No plan to approach IMF, says interim Finance Minister Shamshad Akhtar

ISLAMABAD: Interim finance and planning minister Dr Shamshad Akhtar on Tuesday rejected speculation that the caretaker government may approach the International Monetary Fund (IMF) for loans. 

"The caretaker government cannot hold talks or sign a deal with IMF," Akhtar, a former governor of the State Bank of Pakistan, said while addressing a joint press conference of federal ministers in Islamabad on load-shedding and financial issues. 

Explaining the reason behind the Rs4.26 per-litre hike in petrol prices in effect from today, the interim finance minister said the increase in petroleum prices follows a certain formula. 

"Oil prices are determined by global prices," she said, adding, "All governments have to adjust petroleum prices."

Four reasons for frequent load-shedding: Zafar

Caretaker Federal Minister for Information and Broadcasting Syed Ali Zafar on Tuesday outlined the reasons behind the persistent load-shedding in the country. 

Zafar, who has been given the portfolio of the Ministry of Law and Justice as well as Ministry of Parliamentary Affairs and Ministry of Information in the interim cabinet, said the country has the capability to generate 28,000MW of electricity, but is unable to do so owing to the following reasons:

"Electricity production falling short of demand, technical faults, water shortage and transmission losses," Zafar explained.

He added, "If there is water in dams and all power plants are running on their full capacity then we can produce 28,000MW of electricity."

"The demand for electricity is a lot more than supply," he reiterated. 

According to Zafar, the demand for electricity would increase in the summer and presently stood at 23,000-24,000MW. 

The interim federal minister also stressed the need for masses to have access to information.

Zafar vowed to not compromise on Pakistan's security, saying, "We will fully support the Election Commission of Pakistan for a free and fair election."