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Pakistan Economic Crisis: IMF rejects Sharif govt's proposed petrol subsidy scheme
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  • Pakistan Economic Crisis: IMF rejects Sharif govt's proposed petrol subsidy scheme

Pakistan Economic Crisis: IMF rejects Sharif govt's proposed petrol subsidy scheme

Sandeep Sharma • March 29, 2023, 18:59:51 IST
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International Monetary Fund (IMF) is skeptical about total amount of funding required for Pakistan’s proposed petrol subsidy scheme and has asked questions like where this money will come from, the number of consumers who will benefit from this scheme, among others

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Pakistan Economic Crisis: IMF rejects Sharif govt's proposed petrol subsidy scheme

Islamabad: In a major setback for the Shehbaz Sharif-led government in Pakistan, the International Monetary Fund (IMF) has reportedly rejected Islamabad’s initial proposal for subsidy on petrol for low-income families in the cash-strapped nation. “The lending institution has demanded the complete plan of the petroleum subsidy from the government… IMF has demanded a comprehensive plan of per litre PKR 50 subsidy on petroleum," Finance Ministry sources told ARY News. Sources added that the IMF has insisted for preparation of revised plan of subsidy on petroleum. What IMF said? The International Monetary Fund is reportedly skeptical about the total amount of funding which will be required for this scheme. Also, it has raised questions on where this money will come from, the number of consumers who will benefit from this scheme, and the expected losses in exchange for the subsidy, according to local media reports. In this regard, the global institution is said to have asked the Pakistani government to share a comprehensive plan. As per local sources, IMF wants the federal government to come up with an effective and targeted subsidy to the poor segment of the society. Earlier, the IMF urged friendly nations to honor their commitments to fund Pakistan amid severe economic crisis before it could sign the USD 6.5 billion bailout package. Ramzan Relief Package As fuel prices reached record high in the country, Pakistani Prime Minister Shehbaz Sharif few days ago announced a relief package for the poor families under which a subsidy of PKR 50 will be given to them on every litre of petrol, Dawn reported. “Low-income people will be given a subsidy of Rs50 per litre under the petroleum relief package,” read a statement from the Prime Minister’s Office (PMO). Sharif further noted that the relief would be given to the low-income consumers, who have motorcycles, rickshaws, 800cc cars or other small cars. However, the Pakistani government has not shared further details of the proposed subsidy, reports said. Govt claims ‘all IMF conditions met’ At a meeting of the Senate Standing Committee on Finance and Revenue, Pakistani Minister Aisha Ghaus Pasha claimed that all IMF conditions had been completed and added that assurances on financing from friendly countries will arrive soon. Acknowledging the difficulties faced by Pakistan, she said that the Shehbaz Sharif-led government had restored the IMF program. She further claimed that China has helped the country and assurances will come from Saudi Arabia and the United Arab Emirates (UAE). Pakistan’s borrowing skyrockets to PKR 2.6 trillion The massive funding requirements have increased the Pakistani government’s borrowing by a whopping 259 percent in the eight months of the current fiscal year, according to local media reports. The federal government has borrowed a total of PKR 2.6 trillion from banks – PKR 2 trillion from commercial banks and PKR 597.43 billion from the central bank – between July 1, 2022 and March 11, 2023, in a bid to to cover the budget deficit, the latest data published by the State Bank of Pakistan (SBP) shows. Blame Game Amid ongoing political crisis in the country, PM Shehbaz Sharif said that talks between the central government and Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan can only be possible when the former prime minister admits his wrongdoing and apologises to the people for all the things he has done, Geo News reported. Addressing the National Assembly, Sharif on Tuesday stated that PTI Chief had violated the IMF agreement. Pakistan’s debt has surged by 70 per cent during the tenure of his government, Sharif claimed and added not a single project was initiated. (With inputs from agencies) Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.

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