Pakistan wants to hike power tariff despite recent massive blackout
Imran Khan
Inspite of the massive power blackout in Pakistan, Imran Khan government has planned to raise power tariff. The decision has been taken in view of increasing International Monetary Fund (IMF) debt. The government was increasing power tariff by Pakistani Rupees 1.90 per unit. This decision is being taken to revive the stalled IMF loan programme under USD 6 billion Extended Fund Facility (EFF)
As per government projections the circular bill will mount up to Rs 2805 by June 2021. This will put the power sector into cash crunch situation.
The government has already hiked power tariff several times but it has not helped the power sector.
The multilateral creditors, including the IMF, World Bank and Asian Development Bank, had often suggested increasing power tariffs in the past to fix the problem of circular debt.The circular debt was persistently raising trends and it might escalate to Rs 2,805 billion by the end of June 2021.
It had climbed to Rs 2,150 billion during the last financial year 2019-20, indicating that the bleeding of the power sector surged by Rs 538 billion just in 12 months from July 2019 to June 30, 2020, reported The News International.
This shows that the circular debt went up by Rs 44.8 billion on a monthly basis in the last financial year.
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Meanwhile, the Imran government shifted the blame on the COVID-19 pandemic and said that the situation ballooned the circular debt in the second half of the last fiscal year.The government performance was also exposed as it claimed that the monthly accumulation of circular debt was curtailed at just Rs 10 to 12 billion.
(With agency inputs)