New plan of Pakistan PM Shahbaz Sharif to avoid bankruptcy

Publish Date: 29 May, 2022 |
 

In Pakistan, the government has increased the price of petrol and diesel by Rs 30 (in Pakistani currency) per litre. On this, the Prime Minister of Pakistan Shahbaz Sharif said that if the prices of petrol and diesel were not increased, then the country would have gone completely bankrupt. 

PM Shahbaz said that the move to increase fuel prices was very important. Keeping in view the economic condition of the country, we have increased the prices of petrol and diesel with a heavy heart. He further said that prices are increasing all over the world, which has its effect in Pakistan as well.

New prices of Petrol in Pakistan

Shahbaz Sharif has removed the subsidy from the prices of petrol and increased it by Rs 30. The price of petrol in Pakistan reached Rs 179.85 per litre. The price of diesel reached Rs 174.15 per litre, and that of kerosene reached Rs 155.95.

He said that with a heavy heart the government had to increase the price of oil. He said that 1.4 crore poor families would be given Rs 2000 per family. This will benefit 8.5 crore people. He said that this is in addition to the financial assistance being given under the Benazir Income Support Program. This relief package will be added in the next budget.

Negotiations with IMF

After the fall of Imran Khan's government, the IMF had stopped the third tranche of $8 billion loan to Pakistan. Pakistan had received about $ 2 billion in two instalments, but it was spent during Imran's era.

After this, Finance Minister of Shahbaz Sarkar Miftah Ismail reached the Doha office of IMF with a team of 12 people. From 18 to 25 May, that is, 7 days, the talks went on. Ismail wanted the IMF to somehow release the third instalment of the loan for two months. Overall, $2 billion was needed to run the economy.

 

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