Islamabad [Pakistan], October 8 (ANI): The International Monetary Fund (IMF) has demanded Pakistan hike its electricity tariff.

The demand was made during virtual talks between IMF officials and Pakistan for the release of USD 1 billion loan instalment, ARY News reported.

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"Electricity tariff should be jacked up by Rs1.40 per unit," the IMF recommended the hike saying it will help the country in controlling the circular debt, ARY News reported.

The fund has asked for more steps to increase income tax, sales tax, and regulatory duties collection and urged the Federal Board of Revenue to take steps in this context.

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It is the third day of the virtual talks between Pakistan and the IMF. Negotiations for USD 1 billion loan instalment by IMF are underway and it will continue this week.

In August, the country received USD 2.75 billion from IMF as part of Special Drawing Rights (SDR) allocations, stated State Bank of Pakistan (SBP), ARY News reported. (ANI)

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