ISLAMABAD: The International Monetary Fund (IMF) has endorsed Pakistan’s new electric vehicle (EV) policy, which includes a five-year Rs100 billion subsidy program spanning 2025 to 2030, aimed at reducing carbon emissions, cutting fuel imports, and encouraging local EV manufacturing, sources revealed.
As part of the initiative, the government has earmarked Rs9 billion in subsidies for the fiscal year 2025–26 alone. Under the new policy, a subsidy of Rs50,000 will be offered for each electric two-wheeler or three-wheeler purchased, according to officials at the Ministry of Industries and Production.
This funding is expected to support the rollout of over 116,000 electric bikes and more than 3,000 electric rickshaws within two years. Notably, 25% of the subsidy quota is reserved for women, aiming to promote affordable, eco-friendly mobility options for female commuters.
IMF Backs Pakistan’s five-year Rs100 Billion Electric Vehicle Subsidy Plan
The policy’s broader goal is to ensure that 30% of all new vehicles sold in Pakistan by 2030 are electric.
However, documents show that the previous EV policy fell short of expectations. While it targeted the introduction of 100,000 electric vehicles, it only delivered 50,000 two- and three-wheelers, 200 electric buses, 3,000 four-wheelers, and 10 electric trucks.
Under the revised roadmap, the government plans to allocate Rs19 billion in 2027, Rs24.16 billion in 2028, Rs26.62 billion in 2029, and Rs22.64 billion in 2030 for EV subsidies.
The new policy, scheduled to be formally launched by the prime minister on August 14, also includes major infrastructure upgrades. These include the installation of 40 EV charging stations along motorways, the introduction of battery-swapping systems in cities, and updated building codes mandating EV charging points in new developments.
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