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IMF says Pakistan didn’t consult on petrol subsidy

10:50 AM | 21 Mar, 2023
IMF says Pakistan didn’t consult on petrol subsidy
Source: File photo

ISLAMABAD – The International Monetary Fund (IMF) has said that the Pakistani government did not consult it before announcing the petrol relief package for the low-income people.

IMF’s resident representative for Pakistan Esther Perez told  Bloomberg that the global lender was not consulted on the government’s plan to raise fuel prices for wealthier motorists to finance a subsidy for lower-income people.

Perez said that the IMF staff were seeking details on the scheme in terms of its operation, cost, targeting, protections against fraud and abuse, and offsetting measures, and will carefully discuss these elements with the authorities.

On Monday, Minister of State for Petroleum Musadik Malik announced that the federal government decided to subsidise petrol up to Rs100 for motorcyclists and owners of vehicles up to 800cc.

He said the decision to provide fuel at subsidised rates will be implemented within six weeks.

Earlier, it was decided to provide a subsidy of Rs50 per litre.

The minister said under a comprehensive strategy, subsidised petrol will be available to motorcyclists and owners of vehicles up to 800cc. He further said owners of vehicles above 800cc would be charged full price.

 “The owners of big vehicles will pay more for petrol. The rich will pay Rs100 more for petrol while the poor will pay Rs100 less. 210 million people are poor in a population of 220 million, we stand with poor Pakistan.”

He said that the decision on the gas tariff has been implemented from January 1. “We have separate tariffs for the poor and the rich.”

On the staff level agreement, the IMF said that Islamabad has made “substantial progress” in meeting the policy commitments required to unlock billions of dollars in loans.

Daily Pakistan Global Web Desk

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 2 March 2024

Pakistani rupee remains largely stable against USD and other currencies in the open market on March 2, 2024 (Saturday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.

Euro currently stands at 302.5 for buying and 305.5 for selling while British Pound rate stands at 354 for buying, and 359 for selling.

UAE Dirham AED hovers at 76.3 whereas the Saudi Riyal saw slight increase, with new rates at 74.5.

Today’s currency exchange rates in Pakistan – March 2, 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.4 282.3
Euro EUR 302.5 305.5
UK Pound Sterling GBP 354 359
U.A.E Dirham AED 76.3 77
Saudi Riyal SAR 74.5 75.3
Australian Dollar AUD 181 183
Bahrain Dinar BHD 737.97 745.97
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.23 40.63
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 901.62 910.62
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 168.97 170.97
Norwegians Krone NOK 26.54 26.84
Omani Riyal OMR 725.68 733.68
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 27.13 27.43
Swedish Korona SEK 314.07 316.57
Swiss Franc CHF 314.07 316.57
Thai Bhat THB 7.74 7.89

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