IMF Tells Pakistan to End Petrol Subsidy
The International Monetary Fund (IMF) has once again told Pakistan to phase out its petrol subsidy for motorcyclists, rickshaw drivers … Read More The post IMF Tells Pakistan to End Petrol Subsidy appeared first on ProPakistani .
The International Monetary Fund (IMF) has urged Pakistan to phase out its petrol subsidy for motorcyclists, rickshaw drivers, and small car owners. The subsidy, which provides weekly petrol tokens and discounts on fuel, was launched in September amid the US-Iran war. The IMF spokesperson stated that the fuel support scheme should be phased out due to its broad targeting.
The government has extended the subsidy until December, but the IMF does not want it to last any longer. The current petrol price is around Rs. 330 per liter, down from a record high of Rs. 458.41 on April 3. Pakistan has committed to let domestic fuel prices follow international rates while protecting the most vulnerable. The IMF's approval of the loan program is expected in December, which will provide around $1 billion under the $7 billion Extended Fund Facility and $210 million under the Resilience and Sustainability Facility, totaling approximately $5.7 billion.
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