Wednesday, September 28, 2022

Pakistan assures IMF of removing fuel, energy subsidies

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ISLAMABAD: Pakistan has signed the Letter of Intent (LOI) which was received from the International Monetary Fund (IMF) last week, paving the way for the release of $1.2 billion.

According to a copy of the Le tter of Intent (Lol), available with ARY News, Islamabad has assured the IMF of implementing the 27-point action plan.

In the LoI, PM Shehbaz Sharif-led coalition government has assured the lender of removing all subsidies on petrol and electricity while the prices will be increased gradually.

The federal government has further assured will review the ban on imported goods in January 2023.

The coalition government has assured IMF that it will not remove a ban on imported items while the value of the dollar will be market-based.

The government had received LOI from the IMF on Friday, which was reportedly signed on Monday.

On August 02, the International Monetary Fund (IMF) confirmed that Pakistan has achieved all the set targets for the revival of Extended Fund Facility (EFF) programme.

Exclusively talking to ARY News, International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz said Pakistan has achieved all the financial targets set by the fund and the last action was accomplished on July 31 by extending levy on petrol.

Ruiz said the 7th and 8th reviews have been completed and the Fund’s Executive Board will meet in the third week of August.

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