The government has met another requirement set by the International Monetary Fund (IMF) by approving a summary for the annual reshuffle of electricity tariffs, Express News reported.
The decision was taken at a meeting of the Economic Coordination Committee (ECC) in Islamabad, chaired by Finance Minister Muhammad Aurangzeb.
In line with the IMF agreement, the ECC directed that the National Electric Power Regulatory Authority (NEPRA) should issue annual policy guidelines for the tariff overhaul process. The rebasing will take effect on January 1 and the Power division will be responsible for ensuring NEPRA’s compliance with the new guidelines.
The ECC meeting also approved significant financial allocations for various sectors, with the Ministry of Foreign Affairs receiving a technical grant of over Rs 90 million, which will be used by Pakistan International Airlines (PIA) and the Pakistan Army. Pakistan Air Force (PAF) to improve their operational capabilities. .
Additionally, the committee approved a grant of Rs940 million to meet the operational requirements of Frontier Corps (FC) North. It also approved the withdrawal of a bank guarantee linked to Afghan transit trade through the Gwadar port.
Additional funding has been allocated for the establishment of the National Food Safety and Plant Health Regulatory Authority, with the ECC approving a technical grant of Rs910 million for its establishment.
In a significant move for state-owned enterprises, the committee approved a grant of Rs 930 million for payment of salaries of employees of Pakistan’s steel mills. This grant will come from previously approved funds amounting to Rs3.5 billion.
