Govt decides not to hike prices of petroleum products

Violation of IMF’s agreement led to surge in Dollar rate, says Miftah Ismail

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KARACHI: The current surge in the dollar and inflation is the result of a breach of agreement between the Imran government and the International Monetary Fund (IMF), Federal Finance Minister Mifta Ismail said on Friday.

On the stock market slump and uncertainty, Mifta Ismail said the current government can only deal with a soaring dollar and stock market uncertainty unless we get out of the grips of the Imran Khan-IMF deal.

The finance minister further added that it will not be easy to restore the way Imran Khan left the economy, with the previous government’s subsidy to gasoline putting severe pressure on Pakistan’s economic situation. He added that no government could afford such a huge loss.

While slamming Imran Khan, Miftah said that if the government does not have the money to still provide subsidies, then more loans must be obtained, which is the reason for the current severe economic stress.

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