The Pakistani government has moved swiftly by promulgating ordinances to fulfill the legislative requirement needed to secure the $500 million trench as part of $6 billion bailout package from the IMF, reported Dawn. The IMF Board sets to meet on 24 March would take a call on providing $500 million in funding to Pakistan, but for that, the country needs to implement the Circular Debt Management Plan. 

As the deadline looms large, the government had left with no option but to opt for the ordinance route. 

The government has decided to implement the withdrawal of corporate tax exemptions and putting in place a mechanism for automatic electricity power tariff increases of about Rs5.36 per unit (34 percent) over the next 27 months through presidential ordinances. 

This comes despite a bill for the automatic electric tariff bill that has already been cleared by the standing committee in the national assembly and was just waiting for formal approval from the house. Given the time left for the IMF board meeting, the bill could not be passed in time. 

Earlier, Pakistan's government and the IMF have reached a staff-level understanding to resume the $6 billion bailout package. It had been suspended because the government in Pakistan had failed to implement some of the reforms, including hiking the electricity tariff, suggested by the IMF.