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IMF demands end of budget subsidy for tube well users

IMF demands end of budget subsidy for tube well users

IMF demands end of budget subsidy for tube well users

IMF demands end of budget subsidy for tube well users

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  • IMF has asked to introduce solarization system for agricultural sector.
  • Around Rs. 90 billion will be spent on solarization scheme for tube wells.
  • The federal, provinces and tube well consumers will share 30 billion each.
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ISLAMABAD: The International Monetary Fund (IMF) has demanded an end to budget subsidies for tube well users.

According to sources, officials of the Ministry of Energy and the Ministry of Finance met in technical level talks with the IMF mission during which discussions were held on starting the Tube Well Solarization Scheme in the current financial year.

Sources say that the IMF has asked to introduce a solarization system for the agricultural sector of Pakistan and demanded to end the budget subsidy for tube well users.

“Around Rs. 90 billion will be spent on the solarization scheme for tube wells,” sources said.

“Proposals with regard to the solarization scheme can be presented to the federal cabinet next month,” sources said. ” Rs. 90 billion will be shared by the federal government, the province and consumer equally,” according to sources.

The federal government, province and tube well consumers will share 30 billion rupees each.

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Sources said that due to the implementation of the scheme, it has also been asked not to give subsidy to tube wells users in the budget of the next fiscal year.

According to the sources, IMF was told in the meeting that National Electric Power Regulatory Authority (NEPRA) is making timely notification of quarterly adjustments and fuel price adjustments for cost-recognising tariff improvement.

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According to the sources, the IMF has also directed cooperation between DISCOs, Ministry of Energy and NEPRA and speedy implementation of decisions.

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