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International Monetary Fund

sources. Although both scenarios are only indicative, they provide a concrete application of the type of framework that should underpin tariff determination in case the current dual system is kept through the medium-term. 6 Table 1. Nicaragua: Electricity Sector’s Medium Term Sustainability 2011 2012 2013 2014 2015 2016 2020 Baseline Scenario Electricity Tariff (US$/MWh) Notional 248 260 264 261 261 261 272 Effective 205 223 223 223 223 223 223

International Monetary Fund. Middle East and Central Asia Dept.

Regulatory Authority (NEPRA) , 2016 , State of Industry Report, 2015 National Electric Power Regulatory Authority (NEPRA) , 2017 , Tariff determination (Generation), available at: Coal: http://nepra.org.pk/tariff_coal.htm ; Hydel: http://nepra.org.pk/tariff_hpg.htm Solar: http://nepra.org.pk/tariff_solar.htm Wind: http://nepra.org.pk/tariff_wpg.htm Thermal: http://nepra.org.pk/tariff_ipps.htm 1 Prepared by Hiba Zaidi and Tokhir Mirzoev. 2 Medium-term projections presented in this note represent a preliminary assessment which is likely to

International Monetary Fund

loans under memoranda of understanding to be negotiated between the center and the states—that would require full metering, energy audits, independent tariff determination, commercialization of distribution, and SEB restructuring. A new Electricity Bill, which would facilitate SEB restructuring, would be introduced in 2001. Petroleum sector : The budget announced that the March 2002 deadline for dismantling of the administered pricing mechanism in the petroleum sector would be adhered to. Social security : Various schemes were introduced to extend security cover

International Monetary Fund. Middle East and Central Asia Dept.

for DISCOs is expected to help strengthen the regulatory framework and attract investors . The multi-year tariffs for FESCO, IESCO and LESCO, aimed at reducing uncertainty for investors and preparing DISCOs for private sector participation, will be notified with a delay by July 15, 2016 (modified SB) due to DISCOs’ review petitions to the regulator to revise benchmark distribution losses used for FY 2015/16 tariff determination. The authorities are advancing in setting a multi-year tariff framework for the remaining DISCOs, of which three have prepared multi

International Monetary Fund. Middle East and Central Asia Dept.

contain the accumulation of new arrears, the authorities will continue to strengthen DISCOs’ performance by further reducing distribution losses, increasing payment collections, and continuing to set quarterly performance targets. Furthermore, they are seeking to revise the regulatory benchmarking for tariff determination and are working to resolve outstanding issues with regional governments. In parallel, proceeds from the planned IPOs of FESCO, IESCO and LESCO will be used to reduce the stock of outstanding arrears. 30. Moving forward with establishing a multi

International Monetary Fund. Middle East and Central Asia Dept.

for tariff determination to the regulator due the finalization of DISCOs’ investment plans. The authorities remain committed to notify the multi-year tariffs for all three companies by end-April 2016. 24. Staff stressed the need to update the power sector arrears reduction plan in light of the delays in the planned privatization of DISCOs . Recent social tensions and labor unrest have set back plans to privatize the DISCOs (¶26 and MEFP ¶45). As existing plans for the reduction of the stock of power sector arrears rest on these privatizations, staff underlined

International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses economic performance status and policy developments of Pakistan. Amid setbacks to structural reform, the authorities have made substantial progress in restoring economic stability. Economic activity continues to strengthen gradually. International reserve buffers are increasing amid a broadly stable current account deficit. However, there are number of risks to the economy. Slower growth in key advanced markets such as China and the Gulf can further erode export competiveness. The Pakistani government is determined to maintain fiscal consolidation in FY 2015/16 and over the medium term. Continued tax administration reforms are important for further improving tax compliance and supporting revenue mobilization.
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Pakistan’s Twelfth and Final Review Under the Extended Arrangement, Request for Waivers of Nonobservance of Performance Criteria (PCs), and Proposal for Post-Program Monitoring. The authorities met most PCs at end-June 2016, but the PCs on the budget deficit and Net Domestic Assets (NDA) of the State Bank of Pakistan were missed by small margins. They also met all program indicative targets. Structural benchmarks on financial sector reform, privatization, and energy sector reform were met. The IMF staff supports the authorities’ request for completion of the twelfth review under the arrangement and for waivers for nonobservance of the end-June PCs on the budget deficit and NDA.
International Monetary Fund. Middle East and Central Asia Dept.
This paper assesses El Salvador’s capacity and options for upgrading its fiscal framework and attempts to take a fresh look at the “growth puzzle” from a comparative perspective. The Hausmann’s growth diagnostics approach offers a useful start, but it does not clearly explain El Salvador’s growth gap versus its regional peers. The paper also constructs estimates of potential output growth and the output gap for El Salvador and compares it to those of other Central American countries. It examines potential growth before and after the global financial crisis and its likely medium-term trajectory.
International Monetary Fund. Middle East and Central Asia Dept.

) ensure full automaticity of the quarterly tariff adjustments and (ii) eliminate the gap between the regular annual tariff determination and notification by the government end-December 2019 8. Conduct and publish new audits by reputable international auditors of Pakistan International Airlines and Pakistan Steel Mills end-December 2019 9. Conduct a triage of all SOEs, dividing them into companies to (i) maintain under state management; (ii) privatize; or (iii) liquidate end-September 2020 10. Submit to Parliament a new State