PM Shehbaz Sharif to address nation today

ISLAMABAD: Prime Minister Shehbaz Sharif is likely to address the nation today (Friday) where he will take them into confidence over ‘tough’ economic decisions took by his government in the backdrop of a possible agreement with the International Monetary Fund (IMF).

Well-placed sources say that Prime Minister Shehbaz has completed consultations with the heads of coalition parties over important financial issues.

PM Shehbaz Sharif will also take the nation into confidence over the recent hike in fuel prices, sources say. He will also announce a relief package for masses, they added.

Hike in fuel prices

The federal government on Thursday increased petrol and diesel prices up to Rs30 per litre to reduce fuel subsidies.

GOVT HIKES PETROL, DIESEL PRICES UP TO RS30 PER LITRE

Finance Minister Miftah Ismail made the announcement at a press conference. He announced to hike the petrol, diesel, light diesel and kerosene oil prices up to Rs30 per litre.

After the recent hike, the new price of petrol is Rs179.86 per litre, high-speed diesel (HSD) Rs174.15, kerosene oil Rs155.56 and light diesel Rs148.31 rupees.

IMF talks

Pakistan opened much-delayed talks with the International Monetary Fund (IMF) on May 18 to resume a seventh review of the $6 billion rescue package agreed in 2019.

The talks continued until May 25.

Finance Minister Miftah Ismail led the Pakistani delegation. The talks reviewed the financial situation for the fiscal year 2022 and the measures proposed for the new fiscal year 2023.

The IMF had called for the withdrawal of subsidies on fuel, electricity and expressed concern over the situation in the fiscal and current account deficits. The IMF also pointed out reforms in the current account and fiscal deficit.

The South Asian nation is in dire need of external funds, with foreign reserves falling to as low as $10.2 billion and a widening current account deficit.