The Power Division has affirmed its complete adherence to all agreements made with the International Monetary Fund (IMF), stating that it has submitted reports detailing actions taken up to January 2024.
An official clarified that the IMF Mission will review these reports and pose queries based on their analysis, which will be addressed during discussions. Moving forward, input from ministries will be incorporated into negotiations for the 2024-25 budget.
Regarding the reduction of capacity payments, the government aims to fulfill its commitment of zero net Circular Debt accumulation for FY24. Negotiations with wind power projects and the assumption of Power Holding Limited amortization by the federal budget are also underway in line with IMF commitments.
Efforts to combat electricity theft have yielded approximately Rs100 billion from September 7 to March 10, 2024, which will be shared with the IMF. Additionally, progress on reforms, particularly in accelerating the transition to green energy as mandated by the National Electricity Policy, will be highlighted.
An IMF review mission is scheduled from March 14 to March 18, with the Finance Ministry urging all relevant entities to ensure compliance with performance criteria and attend review meetings. Designated officers, not below Additional Secretary level, have been instructed to represent their respective ministries or organizations in negotiations.
The Finance Division has requested Secretaries and designated focal persons to remain available in Islamabad until the finalization of the Staff Level Agreement (SLA), with outstation visits requiring prior approval from the Minister for Finance and Revenue.
Story By Mushtaq Ghumman
