ISLAMABAD – The government of Pakistan approved another hike in electricity base tariff  by Rs5.72 per unit, taking it to Rs34.50 per unit.

Federal Cabinet approved substantial increase in the basic electricity tariff in accordance with an International Monetary Fund (IMF) condition. This approval raises the tariff from Rs29.78 per unit to Rs35.50 per unit.

National Electric Power Regulatory Authority (NEPRA) earlier moved request to increase average tariff hike to fulfil stern demand of global lender. The increase will take effect from July 1 for the current fiscal year.

International Monetary Fund (IMF) also expressed satisfaction with Islamabad's economic improvement measures. During virtual discussions, Islamabad informed IMF about steps taken to meet its requirements.

The government anticipates progress by end of the month regarding a new IMF loan program expected to range between $6 billion and $8 billion over three years.