Islamabad: Prime Minister of Pakistan Shahbaz Sharif After consultation with allies, it was decided that the subsidy on oil prices would be withdrawn only if national security committee Unanimously guarantees the existence of the government until August 2023.
There is a lot of pressure on Pakistan international currency Fund to cut fuel subsidy (IMF) to take the discussion of the relief package further.
Pakistan Prime Minister Shahbaz Sharif met his coalition partners to discuss the country’s declining economy in a consultation meeting on Tuesday night. news international,
Pakistan’s economy is in shambles as its politics is in a very divisive state.
The News International said the economy desperately needed the IMF’s support, without which most economists fear the country could face defaults due to political uncertainty. Islamabad could not get significant approval from the IMF, which halted its program for Pakistan due to the Imran Khan government’s decision to provide huge oil subsidies.
However, the current government held talks with the IMF, which pressured the Shahbaz Sharif government to withdraw the oil subsidy so that the derailed program could be restarted.
Meanwhile, the Prime Minister is confident of meeting the economic challenges. However, he agreed with coalition partners that without the necessary certainty about the tenure of his government, no administration can accomplish the reforms needed to save the economy.
An informed source told The News here on Wednesday that the next two days are crucial in this regard. “Either you will hear the announcement of an increase in oil prices or National Assembly Will be dissolved,” the source told The News.
The News further said that allies were of the view that the government cannot afford to increase oil prices, provided it is assured of the necessary support by the quarters concerned.
In January 2020, inflation in the country had risen to 14.6 per cent, with a local media report claiming that the average inflation rate between July 2021 and January 2022 was 10.26 per cent.
Apart from politicians, traders, farmers, traders and people from all walks of life have expressed serious concern over the growing crisis and price rise in the country, making it difficult for the middle and working classes to survive,
The depreciation of the Pakistani rupee continues, while the country’s economy has suffered heavy losses.
There is a lot of pressure on Pakistan international currency Fund to cut fuel subsidy (IMF) to take the discussion of the relief package further.
Pakistan Prime Minister Shahbaz Sharif met his coalition partners to discuss the country’s declining economy in a consultation meeting on Tuesday night. news international,
Pakistan’s economy is in shambles as its politics is in a very divisive state.
The News International said the economy desperately needed the IMF’s support, without which most economists fear the country could face defaults due to political uncertainty. Islamabad could not get significant approval from the IMF, which halted its program for Pakistan due to the Imran Khan government’s decision to provide huge oil subsidies.
However, the current government held talks with the IMF, which pressured the Shahbaz Sharif government to withdraw the oil subsidy so that the derailed program could be restarted.
Meanwhile, the Prime Minister is confident of meeting the economic challenges. However, he agreed with coalition partners that without the necessary certainty about the tenure of his government, no administration can accomplish the reforms needed to save the economy.
An informed source told The News here on Wednesday that the next two days are crucial in this regard. “Either you will hear the announcement of an increase in oil prices or National Assembly Will be dissolved,” the source told The News.
The News further said that allies were of the view that the government cannot afford to increase oil prices, provided it is assured of the necessary support by the quarters concerned.
In January 2020, inflation in the country had risen to 14.6 per cent, with a local media report claiming that the average inflation rate between July 2021 and January 2022 was 10.26 per cent.
Apart from politicians, traders, farmers, traders and people from all walks of life have expressed serious concern over the growing crisis and price rise in the country, making it difficult for the middle and working classes to survive,
The depreciation of the Pakistani rupee continues, while the country’s economy has suffered heavy losses.