The International Monetary Fund on Friday gave a statement in which it expressed happiness on the decisions of Pakistan government to increase electricity prices as per instruction.
According to the IMF Executive Board acting head Nemat Shafiq, electricity rates would have to be increased in Pakistan to take pressure off the government incurred due to the subsidy. Shafiq further said that reforms in the energy sector should continue.
He said that Pakistan was actually doing what we were demanding in fact, it increased average 35% rates in the month of October 2013 which was more than our demand.
As this is the reason that IMF has approved the second tranche of $ 550 million to Pakistan under the $ 6.6 billion loan programme in December.