PIAF rejects IMF loan revival on harsh term of power tariff hike

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LAHORE:  – The Pakistan Industrial and Traders Association Front (PIAF) has rejected the massive increase in tariffs of Distribution Companies (Discos) by Rs 3.50 per unit to qualify the stalled $6 billion IMF loan program, as NEPRA has allowed a raise of Rs 1.53 per unit for Dec 2020 under monthly fuel price adjustment while Rs 1.95 per unit increase has already been approved as a base tariff for the formal resumption of IMF’s suspended program.
PIAF chairman Mian Nauman Kabir lamented that National Electric Power Regulatory Authority has notified an increase of Rs 1.53 per unit in Discos tariffs for Dec 2020 whereas formal notification of approved uniform increase of Rs 1.95 per unit in base tariffs of Discos being also notified. He said the cumulative impact of Rs 3.48 per unit increase in Disco’s tariff, having a financial burden of Rs 11.6 billion will be charged across the board, leading the economy towards point of no return due to interference of International Monetary Fund in the Pakistani economy.
In a joint statement with PIAF Senior Vice Chairman Nasir Hameed and Vice Chairman Javed Siddiqi, Mian Nauman Kabir stated the frequent raises in energy rates on behest of the IMF would make the Pakistani products uncompetitive in the international market. He said that industry is the main victim of this IMF interference, as donors’ involvement in the Pakistan’s economic matters and dictations to the policy makers for taking harsh measures would add to the economic miseries of the country.