A subsidy of Rs 50 per litre was part of a relief package and it would be available to those who own motorcycles, rickshaws, 800cc cars, and other small vehicles, Sharif told a meeting held to review the relief package for the vulnerable groups.
Pakistan, currently in the throes of a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves.
Pakistan, which is currently grappling with high external debt and a weak local currency, is desperate to purchase cheap crude at discounted rates from Russia.
Pakistan has received $700 million from the China Development Bank to boost the country's foreign exchange reserves, which have been strained by external debt. The deposit is expected to provide relief to Pakistan, which is struggling with the pandemic and repayment obligations.
Pakistan's economic crisis: According to IMF data, China holds roughly USD 30 billion of Pakistan’s USD 126 billion in total external foreign debt. However, Beijing said it stands with Islamabad in its difficult time.
It is worth mentioning that the index scores 180 countries and territories around the world based on perceptions of public sector corruption, using data from 13 external sources.
The finance minister refuted the so-called intelligence and media reports which had speculated that the prices would be increased by a minimum of Rs 50 per litre.
This year, India's invitation to Islamabad is considered crucial amid the fact that both nations had exchanged a series of heated arguments at the United Nations and the latter experiencing the worst-ever economic turbulence.
Pakistan economic crisis: Pakistan is considering different proposals, including slashing the salaries of government employees by 10 per cent across the board, according to a media report on Wednesday, amidst the looming economic crisis in the cash-strapped country.
Pakistan's capital city of Islamabad and the Khyber Pakhtunkhwa province was the most affected cities as oil marketing companies reduced their import.
The NAC is also considering cutting down expenditures of ministries/divisions by 15 per cent, reducing the number of federal ministers, ministers of state, and advisers from 78 to 30 only while the remaining should work on a pro bono basis.
Khan's comments came weeks after Sharif's two-day visit to the UAE during which the Gulf emirate agreed to extend an existing loan of USD 2 billion and provide an additional loan of USD 1 billion to help cash-strapped Pakistan tackle its economic woes.
The protests came as Pakistan has been facing multiple issues, including economic crises and internal disturbances.
As Pakistan witnessing the worst-ever economic crisis, the Opposition leaders are now sharing the old video of PM Modi to corner the incumbent Shehbaz Sharif-led government.
The statement from Pakistan PM Sharif came nearly two days after the United Arab Emirates agreed to extend a $2 billion loan to Islamabad.
(The) COAS stated that Pakistan is passing through one of her most critical junctures and this requires the development of national consensus by all stakeholders to sail through the confronted challenges of the economy and terrorism.
The green signal to USD 10 billion rail project is a major boost to the shaky economy of Pakistan as the country is facing unprecedented inflation.
Pakistan | Pakistan के PM Shehbaz Sharif America में हैं Pakistan के आर्मी चीफ जनरल बाजवा China में हैं और Pakistan में Imran Khan ने नई बगावत का ऐलान कर दिया है। Imran Khan ने अपने समर्थकों को बड़ी लड़ाई की तैयारी करने को कहा है। Pakistan में Imran Khan और Pakistan Army सीधे-सीधे आमने-सामने हो गए हैं। 40 दिन बाद Pakistan को नया आर्मी चीफ मिलेगा और जिस जनरल के नाम पर सबसे ज्यादा चर्चा हो रही है Imran Khan को उसी जनरल से सबसे ज्यादा डर लगता है, क्योंकि वो आएगा तो Imran Khan से बदला जरूर लेगा।#Pakistan #ImranKhan #Bajwa #ShehbazSharif #America #ImranKhan #PakistanEconomicCrisis
The agreement was signed by Ministry of Economic Affairs Secretary Mian Asad Hayaud Din and French Ambassador Nicolas Galey, the Economic Affairs Division of Pakistan said in a statement.
Clearly, Pakistan's repayment ability is reducing. The country is running from China to the IMF for fresh loans, relaxation in repayment terms etc.
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