Pakistan Further Removes Fuel Subsidies to Win IMF Funding -Finance Minister | Investing News

ISLAMABAD (Reuters) – Pakistan on Wednesday further removed fuel subsidies in a bid to trim the fiscal deficit and aimed at securing critical support from the International Monetary Fund (IMF), the finance ministry said.

“Government has decided to end subsidies on fuel and raise prices starting midnight” Finance Minister Miftah Ismail told reporters at a press conference.

This is the third cut in fuel subsidies since May 26.

The IMF wants the South Asian nation to take strict measures to control its fiscal deficit in the face of a balance of payment crises.

(Reporting by Asif Shahzad and Raza Hassan; Editing by Chris Reese)

Copyright 2022 Thomson Reuters.

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