Govt plans hike in fuel prices after Miftah Ismail hints at reversing subsidy

Federal government has hinted at increasing petrol and diesel prices in the country after Finance Minister Miftah Ismail confirmed that they have agreed to reversing subsidy on fuel products during talks with International Monetary Fund (IMF) in Washington.

Speaking during an event organized by US think tank Atlantic Council, Miftah Ismail said that the IMF program of US$6 Billion has been derailed and they would bring it on track.

“The only aim of the government is to bring economic and fiscal stability,” he said and added, “Measures will also be taken phase wise to increase exports of the country.”

Miftah Ismail further said during the event that US and Pakistan shares cooperation on the basis of mutual traditions.

Earlier, Finance Minister Miftah Ismail held a meeting with the executive directors of the International Monetary Fund (IMF) in Washington on Friday.

They exchanged views on the current state of Pakistan’s economy in the meeting.

The meeting was also attended by Minister of State Dr Ayesha Ghous Pasha, Secretary Finance and the State Bank of Pakistan (SBP) Governor Dr Reza Baqir.

Finance Minister Miftah Ismail reached Washington for talks with International Monetary Fund (IMF) which will continue until April 24.

On April 20, Ismail had said that the government would make all-out efforts to restore the Extended Fund Facility (EFF) programme with International Monetary Fund (IMF).

He had said the government could reduce public sector development spending with other necessary budgetary discipline arrangements. “We will restore the programme. If government had to tighten its belt, it will do so,” he said adding that no extra burden would be put on people.

He had said the government would give a people-friendly and development-friendly budget despite all odds created by the PTI government.

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