The government on Thursday jacked up the price of petrol by Rs 30 per litre with immediate effect. Federal Finance Minister Miftah Ismail told a press conference that the IMF program could not move forward without raising the prices of petroleum products. Earlier today, the International Monetary Fund (IMF) urged Pakistan to end subsidies on electricity and petroleum products to revive the program. In this regard, the implementation of the policy rate hike from May 23 was a welcome step. “The IMF team looks forward to continuing its dialogue and close engagement with Pakistan’s government on policies to ensure macroeconomic stability for the benefit all of Pakistan’s citizens.”

Source: The Nation May 26, 2022 20:42 UTC