Pak Finance Minister Shamshad Akhtar’s statement, said- Economic situation worse than estimated, no fiscal scope for subsidy
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Due to commitments made with the International Monetary Fund, there is no ‘fiscal space’ to give subsidies to ease the burden on the people. Protests are taking place in various cities of Pakistan against the increased electricity bills and people are demanding relief.
Islamabad. Interim Finance Minister Shamshad Akhtar on Wednesday said the country’s economic situation is “much worse than anticipated” as protests against rising electricity bills continue across Pakistan. He said that due to the commitments made with the International Monetary Fund (IMF), there is no ‘fiscal space’ to give subsidies to ease the burden on the people.
Pakistan received a crucial $3 billion loan from the IMF in June under strict conditions. These conditions include increasing electricity duty and phasing out all subsidies. According to the report of the newspaper Dawn, in the meeting of the Standing Committee of the Senate (Upper House), the Finance Minister said that the economic condition of the country is ‘much worse than estimated’.
He said that due to commitments made with the International Monetary Fund, there is no ‘fiscal space’ to give subsidies to ease the burden on the people. Protests are taking place in various cities of Pakistan against the increased electricity bills and people are demanding relief.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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