Wednesday, May 29, 2024

Govt Agrees to IMF’s Condition to Withdraw Subsidy on Petrol and Electricity.

On Sunday, the Finance Minister if Pakistan, Miftah Ismail consented to the suggestion of the International Monetary Funds (IMF) to reduce down the subsidies for fuel.

IMF and Pakistan Agreed together to extend the already delayed Programme for Rescue, up to one year, increasing the percentage of Loan to $8 billion as an outcome of the development.

According to the Media of Pakistan, Ismail Collaborated with the executive chief directors of the IMF in Washington, to mainly explore the resumption of the Extended Fund Facility (EFF) project, citing evidence.

Ismail had been suggested to prolong the loan for IMF and pledged to reduce down the subsidies for fuel and Energy in small sections.

According to the statement of IMF, they have no complaints or problems with Pakistan Continuing to distribute subsidies to the poor, and also no objections to the Income Support Program.

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