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The International Monetary Fund (IMF) has approved a reduction of Rs1 per unit in electricity tariffs for all Pakistani consumers.
This relief follows a staff-level agreement between Pakistan and the IMF to unlock a $1.3 billion loan tranche.
IMF Mission Representative Maher Bennisy stated that the relief will be funded through revenue generated from levies on gas consumption by captive power plants.
READ: NEPRA announces cut in power tariff for Karachi consumers
He also revealed that the government is working on a broader electricity relief package, which will be announced after formal IMF approval.
Earlier, Prime Minister Shehbaz Sharif had promised relief for power consumers.
On March 26, Pakistan and the IMF reached an agreement on the first review under the 37-month, $7 billion Extended Fund Facility (EFF) and a new 28-month, $1.3 billion arrangement under the Resilience and Sustainability Facility (RSF). The IMF confirmed that the agreement is pending final approval by the Executive Board. Once approved, Pakistan will receive $1 billion under the EFF, bringing total disbursements under the program to $2 billion.
