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IMF agreement: Electricity prices to be further increased by August

IMF agreement: Electricity prizes to be further increased by August
Islamabad: Pakistan has agreed with the International Monetary Fund to further hike the electricity prices on quarterly adjustments basis by the end of the next month, an IMF report said on Tuesday.

According to the report, electricity prices will be increased after every 3 months, also gas prizes will now not be determined by government.

IMF has also instructed the government to increase revenue by 30 billion till September. Petroleum sales tax will not be lesser than 17 percent.

The report also stated that the value of rupees against dollar will be determined in open market.

The IMF said Pakistan is facing significant economic challenges on the back of large fiscal and financial needs, with weak and unbalanced growth adding that a sustainable policy is required to ensure economic stability in country.

IMF has also instructed the government to improve the autonomy and governance of State Bank.