Caretaker finance minister rules out ‘more subsidies’ in IMF agreements

ISLAMABAD: Caretaker Finance Minister Dr Shamshad Akhtar on Wednesday ruled out room for additional subsidies within the International Monetary Fund (IMF) agreements, ARY News reported.

Talking to journalists in Islamabad, the finance minister conveyed the government’s sensitivity toward the welfare of the country’s poor, saying that they would prevent any exacerbation of hardships faced by the vulnerable.

Dr Shamshad Akhtar said that the caretaker government had “inherited” the IMF programme, hence, it was “non-negotiable”. She added that the existing agreements do not permit the inclusion of supplementary subsidies.

She highlighted that the current administration was planning to craft a comprehensive strategy aimed at bolstering the nation’s economic health.

The minister pointed out that the government was making efforts to stabilise the exchange rate between the national currency, the rupee, and the US dollar.

The finance minister’s statement comes as Pakistan remains plagued by the inflated cost of living, particularly exorbitant electricity prices that have forced residents to take to the streets across the country.

A day earlier, the federal cabinet failed to make a decision to provide relief on inflated electricity bills to the masses.

According to sources, the meeting headed by caretaker Prime Minister Anwarul Haq Kakar concluded without taking any decision on providing relief on inflated electricity bills.

Read More: Relief in electricity bills: Federal cabinet to seek nod from IMF

Sources said that in the federal cabinet briefing, it was discussed that the IMF agreement should be consulted on this matter as it is the main hurdle in giving relief to the masses on electricity bills.

Meanwhile, Energy Minister Muhammad Ali met the Caretaker Prime Minister (PM) Anwaarul Haq Kakar and discussed the overall situation after the nationals received inflated electricity bills. They held consultations on options to provide relief to the power consumers.

The caretaker premier summoned another session which was attended by the representatives of the Ministry of Water and Power and power distribution companies.

On Sunday, Caretaker PM Anwaarul Haq Kakar gave a 48-hour deadline for the formation of a strategy amid mounting public outcry over electricity price hikes.