The government met another requirement established by the International Monetary Fund (IMF) by approving a summary for the annual readjustment of electricity rates, Express News reported.
The decision was taken during a meeting of the Economic Coordination Committee (ECC) in Islamabad, chaired by Finance Minister Muhammad Aurangzeb.
In accordance with the agreement with the IMF, the ECC directed the National Electric Power Regulatory Authority (NEPRA) to issue annual policy guidelines for the tariff overrun process. The rebasing will take effect from January 1 and the Energy Division will be tasked with ensuring NEPRA’s compliance with the new guidelines.
The ECC meeting also approved significant financial allocations for various sectors as the Ministry of External Affairs received a technical grant of over Rs 90 million, which will be utilized by Pakistan International Airlines (PIA) and Pakistan Air Force (PAF). ) to improve its operational capabilities. .
Additionally, the committee approved a grant of Rs 940 million to meet the operational needs of the Frontier Corps (FC) North. It also approved the withdrawal of a bank guarantee linked to Afghan transit trade through the Gwadar port.
Additional funds were allocated for the establishment of the National Regulatory Authority for Food Safety and Plant Health, and the ECC approved a technical grant of Rs 910 million for its formation.
In a major move for state-owned enterprises, the committee approved a subsidy of Rs 930 million for payment of salaries to employees of Pakistan Steel Mills. This grant will be raised from pre-approved funds amounting to Rs 3.5 billion.
