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ISLAMABAD: The government has fulfilled another IMF condition, the Economic Coordination Committee of the Cabinet has approved the hike in gas prices for domestic, commercial and electricity sectors. The committee also approved the signing of the loan renewal agreement with Russia in the amount of 14.5 million and 30 thousand dollars.
On this occasion, a meeting of the economic coordination committee of the Cabinet was held under the chairmanship of the Minister of Finance Ishok Dar. At the meeting, after a detailed review of the conclusion presented by the Ministry of Energy on the sale prices of natural gas for the fiscal year 2022-23, gas for residential, commercial and energy sectors for 6 months (January to June 2023). By revising price increase was approved.
The Economic Coordination Committee of the Cabinet of Ministers also approved the conclusion presented by the Ministry of Economic Affairs on the signing of the debt restructuring agreement with the G20 countries after a detailed review.
The participants of the meeting were told that in order to reduce the effects of Covid, the suspension and rescheduling of debt payments for IDA eligible countries was announced in April 2020, according to which not only the actual amount of the loans but also the amount charged to them Interest payments were also announced, according to which Pakistan has so far signed 37 agreements on debt modification with 15 debtor countries.
Meanwhile, the Central Economic Commission allowed the Department of Economic Affairs to sign an agreement to change the term of the loan with Russia in the amount of 14.5 million thirty thousand dollars.
