Saturday, January 28, 2023

PM Shehbaz Sharif directs Miftah Ismail to provide relief in goods

Minister of Finance Miftah Ismail has been instructed by Prime Minister Shehbaz Sharif to develop a comprehensive strategy for resolving the economic stress that the general public is experiencing.

During a meeting with the finance minister Miftah Ismail, Prime Minister Shehbaz Sharif instructed him to ensure that food commodities are available at lower prices.

Moreover, he emphasized that the banking sector should play a role in promoting the financial well-being of the general public.

I think it’s important to point out that the incumbent government is under pressure due to rising inflation, which is expected to worsen as the country prepares for talks with the International Monetary Fund (IMF). Reversing subsidies on gasoline, diesel, and electricity will have a multiplier effect on inflation in the country.

Read Also: IMF delegation to visit Pakistan on May 10: Sources

In accordance with the International Monetary Fund’s (IMF) recommendations, Finance Minister Miftah Ismail has agreed to phase in the reduction of fuel subsidies.

Miftah Ismail had met with the executive directors of the International Monetary Fund in Washington to discuss the possibility of reviving the Extended Fund Facility (EFF) program.

According to reliable sources, the finance minister hinted at the continuation of the IMF program and agreed to reduce fuel and energy subsidies in stages over time. Meanwhile, the International Monetary Fund (IMF) stated that it had no objections to Pakistan’s Income Support Program and that the country can continue to provide subsidies to the marginalized sections of society.

According to the sources, the International Monetary Fund has also expressed support for the continuance of the Sehat Card scheme.

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