ISLAMABAD
\nFormer prime minister and Senior Vice President of Pakistan Muslim League-Nawaz (PML-N) Shahid Khaqan Abbasi has said that the government will have to take a fresh loan to pay for the announced cut in petrol and electricity prices.
\nTalking to the media persons on Tuesday, Abbasi said that the decision will only add a burden on the country\u2019s economy.
\n\u201cTwo weeks ago, the government increased the prices of petrol by saying that oil prices were rising globally and that it had made promises with the International Monetary Fund (IMF),\u201d he said . He asked if the government can explain how this price reduction will be paid and what are the reasons behind it. He added that it does not make sense that while international oil prices are rising, the government has announced a subsidy.
\n\u201cHave you left the IMF programme?\u201d Abbasi inquired.
\nWhile explaining the government\u2019s alleged motive behind the move, he said that this was done because of the opposition\u2019s pressure to bring a no-confidence motion against Prime Minister Imran Khan.
\n\u201cWhen the opposition talked about removing the prime minister, the government reduced prices,\u201d he said, adding that \u201cthis will have implications on Pakistan\u2019s economy\u201d.
\nPrime Minister Imran Khan a day earlier announced a cut in petrol and electricity prices despite a steep rise in the global oil market, pledging to freeze the new rates until the next budget in June. The move comes as Khan\u2019s opposition, already engaged in street protests over what they say is his mismanagement of the economy and rising inflation, says it is set to propose a no-confidence motion in parliament to oust him.
\nPetrol and diesel prices will be slashed by 10 rupees a litre and electricity rates will be cut by 5 rupees per unit, Khan said in a televised address to the nation. The prices of both commodities have risen multiple times in the past year under direction from the International Monetary Fund (IMF) as part of a reform agenda it agreed upon with Pakistan in 2019 and which is set to continue with a $6-billion rescue package.
\nMeanwhile, Minister for Energy, Hammad Azhar has said the reduction of electricity tariff by Rs 5 per unit will be adjusted through budgetary reallocation and will be circular debt flow neutral.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Former prime minister and Senior Vice President of Pakistan Muslim League-Nawaz (PML-N) Shahid Khaqan Abbasi has said that the government will have to take a fresh loan to pay for the announced cut in petrol and electricity prices. Talking to the media persons on Tuesday, Abbasi said that the decision will only add a […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[],"class_list":{"0":"post-247223","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n