The federal cabinet's Economic Coordination Committee authorised a significant hike in electricity costs on Friday. The Kissan package and the removal of power tariff subsidies for industries focused on exports were also approved by the ECC.
A revised circular debt management plan, which calls for a pricing increase of about Rs 7-8 per unit through August of this year, was approved by the Sharif-led government.
According to a statement from the finance division, the ECC approved the request to collect Rs76 billion while exempting non-ToU residential users who consume less than 300 units per month and private agriculture consumers during the four-month period from March 2023 to June 2023.
According to the report, officials agreed to implement an extra surcharge of Rs. 1 per unit for the fiscal years 2023–2024 in order to recoup additional markup fees for PHL loans that were not covered by the already in place FC surcharge.
The nation of more than 220 million people is struggling with a wide range of economic issues and is working nonstop to avoid going into default on its debt.
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