The IMF has agreed to provide a relief package amounting to Rs 15 billion for electricity bills. According to insider information, this decision comes following the IMF’s satisfaction with the Federal Board of Revenue’s (FBR) performance, which led to the approval of a Rs 15 billion relief for electricity bills.
Sources reveal that the FBR played a pivotal role in facilitating this relief for electricity bills by successfully collecting an additional tax revenue of Rs 20 billion within a span of two months. Notably, this achievement also owes credit to the relentless efforts of Caretaker Prime Minister Anwar Haq Kakar, Caretaker Finance Minister, and Caretaker Minister of Energy, Muhammad Ali.
The IMF has granted a reduction of Rs 3 to Rs 4 in electricity bills for consumers using up to 200 units of electricity. However, it is essential to point out that consumers with a usage of 400 units of electricity will not be eligible for this relief, as per IMF stipulations.
In addition to assisting consumers with lower electricity consumption, the IMF has put forth a demand for a substantial 45 to 50 percent increase in gas prices. The final approval for this gas price hike will be sought from the federal cabinet.
The ultimate decision regarding late payments and the relief package lies with the federal cabinet, which will provide the final approval. It is important to note that the relief offered for electricity bills is applicable only to the bills of August, and no 10% penalty will be imposed for late payments during this period.