World News | Pakistani government takes defensive measures after IMF condemnation

Islamabad [Pakistan]October 6 (ANI): Pakistan’s Minister of State for Finance and Taxation Aisha Ghous Pasha has said the country has not violated the agreement with the International Monetary Fund (IMF), saying “the oil tariff is a Any shortages will be adjusted in the coming months.”

The statement was made at a meeting of the National Assembly’s Standing Committee on Finance, hours after the IMF insisted on sticking to the policy commitments made by Pakistan, the Express Tribune reported.

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The committee discussed the currency manipulation case and whether authorities have taken firm action on it. However, neither the central bank nor the treasury have given any satisfactory response to taking action against the bank.

The question of sticking to the policy comes after newly appointed finance minister Ishaq Dar cut prices for all petroleum products by about 5% over the next two weeks – reversing a policy of increasing monthly prices by increasing levies, to ensure increased revenue as agreed. International Monetary Fund.

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Dar lowered the petrol tax to Rs 32.42 but raised the diesel tax to Rs 12.58 per litre. Cumulatively, the two products should be priced at Rs 55 per litre, compared to the current price of Rs 45 per litre, The Express Tribune reports.

“We have not violated the agreement with the IMF,” the minister said, adding that “by December, we still have time to close any gaps in the oil collection target.”

She was answering a question from MNA Ramesh Kumar, who raised the question of a statement by former finance minister Miftah Ismail, who called Dar’s move “reckless” and said it could adversely affect IMF programmes.

Pasha said lower rates could be adjusted until December of this year.

Pakistan’s Finance Minister Hamid Yaqoob Sheikh has revealed that the government collects only Rs 22 billion in oil tax in July-August – a figure that appears to be much lower and may affect The annual target of Rs 85,500 crore has been set for the current financial year.

According to the Express Tribune, the government also appears to have broken its promise to raise electricity prices by a further 91 paise per unit from October 1.

The deputy finance minister said Pakistan remains committed to the IMF’s plans and the finance minister will discuss loosening the deal with the IMF during his upcoming visit to the US.

“Without the IMF agreement, Pakistan will not be able to receive funding from its multilateral and bilateral creditors,” Pasha said, adding that “it is important that the country remains in the program.” (ANI)

(This is an unedited and auto-generated story from the Syndicated News feed, the body of the content may not have been modified or edited by LatestLY staff)