ISLAMABAD – In the wake of a recent surge in electricity rates, the government of Pakistan is gearing up to implement a substantial gas price increase of more than 45%, as per the demands put forth by the International Monetary Fund (IMF), according to reliable sources cited by ARY News.Reportedly, the federal government has presented a comprehensive plan to the IMF outlining the proposed gas price hike. The international financial institution has explicitly urged Pakistan not to delay the implementation of this measure, as it is seen as a crucial step in reducing the growing circular debt.As part of its stringent requirements, the IMF is pressing for the federal cabinet’s swift approval of the Circular Debt Management Plan 2024 before the end of July. This plan’s prompt endorsement is vital for the country, as it will directly impact the performance evaluation of Pakistan’s financial institutions, with the Circular Debt Management Plan 2023 under close scrutiny.The proposed increase in gas prices comes in the wake of the recent electricity tariff adjustment, adding further economic strain to the citizens. The government’s move is aimed at addressing the mounting energy crisis and securing the much-needed financial support from the IMF.This situation unfolds as the nation grapples with economic challenges, and the government faces the difficult task of balancing the needs of the economy and the welfare of its people. The impending decision on the gas price hike is poised to have far-reaching implications for businesses and households across the country. Citizens and stakeholders eagerly await official statements and developments on the matter as the government and IMF continue to engage in negotiations.As the situation unfolds, Pakistan’s authorities must tread carefully to strike a balance between complying with international obligations and safeguarding the interests of its populace during these economically challenging times.