The International Monetary Fund (IMF) has shared lists of prerequisite actions and told Pakistani authorities in plain words that Islamabad will have to move towards implementing all demands for reviving the stalled Fund programme.
The IMF has asked that Pakistan take all required steps to allow the signature of a staff-level agreement and the release of a $1 billion tranche under the Extended Fund Facility (EFF).
According to the sources, the IMF has asked Pakistan for a roadmap for collecting Rs 855 through a gasoline charge till June 30, 2023. The charge on diesel must be increased by Rs 15 per litre by the Pakistani government, increasing it to Rs 50 per litre.
According to the sources, the IMF has also demanded payment of the circular debt in the gas industry in order to resume the stalled loan programme. The sources further stated that Pakistan must raise gas prices by up to 74% in order to pay off the debt.
IMF target: Govt jacks up levy on diesel to Rs35/litre
Pakistan has also been ordered to take action to increase tax revenue by Rs300 billion and raise the basic electricity rate.
The IMF wants Pakistan to lift the “artificial ban” on the dollar exchange rate, it has also been revealed.
According to the sources, Ishaq Dar, the minister of finance, is also concerned about the IMF’s “strong stance.”
