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.
KARACHI – Pakistani rupee, which is facing blows in the open market, remained stable against the US dollar, in the inter-bank market on Wednesday.
The local currency moved slightly upward during the opening hours of trading in the inter-bank market. Before noon, PKR was hovering around 285.22, with a slight increase of Rs0.13.
As the situation remained under control in the interbank market, the rupee hits a fresh record low in the open market and was selling at 315 per dollar.
In a recent development, the IMF mission chief shared positive news, confirming that talks are underway with Pakistani authorities. The resumption of the IMF programme remains important for the crisis-hit country.
KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 232,300 on Wednesday.The price of 10 grams of 24k gold was recorded at Rs199,160.
Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 232,300||PKR 2,485|
|Karachi||PKR 232,300||PKR 2,485|
|Islamabad||PKR 232,300||PKR 2,485|
|Peshawar||PKR 232,300||PKR 2,485|
|Quetta||PKR 232,300||PKR 2,485|
|Sialkot||PKR 232,300||PKR 2,485|
|Attock||PKR 232,300||PKR 2,485|
|Gujranwala||PKR 232,300||PKR 2,485|
|Jehlum||PKR 232,300||PKR 2,485|
|Multan||PKR 232,300||PKR 2,485|
|Bahawalpur||PKR 232,300||PKR 2,485|
|Gujrat||PKR 232,300||PKR 2,485|
|Nawabshah||PKR 232,300||PKR 2,485|
|Chakwal||PKR 232,300||PKR 2,485|
|Hyderabad||PKR 232,300||PKR 2,485|
|Nowshehra||PKR 232,300||PKR 2,485|
|Sargodha||PKR 232,300||PKR 2,485|
|Faisalabad||PKR 232,300||PKR 2,485|
|Mirpur||PKR 232,300||PKR 2,485|
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