KARACHI
\nPakistan\u2019s Ministry of Energy has been contemplating hiking energy prices to meet the International Monetary Fund (IMF) requirements. Decisions were also being made as part of the \u201cenergy conservation policy\u201d for the closure of all businesses by 8 pm and closure of wedding halls by 10 pm.
\nThe Government of Pakistan is actively seeking policy changes so that there is minimum further delay in the ninth review of Pakistan\u2019s economic performance under a 36-month program supported by an Extended Fund Facility arrangement.
\nPresident of the Employer\u2019s federation of Pakistan, Ismail Suttar stated, \u201cThe IMF continues to put forth conditions that are disastrous to Pakistan\u2019s industrial community. Amid devastation due to massive floods, surging inflation and an economic crisis, the IMF must make concessions and show leniency in conditions put forth. Increasing energy prices and taxes will damage Pakistan\u2019s already struggling business community.
\nThe IMF in collaboration with the GOP should put forth feasible conditions that enhance Pakistan\u2019s economic standing.\u201d
\nHe said that the government should focus on debt restructuring which will lead to increased confidence in Pakistan\u2019s economy. Inflated costs of energy will only lead to a closure of more businesses thereby harming the economy. Government expenditure should be limited and policies for effective collection of tax and proper distribution of energy should be prioritized to fill in the funding gap.
\nStrict implementation of anti-money laundering laws. A strong check and balance is needed against the illegal use of electricity in the form of theft. Furthermore, the IMF and GOP should focus on long term solutions such as a move to more renewable forms of electricity.
\nSuttar was of the opinion that EFP believes that the government will have to take a stand against some stringent conditions set by the IMF. Instead, other routes of action should be formally discussed and an agreement can be reached without causing harm to Pakistan\u2019s business community. The Global Lending giant must operate in good faith and take into account the ongoing economic crisis Pakistan is facing.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Pakistan\u2019s Ministry of Energy has been contemplating hiking energy prices to meet the International Monetary Fund (IMF) requirements. Decisions were also being made as part of the \u201cenergy conservation policy\u201d for the closure of all businesses by 8 pm and closure of wedding halls by 10 pm. The Government of Pakistan is actively seeking […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-303389","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n