Govt announces ‘all-inclusive’ power subsidy for export industries

SuchTV  |  Oct 06, 2022

In a media talk after negotiations with the Pakistan Textile Exporters Association (PTEA) in Islamabad, he termed the demand for energy subsidies “just” and promised that the government would bear the difference between the new fixed price and the actual per unit production cost.

“I expect the industries to now increase Pakistan’s exports.”

Dar said the annual burden of the subsidy would amount to around Rs90-100 billion, adding that the “all-inclusive” package was announced for the five major exporting sectors, and not just the textile sector.

He denied that the subsidy would have any impact on the primary or budget deficit, assuring that “everything will be taken care of”.

Meanwhile, in response to a question on whether the International Monetary Fund (IMF) was taken into confidence on the package, the finance minister said: “I don’t need to take [the IMF] into confidence […] when I know what I am doing then it is my responsibility to create [fiscal] space for it and I have done so.”

Dar added that he believed in taking “prudent decisions” and had a source of funds available for the package. “[I will explain it myself] when talks are held with them [IMF delegation] and when they arrive on October 25,” he added.

 

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