Pakistan has been given permission by the International Monetary Fund (IMF) to postpone paying electricity bills for customers who use up to 200 units during a three-month period. Pakistan must disclose a 50% increase in gas prices in return and launch a crackdown on electricity theft.
ProPakistani was informed by reliable sources that the approval of Caretaker Prime Minister Anwaarul Haq Kakar and his cabinet is still pending.
For customers who don’t qualify for subsidies and use up to 200 monthly units of electricity, the IMF has provisionally approved a three-month payment schedule for their August electricity bills. Users of lifelines or those who are exempt from price increases will not have access to this flexibility, nevertheless.
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Despite the government’s request for a general relief program for customers using up to 400 units being rejected, sources claim that customers using up to 200 units will now be able to pay their bills in installments. This relief will be valid for the August 2023 billing cycle. Additionally, there won’t be a 10% extra fee for late payments of bills. The Federal Cabinet and the Prime Minister must yet give their final permission for this policy before it can be implemented, which might benefit 4 million electricity users.
The IMF first rejected the government’s request to spread out payments for bills up to 400 monthly units, which would have covered 81 percent of all consumers.
In exchange, Pakistan is required to concurrently start an investigation into electricity theft, increase bill recovery rates, and—most importantly—increase gas prices.
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The Oil and Gas Regulatory Authority has already set new gas prices, which Pakistan has been encouraged to implement while they wait for approval. In order to fully recover the cost of imported gas from consumers, the lender has also directed the use of the weighted average cost of gas (WACOG) approach. This would include figuring out the cost of gas by accounting for both domestic and imported LNG costs, determining an average price, and then adjusting consumer-specific prices in line with that estimate.
Pakistan has also been asked by the IMF to improve efficiency by putting a stop to electricity theft and collecting back arrears.
Notably, increased recovery initiatives in the gas and electricity industries may lessen the demand for revolving borrowing, enhancing the viability of these vital services.
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