ISLAMABAD – Thousands of Pakistanis took to the streets, and observed nationwide strikes over the weekend in the wake of huge increase in electricity bills, prompting the caretaker government to come up with strategy as the country is facing the worst economic crisis in recent times.
As masses are demanding caretakers to reverse the additional charges that have made electricity almost unaffordable, the interim government has reportedly decided to provide relief to power consumers, using up to 300 units in October’s bills.
Media reports suggest that consumers – whose electricity bills are up to Rs70,000 – will get relief of around Rs13,000, which equates to nearly 20 percent.
The government is chalking out a strategy to calm down charged people, Kakar led cabinet is in talks with International Monetary Fund (IMF) and the matter of providing relief to the power consumers is being discussed in detail as earlier the global lender turned down a proposal of any subsidies.
IMF reportedly sought more data from Pakistani officials and the final decision will be made in the coming days.
Last week, interim Finance Minister Shamshad Akhtar held virtual talks with IMF’s Resident Representative for Pakistan Esther Perez Ruiz and the latter asked for a written plan from the interim government for electricity bill collection and relief measures.
It was reported that the government got no directives from the IMF to reduce the price of electricity, and it is likely that bills will be collected in installments.
Meanwhile, nationwide protests and shutterdown strikes continued unabated as people are burning bills, and calls for civil disobedience gained traction.
People also blocked key arteries across the country, demanding the government to revise the taxes.
Pakistani rupee continue to witness further losses against US dollar in the open market on despite positive economic indicators and massive surge in Stock Market.
On Tuesday, the dollar was being quoted at 285.1 for selling and 288.15 for buying purposes for customers.
Euro price moves down by Rs2 to 312 for buying and 315 for selling. British Pound rate stands at 358.5 for buying, and 362 for selling after increase.
UAE Dirham AED stands at 78 whereas the Saudi Riyal also witnessed fall and new price stands at 76.25.
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.24||36.59|
|New Zealand Dollar||NZD||173.44||175.44|
KARACHI – Gold continues to move upward in local market amid surge in international rates.
On Tuesday, the single tola of 24 Karat gold was available at Rs217,600, and the price for 10-gram gold saw increase of Rs943 to reach Rs186,557.
Globally, yellow metal went up by $12 to settle at $2,015 per ounce.
Last week, per tola gold price increased by Rs800 per tola, and it hovers around two month high.
|Lahore||PKR 217,600||PKR 2,600|
|Karachi||PKR 217,600||PKR 2,600|
|Islamabad||PKR 217,600||PKR 2,600|
|Peshawar||PKR 217,600||PKR 2,600|
|Quetta||PKR 217,600||PKR 2,600|
|Sialkot||PKR 217,600||PKR 2,600|
|Attock||PKR 217,600||PKR 2,600|
|Gujranwala||PKR 217,600||PKR 2,600|
|Jehlum||PKR 217,600||PKR 2,600|
|Multan||PKR 217,600||PKR 2,600|
|Bahawalpur||PKR 217,600||PKR 2,600|
|Gujrat||PKR 217,600||PKR 2,600|
|Nawabshah||PKR 217,600||PKR 2,600|
|Chakwal||PKR 217,600||PKR 2,600|
|Hyderabad||PKR 217,600||PKR 2,600|
|Nowshehra||PKR 217,600||PKR 2,600|
|Sargodha||PKR 217,600||PKR 2,600|
|Faisalabad||PKR 217,600||PKR 2,600|
|Mirpur||PKR 217,600||PKR 2,600|