AIRLINK 74.29 Increased By ▲ 0.29 (0.39%)
BOP 4.95 Decreased By ▼ -0.07 (-1.39%)
CNERGY 4.37 Decreased By ▼ -0.05 (-1.13%)
DFML 38.80 Decreased By ▼ -0.40 (-1.02%)
DGKC 84.82 Decreased By ▼ -1.27 (-1.48%)
FCCL 21.21 Decreased By ▼ -0.44 (-2.03%)
FFBL 34.12 Increased By ▲ 0.11 (0.32%)
FFL 9.70 Decreased By ▼ -0.22 (-2.22%)
GGL 10.42 Decreased By ▼ -0.14 (-1.33%)
HBL 113.00 Decreased By ▼ -0.89 (-0.78%)
HUBC 136.20 Increased By ▲ 0.36 (0.27%)
HUMNL 11.90 No Change ▼ 0.00 (0%)
KEL 4.71 Decreased By ▼ -0.13 (-2.69%)
KOSM 4.44 Decreased By ▼ -0.09 (-1.99%)
MLCF 37.65 Decreased By ▼ -0.62 (-1.62%)
OGDC 136.20 Increased By ▲ 1.35 (1%)
PAEL 25.10 Decreased By ▼ -1.25 (-4.74%)
PIAA 19.24 Decreased By ▼ -1.56 (-7.5%)
PIBTL 6.71 Increased By ▲ 0.03 (0.45%)
PPL 122.10 Decreased By ▼ -0.90 (-0.73%)
PRL 26.65 Decreased By ▼ -0.04 (-0.15%)
PTC 13.93 Decreased By ▼ -0.40 (-2.79%)
SEARL 57.22 Decreased By ▼ -1.90 (-3.21%)
SNGP 67.60 Decreased By ▼ -1.90 (-2.73%)
SSGC 10.25 Decreased By ▼ -0.08 (-0.77%)
TELE 8.40 Decreased By ▼ -0.10 (-1.18%)
TPLP 11.13 Decreased By ▼ -0.10 (-0.89%)
TRG 62.81 Decreased By ▼ -2.04 (-3.15%)
UNITY 26.50 Increased By ▲ 0.25 (0.95%)
WTL 1.35 Increased By ▲ 0.01 (0.75%)
BR100 7,810 Decreased By -40.3 (-0.51%)
BR30 25,150 Decreased By -186.4 (-0.74%)
KSE100 74,957 Decreased By -250.1 (-0.33%)
KSE30 24,083 Decreased By -59.5 (-0.25%)

ISLAMABAD: Pakistan has met all prior conditions for the combined 7th and 8th review under the Extended Fund Facility (EFF) programme and the International Monetary Fund (IMF) Executive Board meeting is tentatively planned for late August.

This was confirmed by Esther Perez Ruiz, IMF resident representative in Pakistan, while releasing a statement Tuesday.

After the Board’s approval, Pakistan will receive around $1.177 billion.

She stated, “With the increase in PDL on July 31, the last prior action for the combined 7th and 8th review has been met. The Board meeting is tentatively planned for late August once adequate financing assurances are confirmed”.

The IMF team reached a staff-level agreement (SLA) with the Pakistan authorities last month for the conclusion of the combined seventh and eight reviews of the EFF-supported programme. The agreement is subject to approval by the IMF’s Executive Board. Subject to Board approval, about $1,177 million (SDR 894 million) will become available, bringing total disbursements under the programme to about $4.2 billion.

IMF wants assurance on Saudi funding to Pakistan before it disburses loan: report

Additionally, in order to support programme implementation and meet the higher financing needs in fiscal year 2023, as well as catalyze additional financing, the IMF Board will consider an extension of the EFF until end-June 2023 and an augmentation of access by SDR 720 million that will bring the total access under the EFF to about $7 billion. The government Sunday night announced slashing the petrol price by Rs3.05 per litre and increased the price of high-speed diesel by Rs8.95 per litre.

The price of kerosene (SKO) has been increased Rs4.62 per litre and the price of light diesel has been increased Rs0.12 litre.

However, the government decided not to pass on the full impact of the decrease in petrol, prices as recommended by the Oil and Gas Regulatory Authority (Ogra) but opted to increase the petroleum levy (PL) rates up to Rs10 per litre with effect from August 1, 2022.

The rates of PL on petrol have revised upward from Rs10 to Rs20 per litre.

The regulator had recommended a reduction of Rs13.05 per litre. However, the government opted to only reduced Rs3.05 per litre. The government announced Rs227.19 per litre against the recommended price of OGRA of Rs217.19 per litre.

The rate of PL on high-speed diesel has (HSD) also increased from Rs5 to Rs10 per litre. The Ogra had recommended an increase of Rs3.95 per litre in HSD price, however, the Finance Division decided to increase the price at Rs8.95 per litre by the addition of revised PL. The government announced Rs244.95 per litre price with effect from August 1-15 against recommended prices of 239.95 per litre.

The PL rate on kerosene oil (SKO) has also increased from Rs5 to Rs10 per litre. The new price of SKP has been fixed Rs201.07 per litre against a recommended price of Rs196.07 per litre. The regulator had recommended to reduce the price by 0.38 paisa but the government has increased by Rs4.62 per litre.

The price of light diesel oil (LDO) has also increased by raising PL from Rs5 to Rs10 per litre. The price has been reduced by 12 paisa against the Ogra’s recommended price reduction of Rs5.12 per litre. The oil and gas regulator had worked out prices of PL based on the last notified PL rates as well as budgeted Rs750 billion PL and zero sales tax. In line with the government’s agreement with the IMF, prices of POL were required to be passed on the consumers as worked out by the Ogra with effect from August 1.

Copyright Business Recorder, 2022

Comments

Comments are closed.

Hussain Naqvi Aug 03, 2022 10:58am
AslamoAlikum: Good news for the nation that "Pakistan has met all prior conditions of IMF"
thumb_up Recommended (0)
Hussain Naqvi Aug 03, 2022 11:17am
To IMF : Global debt crisis caused by factors like the COVID-19 pandemic and geopolitical conflicts, there are many developing countries like Pakistan that are facing economic difficulties and need financial assistances. The dwindling foreign exchange reserves, Pakistan is in an urgent need of the IMF loan. Thank you
thumb_up Recommended (0)
SZS Aug 03, 2022 12:08pm
Ordinary citizens trying to make sense of the country's economic situation might be turning to more research based articles rather than political statement/talk shows. To encourage this understanding , please would the sub-editors include what the acronyms stand for unless these articles are meant strictly for business/finance experts? Example 1: Special Drawing Rights (SDR) or Service Delivery Objective/Scheduled Day Off/Surface dans Oeuvre/SDO, Stamp Distribution Office; 2. SKO:Superior Kerosene Oil or Sales Kick-Off or Sarvottam Kerosene Oil?
thumb_up Recommended (0)