Tuesday, October 4, 2022

Miftah Ismail agrees with IMF to reduce fuel subsidies

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WASHINGTON: Finance Minister Miftah Ismail on Sunday agreed with International Monetary Funds’ (IMF) recommendations to reduce fuel subsidies phase-wise, ARY News reported, citing sources privy to the development. 

Miftah Ismail held a meeting with the executive directors of the International Monetary Fund (IMF) in Washington for the revival of the Extended Fund Facility (EFF) programme.

Sources sy that the finance minister hinted to carry forward the IMF program and agreed to curb subsidies on the fuel and electricity phase-wise. Meanwhile, the IMF said it has no objection to the Income Support Programme and added Pakistan can continue subsidies for the marginalised section of the society.

The IMF has also shown its consent to the continuation of the Sehat Card scheme, the sources said.

Read more: MIFTAH ISMAIL MEETS NAWAZ SHARIF AHEAD OF TALKS WITH IMF

On April 20, Ismail said that the government would make all-out efforts to restore the Extended Fund Facility (EFF) programme with International Monetary Fund (IMF).

Speaking at ‘Meet the Press’ organized by National Press Club, the finance minister, who was accompanied by Federal Minister Information and Broadcasting, Marriyum Aurangzeb, had said the government could reduce public sector development spending with other necessary budgetary discipline arrangements.

“We will restore the programme. If the government had to tighten its belt, it will do so,” he said adding that no extra burden would be put on people.

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