Awaz Apni

Awaz Apni ISLAMABAD: Government has hiked power tariff by 7.6 percent in line with the IMF agreement. According to the Ministry of Water and Power the revised tariff will be effective from July 1. The above raise will be in addition to the hike announced earlier by NEPRA in consequence to the monthly fuel adjustment. The notification says that the government has, under NEPRA Act, hiked the power tariff for consumers of eight power distributors as well as Karachi Electric Supply Company. The government’s original plan was to implement the hike from April this year but had to delay it for two months as country suffered from increased power shortfall and load-shedding. Earlier, the government had raised the electricity tariff by 4.6 percent in October 2009 and then in Janaury 2010 by 12 percent as part of its plan to bring in phases a total increase of 24 percent in the electricity rates. The consumers of up to 100 units will have to bear an additional burden of 29 paisas per ...

AMagazine ISLAMABAD: Pakistan received first tranche of loan from International Monetary Fund (IMF), Awaz Apni reported on Thursday morning. State Bank of Pakistan (SBP) sources said that it has received first installment of $3.10 billion.

CNews WASHINGTON: The International Monetary Fund (IMF) has said its executive board approved a credit of 7 billion and 600 million dollars for Pakistan, the Fund's first rescue in Asia since the global financial crisis began.The credit will "support the country's economic stabilization program," the IMF said in a brief statement.The Fund and Pakistan had already announced an agreement in principle earlier this month on the key elements of an economic program to be supported by an SDR 5.17 billion (about US$7.6 billion) 23-month Stand-By Arrangement, seeking approval by the IMF Executive Board.The agreement was aimed at staving off a balance of payments crisis that has raised the prospect of the nation defaulting on its foreign debts.With today’s approval Pakistan is likely to receive between $3.5 billion and $4 billion initially, while the rest will be distributed in six equal installments.The official signing ceremony of the loan agreement between Pakistan and the I...

CNews KARACHI: The International Monetary Fund (IMF) will extend 7.6 billion dollars to Pakistan under a 23-month loan programme, said Adviser on Finance Shaukat Tareen on Saturday. Addressing a press conference here at State Bank of Pakistan, the Adviser said the IMF will provide this loan under stand by credit limit at interest rate ranging between 3.51 and 4.51 per cent and its repayment will be made in five years beginning from 2011. Governor SBP, Dr. Shamshad Akhtar was also present on the occasion. Shaukat Tareen said IMF has not attached any new condition to the loan facility. The IMF will release 4 billion dollars as the first tranche of the loan this year while the rest will be provided in the coming year. However, he said the IMF will make its final decision regarding the loan programme after its board meeting. The Finance Adviser expressed his inability to announce the exact date of receiving the loan but said it will happen during the current month. He said the prime object...

CNews LONDON: Pakistan does not need to turn to the International Monetary Fund (IMF) for money in the next10 months if the government cuts spending and gets other sources of funding to offset falling reserves, a senior IMF official said.Mohsin Khan, IMF's director for the Middle East and Central Asia, said Pakistan had not asked the IMF for loans.He said Pakistan would not need an IMF loan in the fiscal year to June if the government abolishes all fuel subsidies by December as planned, and stops borrowing from the central bank to pay for its budget deficit.Khan said the government needs to stick to its privatisation plans to raise money, secure over $1 billion worth of loans from the World Bank and the Asian Development Bank, and get Saudi Arabia to defer an estimated $5.9 billion worth of oil payments."If things fall right for them in all these things that they are planning to do, I don't believe there will be any need for them to come to the IMF," Khan, who was in ...