A Pakistani delegation has successfully completed the first round of talks on the release of a third instalment, totalling USD840m, of Pakistan’s standby facility with the IMF, according to a Finance Ministry statement.
The IMF agreed to allow a one-time extension to the time limit for withdrawal of a controversial power subsidy.
The government has reportedly proposed that the electricity tariff be raised by 17.5% in three phases – the first 5% in September 2009; a second 7.5% on January 1, 2010; and the remaining 5% in March 2010.
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