Government Secures $500 Million to Fulfill IMF Conditions
In a serious effort to meet the IMF requirements for ensuring the release of the $500 million tranche, the government has decided to enforce the withdrawal of corporate tax exemptions and put in place a mechanism for automatic electricity power tariff increases of about Rs 5.36 per unit (34%) over the next 27 months via presidential ordinances.
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The executive board of the IMF is scheduled to convene on March 24. Only if Islamabad implements the legislation by the stipulated deadline, which is now only feasible through ordinances, will the board approve the tranche.
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The urgent issuance of an ordinance for automatic electricity power tariff rises was judged so vital that a bill was previously passed by the National Assembly’s Standing Committee on Power on March 11 and is now pending formal passage by the National Assembly.
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