The International Monetary Fund has asked the ministry of finance to sign a written agreement regarding reduction in electricity bills.

Reports said that the Fund has asked the ministry to fulfill five conditions which are being seen as ‘harsh’.

One of the conditions imposed by the IMF is to end the perks and privileges being extended to Captive Power Producers which are set up by industrial units.

The Fund has told the government to immediately increase gas prices for the CPPs in line with the increases for other consumers. The money lender has also demanded that the increase should be enforced from July 2023.

The government has been asked to provide a comprehensive plan on how subisdies will be ended for CPPs and prices will be brought on par with other sectors.

The IMF has also told the government to fix the power sector as a whole so it can be able to provide relief to consumers in electricity bills.