WORLD NEWS | IMF asks Pakistan to take steps to enable it to function as a country

Islamabad [Pakistan]Feb 20 (ANI): International Monetary Fund (IMF) Managing Director Kristalina Georgieva said the Fund has asked Pakistan to take steps to enable it to function as a country role, rather than into a dangerous situation. The News International, a Pakistani daily, reported that a debt restructuring was needed.

“My heart goes out to the people of Pakistan. They were devastated by the floods affecting a third of the country’s population,” Georgieva said in an interview with an international broadcaster on Sunday.

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“We’re emphasizing two things – one, increasing taxes because those who make money in the public or private sector need to contribute to the economy, and two, distributing precious resources more equitably from those who don’t need them by removing subsidies People. It shouldn’t be the rich who benefit from the subsidy. It should be the poor [who] benefit from it,” she said, as quoted by International News.

“And, we are very clear. We want the poor in Pakistan to be protected,” she added.

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Islam Khabar recently reported that petrol prices in Pakistan hit record highs and delays in IMF loan disbursements were driving the country’s economy into “chaos.”

Last week, Pakistan hiked petrol prices to Rs 272 a liter to appease the IMF to unlock key loans, Geo News reported.

Petrol prices have risen to Rs 272 per liter after rising by Rs 22.20, a press release from the Finance Ministry said, noting that oil prices surged due to the depreciation of the rupee against the US dollar, according to a Geo News report.

The IMF team that had come to negotiate the details of the bailout plan left without a final agreement, sending Pakistan into a panic. Even after Finance Minister Ishaq Dar and Prime Minister Sheikh Baz Sharif agreed to all the preconditions.

The IMF, Saudi Arabia and the United Arab Emirates have been meddling in the Pakistani regime. As people agonize over delays in IMF payments, they have been calling for structural reforms to the economy, according to news reports.

Despite progress on measures to correct domestic and foreign imbalances, the IMF statement at the talks highlighted gaps. “The IMF’s short, well-crafted summary statement on the 10-day loan talks further underscored the gaps, despite “considerable progress” in measures to correct domestic and foreign imbalances,” Islam Khabar was quoted as saying in an editorial in Dawn newspaper. explain. (Arnie)

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