financial woes
islamabad
Former finance minister Miftah Ismail has said that the concerns raised by the IMF over the coalition government’s plan to provide “petrol subsidy” to the people of Pakistan are “valid”. Miftah said that while the IMF’s concerns are “valid”, but Pakistan, too, has the answer to their query on fuel subsidy. Last week, PM Shehbaz Sharif announced the government’s plans for fuel pricing last week. While economists fear the decision could hinder a crucial IMF payout needed to prevent economic collapse, the government said that it was a scheme, not a subsidy.
Pakistan’s $350 billion economy continues to dwindle amid financial woes and the authorities struggle to strike a staff-level agreement with the Washington-based lender.
The former finance minister said matters with the global lender seem to have come to a standstill.
