The federal government has decided to once again increase gas prices starting from January 2024.
According to Finance Minister Shamsad Akhtar, the International Monetary Fund (IMF) has been informed about the reconsideration of energy sector tariffs, with no decision yet on additional taxes in other sectors such as real estate and retailers.
Shamsad Akhtar stated that the government has recently approved the execution of a $1.5 billion international bond, and achieving the target of Rs 941.5 billion in taxes is a top priority. If there is a shortfall in tax collection, additional measures will be considered.
According to the Finance Minister, there is a possibility of receiving a total of $1 billion from the Islamic Development Bank and the Asian Infrastructure Investment Bank. After the agreement with the IMF, there will be a focus on improving the ratings. Following the improvement in ratings, consideration will be given to bond issuance.
He emphasized the need to stay with the IMF until improvements in revenue are achieved, and it is essential to start work on the last installment of the $1.1 billion loan under the IMF’s loan program. There are no preconditions for the second installment of the $70 billion.
Dr. Shamsad Akhtar said that economic improvement is necessary, and a lot of work is needed for further progress. It is crucial for Pakistan to remain in the IMF program at this time, and the completion of the $3 billion program is a priority. If time permits, discussions will also be held on new programs with the IMF.
