We provided relief to masses by not accepting IMF conditions: Tarin

ISLAMABAD: Former finance minister Shaukat Tarin on Friday asserted that the Pakistan Tehreek-e-Insaf (PTI) government provided relief to the masses by not accpeting the conditions of the International Monetary Fund (IMF).

Talking exclusively to ARY News, the former finance minister said that the global lender had also demanded from the PTI government to withdraw subsidies. However, he said, the government refused and the IMF complied with its decision.

Shaukat Tarin pointed out that the PTI government was looking to sign an agreement for the supply of discounted crude oil, which could benefit Pakistan.

He also cited India’s example, saying that the neighbouring country bought crude oil from Russia at 30 percent lower price to provide relief to the masses.

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The former minister said that the prices of petroleum products are directly related to food items. “When transportation becomes expensive, price of all goods will increase,” Tarin added.

He further said that the PTI government was giving subsidy on petroleum products by withdrawing money from different sectors. “Rising prices of petroleum products have an effect on the entire economy,” he added.

“Our government had decided to provide targeted subsidies. Now the price of flour has gone up, the prices of other food items will also increase,” he concluded.

It is pertinent to mention here that the federal government has increased the prices of petroleum products by Rs30 for receiving aid from a $6 billion package signed with the International Monetary Fund (IMF) in 2019.

Finance Minister Miftah Ismail made the decision public in an unscheduled news conference after Prime Minister Shehbaz Sharif gave him the go-ahead in a party meeting.

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