ISLAMABAD: In order to increase the competitiveness of the nation’s exports, the government plans to start removing restrictions on the import of “non-essential and luxury items” put in place on May 19. It will also continue to offer energy at subsidised rates, with electricity costing just nine cents per unit and gas costing nine dollars per unit.
The Economic Coordination Committee (ECC) had a special virtual meeting planned for Sunday to approve the subsidised energy tariffs, but it was abruptly postponed for a day to be combined with another meeting on Monday with significant topics on the agenda.
The sources stated that the government anticipated $3 billion in inflows from “some friends” during the current week and wanted to instil “confidence and a feel-good sense in the market” by supporting five export-oriented sectors, paying off import payables simultaneously, and gradually removing temporary restrictions on the majority of imports (aside from mobile phones and cars) of about 85 items.
The commerce ministry has requested that power be supplied to five export-oriented industries — jute, leather, carpet, surgical, and sporting goods — from July 1, 2022, to June 30, 2023, at a final, all-inclusive pricing of nine cents per unit (kilowatt-hour, or kWh).
Second, rather of paying the current rate of $6.5 per million British thermal units (mmBtu), these sectors would get the exported and regasified liquefied natural gas (RLNG) at an all-inclusive pricing of $9 per mmBtu. The price will be uniformly applied throughout Pakistan.