CelloMom On Cars on Nostr: What happened: In 2021, Pakistan needed a loan. The IMF offered a loan, but - as with ...
What happened:
In 2021, Pakistan needed a loan.
The IMF offered a loan, but - as with many IMF loans - it came with strings attached.
"Pakistan and the IMF have agreed to restore energy sector viability as part of the bailout program, which includes cost cuts and privatization of state-owned power distribution companies."
And subsidies had to be done away with.
Predictably, electricity prices rose steeply. People started turning to solar PV.
https://www.bloomberg.com/news/articles/2024-08-13/it-can-cost-more-to-power-a-house-than-rent-it-in-pakistan
In 2021, Pakistan needed a loan.
The IMF offered a loan, but - as with many IMF loans - it came with strings attached.
"Pakistan and the IMF have agreed to restore energy sector viability as part of the bailout program, which includes cost cuts and privatization of state-owned power distribution companies."
And subsidies had to be done away with.
Predictably, electricity prices rose steeply. People started turning to solar PV.
https://www.bloomberg.com/news/articles/2024-08-13/it-can-cost-more-to-power-a-house-than-rent-it-in-pakistan