Hafeez says IMF assures next tranche on May 14

WASHINGTON: Finance Adviser Dr Abdul Hafeez Sheikh has said that an arrangement with the International Monetary Fund compels Islamabad to increase power tariff by additional six per cent but the government is trying not to pass on the entire burden on consumers.

Dr Hafeez explained at a news conference here on Tuesday that the agreement required Pakistan to increase power tariff in three instalments of six, 12 and six per cent, respectively.

World Bank urges more economic reforms

ISLAMABAD: Pakistan's economy has made progress through tough reforms but still needs to boost tax revenues and increase power supplies to improve finances, the World Bank said on Friday.

During two days of meetings with officials, including Abdul Hafeez Sheikh, the new Finance Adviser to the prime minister, World Bank Vice President for South Asia Isabel Guerrero noted substantial economic progress since her last visit in 2008.