The interim federal administration has ruled out any reduction in consumer electricity rates without breaking the IMF programme and expects another increase in power cost of Rs. 4.37 per unit through December 2023.
According to knowledgeable sources within the Ministry of Finance, cutting back on the tax on power bills is not doable without winning over the IMF, which on its own appears like an impossibility.
According to sources, any cut in power taxation would be a breach of the $3 billion standby agreement (SBA) that the former administration signed with the crisis lender in July 2023.
Read More: Traders Warn of Protest Against High Electricity Bills
They emphasised that it is crucial to consult the IMF before making any decisions regarding providing relief on electricity bills during the SBA. Notably, this strategy is in line with the newly disclosed Circular Debt Management Plan, which also calls for more frequent quarterly modifications throughout the collecting period of September to December 2023.
According to the bailout agreement’s terms and conditions, the federal government is required to collect quarterly adjustments and other charges that stop the regulator from giving any relief to the general public.
According to sources, till December 2023, quarterly modifications to electricity bills will cost up to Rs. 4.37 extra per unit. Relevantly, the intention of this action is to bring in an additional Rs. 122 billion from customers during this time. Additionally, this action is a component of the government’s efforts to address the financial problems in the energy sector.
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