The tariff rate has been increased to reduce the revolving debt of the power sector. By June 2024, the revolving debt of the power sector will be limited to 2128 billion:
Caretaker Finance Minister Dr. Shamshad Akhtar says that no artificial policy will be adopted to control the exchange rate. According to media reports, a virtual meeting was held between caretaker Federal Finance Minister Dr. Shamsha Akhtar and IMF officials, exchange rate, revolving loans of power sector and gas sector were discussed.
According to sources, the caretaker finance minister took the IMF into confidence regarding the market-based exchange rate. Dr. Shamshad Akhtar said that no artificial policy will be adopted to control the exchange rate. The caretaker finance minister assured that the market will determine the exchange rate itself, the tariff rate was increased to reduce the revolving debt of the power sector.
In a virtual meeting, the IMF was briefed that subsidies are being phased out to reduce the revolving debt of the power sector. Shamshad Akhtar said that the revolving credit of power sector will be limited to 2128 billion by June 2024. The caretaker finance minister also informed the IMF officials about the implementation of the terms of the agreement. The IMF demanded strict implementation of the terms of the agreement from the caretaker finance minister, Shamshad Akhtar assured the full implementation of the terms before the start of the economic review.
It should be remembered that two days ago the caretaker government had its first official contact with the IMF, a virtual contact was made between the Ministry of Finance and the IMF. A new plan to reduce revolving debt in the gas sector was discussed in contact with the IMF, the IMF asked for more clarification on the plan to reduce revolving debt in the gas sector.
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