMABAD: The Special Investment Facilitation Council (SIFC) jointly run by the civilian and military top brass has approved a plan to restructure FBR, PRAL with Nadra and introduce a simplified system for retailers within a period of 15 days. The SIFC Apex Committee also considered a proposal of the Finance Department and approved that the

December 5, 2023

News Desk

Power consumers stole Rs675b

Islamabad: Pakistan’s honest electricity consumers are being robbed of Rs 675 billion a year to pay for electricity subsidies and overcharged by Punjab-based electricity distribution companies (DISCOs) to inflate their performance, reveals a briefing by its top manager energy sector of the country. Power Minister Rashid Langrial said on Monday that out of Rs 900 billion in electricity subsidies, the government was paying only Rs 327 billion from the budget and the rest was recovered from consumers. Minister of Information Murtaza Solangi was also present at the briefing. This leaves a balance of Rs 573 billion to be recovered from

November 20, 2023

News Desk

The fallacy of competitive energy prices

While export subsidies may provide temporary relief in some sectors, they have high fiscal and opportunity costs, distorting the economic landscape. photo: file Islamabad: The interim government, in its latest policy move, chose to raise gas prices while rejecting the idea of ​​removing subsidies for exporters. Export subsidies have been a contentious and persistent issue in Pakistan’s economic landscape for a long time. The government’s tendency to extend these subsidies to the export sector, often dressed up in tax breaks and reduced energy prices, has been a matter of debate. Advocates, including notable figures such as the current interim Commerce

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