IMF opposes gas price reduction
The International Monetary Fund (IMF) is seeking to curtail powers of the federal government for making a downward revision in gas prices in a bid to prevent further accumulation of circular debt. In a recent meeting, the Cabinet Committee on Energy (CCOE) was informed that the IMF while noticing the burgeoning tariff differential adding to the flow of circular debt in the gas sector in its review of the Extended Fund Facility (EFF) and Standby Arrangement (SBA) from time to time, sought amendments to the Ogra Ordinance 2002 to curtail powers of the government for pushing down tariffs. Later, a commitment was solicited with set deadlines to timely advise the revision in consumer gas prices following receipt of Ogra determinations and report compliance to the IMF.