ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday promised the nation that his government will publish details of the deal with the previous PTI regime with International Monetary Fund (IMF) soon.
His message on Twitter appears the day after government raised fuel prices by almost 60 rupees, with gasoline reaches Rs 233.89 – unprecedented in countries history.
“Kindly aware of the effect that the fuel has price to travel on foot causes. Government left with there is no other choice but to raise prices due to the deal with the IMF that the PTI government has signed. Will take the nation in confidence on peculiarities of IMF-PTI deal soon”, – wrote prime minister.
“We’ll get out of these economic hardships, inshaAllah,” he said. added.
Prime Minister Shehbaz then criticized past governmentprocessing of negotiation with in global creditor, saying: “I wonder if those who made the worst deal with the IMF and took clearly bad economic decisions have a conscience face in truth. How can they pretend to be innocent when what the nation is going through is clearly their doing?”
“Details soon” he repeated.
splash in prices, although extremely unpopular move that the nation is furious, was key demand of IMF for for a long time.
Minister of Finance Miftah Ismail on Monday said what if government does not cancel subsidies on oil products by July (in effect rise in prices), the country will default.
Speaking in Geo News Capital Talk program, finance minister said the IMF “insisted” on removal of subsidies on oil products.
In an effort to ensure economic stability and revive the stalled IMF multi-billion dollar program, government increased price of petrol price has risen by 60r per liter last month.
Additional measures are needed says IMF
Pakistan has signed a 39-month US$6 billion Extended Financing Loan. with IMF in July 2019 Payments received of about $3 billion, but further tranches were halted when no agreement was reached with previous government. The lender expressed concern over status of a little of its goals, including fiscal consolidation.
Permanent Representative of the IMF on On Monday, they said additional measures would be needed to budget for FY 2022-23 in line with in key goals of its IMF program.
next tranche to be received by Pakistan after successful review is 900 million dollars, and the green light from the IMF also open up Another global ways of funding.
Pakistan urgently needs money in in face of dwindling foreign exchange reserves, which have reached $9.2 billion, are enough for less than 45 days of import.
