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General Bajwa, has requested assistance from Washington in achieving an early transfer of funds from the IMFin order to help stabilize Pakistan's shrinking economy.

  The Chief of Army Staff, General Qamar Javed Bajwa, has requested assistance from Washington in achieving an early transfer of funds from the International Monetary Fund in order to help stabilize Pakistan's shrinking economy. Deputy Secretary of State Wendy Sherman, according to security sources, spoke with the army chief earlier this week. It is stated that the army chief made a plea to the White House and Treasury Department to get the IMF to immediately supply the almost $1.2 billion that the country is slated to receive under a reopened loan program. "Staff-level approval" for the loan was granted by the International Monetary Fund (IMF) on July 13. IMF Executive Board clearance is required before the transaction can be completed as part of Pakistan's $6 billion Extended Fund Facility. The International Monetary Fund (IMF) will be on vacation for the next three weeks, and its board will not meet until late August at the earliest. According to an IMF official wh...
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After talks with the government, petroleum dealers call off their nationwide strike.

After talks with the government, petroleum dealers call off their nationwide strike


After successful negotiations with the government, the Pakistan Petroleum Dealers Association (PPDA) called off a nationwide gasoline station closure on Sunday in protest of their inability to boost their profit margins.

According to reports, the government has decided to raise petroleum dealers' profit margins to Rs. 7 per liter on both petrol and high-speed diesel.

According to the PPDA, the government has agreed to notify petroleum dealers of increased profit margins beginning August 1, 2022.

Petroleum dealers' profit margin on petrol is currently Rs. 4.90 per liter, while the profit margin on high-speed diesel is Rs. 4.13 per liter.

In response to the low profit margins, the PPDA threatened a nationwide shutdown of petrol stations on July 18 (Monday). The association had requested a 6% increase in its profit margin.

According to the PPDA, the previous administration boosted the profit margin somewhat and promised another rise by June 30, bringing the margins to 6%. However, the existing government failed to follow through on the previous administration's pledge, prompting dealers to call for a nationwide closure.

 

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