Govt to hold talks with IMF for reducing petrol price, relief steps

ISLAMABAD: The federal government has decided to hold talks with the International Monetary Fund (IMF) to reduce petrol price and other relief steps for the masses, citing sources, ARY News reported on Thursday.

Sources told ARY News that Finance Minister Ishaq Dar will hold negotiations with the International Monetary Fund (IMF) for reducing the prices of petroleum products besides taking other steps to provide relief to the nationals.

Sources added that the petroleum products prices will be reduced after the approval of the IMF. It was learnt that relief will be given on petroleum products without changing the levy.

READ: IMPROVING EXCHANGE RATE MY FIRST PRIORITY, SAYS ISHAQ DAR

Sources within the finance ministry further said that the final decision regarding the relief steps will be dependent on IMF’s approval. At this time, the petrol levy is Rs37.42 per litre and the levy will have to be increased by Rs50 per litre till January 2023.

Earlier, Ishaq Dar visited Federal Board of Revenue (FBR) headquarters. He said that the government wants to increase direct taxes and concerned tax officers will be provided all facilities for increasing the income.

He said that the portion of taxes in the national economy will be increased up to 15 per cent.

READ: ISHAQ DAR SEEKS REPORT ON INFLATED EXCHANGE RATE IN LCS OPENING

While talking to journalists yesterday, Finance Minister Ishaq Dar has said that improvement in exchange rate was his first and controlling inflation second priority.

“Zubair Umar and Miftah Ismail did their best. The dirt of four years could not be cleaned in six months,” Pakistan’s new finance minister said.

“Pakistan has been saved from bankruptcy, we will further improve it,” Dar said. “Give me few days, presently I could not say anything about fuel prices,” he added.

“Rupee was stable at 104.5 per dollar in 2018 during the PML-N government, our growth rate was 6.3 percent at that time”. “Inflation and price hike is result of damage to Pakistani rupee. This damage to the currency in around four years could not be reversed in six months,” finance minister said.

“As a nation, we have so many challenges,” he further said.

“We were going to become 18th largest economy of the world, but now becoming 54th economy,” he lamented. “We have lost past 3 years and nine months,” he added.