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HomeEconomyPetrol prices may rise as IMF talks resume MPNRC News
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Petrol prices may rise as IMF talks resume MPNRC News

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Petrol prices may rise as IMF talks resume

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SAMAA TV reported on Friday evening that Pakistan and the International Monetary Fund (IMF) will start talks in Qatar from May 18 to review the latest economic developments and policy implementation in Pakistan.

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Speaking to SAMAA TV’s Shakeel Ahmed, the IMF’s representative in Pakistan, Esther Perez Ruiz, confirmed that the 7th review meeting was taking place and added that the staff mission would reach Qatar next week.

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“The IMF team led by Nathan Porter will meet with Pakistani officials on May 18 to visit the latest economic developments and policy implementation,” he said.

Shakeel said it was expected the government would go ahead with a hike in petroleum and electricity prices ahead of the meeting on May 15, as the IMF seeks to reverse fuel subsidies to revive the stalled $6 billion programme. And could possibly raise it to another $2. one year.

A Pakistani delegation led by Finance Minister Mifta Ismail, which includes the interim governor of the State Bank of Pakistan, the finance secretary and others, will hold week-long talks with the fund.

Addressing a press conference in Washington last month, Jihad Azour, director of the IMF’s Middle East and Central Asia Department, urged Pakistan to bring its current account deficit under control.

The fuel subsidy was announced by then-prime minister Imran Khan in late February, a week before the opposition moved a no-confidence motion against him.

Khan had said that petroleum prices will not be increased till June.

Earlier in November 2021, the then Finance Minister Shaukat Tareen had announced that the petroleum development duty on petrol and diesel would be increased to Rs 30 per liter under the agreement with the IMF.

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