ISLAMABAD: The IMF says that the rupee will have lost 18 percent of its value by June next year.
According to the sources, in the talks with the officials of Nepra, the IMF has suggested that the increase in electricity prices in July should be done according to the depreciation of the rupee by June next year instead of the current value of the rupee.
According to IMF estimates, the rupee will have lost 18 percent of its value by June next year, falling to Rs 329.
According to Energy Ministry sources, the government plans to increase electricity prices by Rs 7 per unit in July based on the current value of the rupee. While recommending the tariff, he said that by June next year, the rupee would have lost 18 percent of its value and the value of the rupee against the dollar would fall to 329 rupees. Yes, it was not clear.
Sources said that in the meeting with Nepra, the IMF also questioned the wrong power consumption assumptions used for the annual power tariff adjustment, which led to a huge increase in the bills. It said that due to monthly, quarterly and annual adjustments, electricity prices may skyrocket in July.
It should be noted that the IMF team will be in Islamabad till May 23 to assess the government’s willpower. Domestic consumers are already paying up to Rs 62 per unit, which will allow citizens to shift to alternative sources of energy. The trend is increasing.
According to the sources, in the meeting, the Ministry of Energy has faced tough questions on the wrong assumptions of electricity consumption. Nepra also used the assumptions of the Ministry of Energy. The Ministry of Energy had estimated a 7% increase in electricity consumption this year. There will be, but rather than an increase in electricity consumption, a decrease has been recorded, leading to huge increases in electricity bills in the form of adjustments.
The Pakistani authorities, recognizing their assumptions as wrong, have indicated that the increase for the next financial year should be estimated at 3 percent, so as to avoid repeated increases during the year. can reach up to, while the target was fixed at 2.310 thousand billion rupees.
Sources say that the Pakistani authorities have admitted to the IMF that the target of revolving credit may be missed by a margin of Rs 138 billion, but it has been assured that Rs 20 billion will be collected from the public through quarterly adjustments. will be received and thus an effort will be made to limit the revolving debt to 2.430 thousand billion rupees.
