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...
NEWS FLASH: Prime Minister Shahbaz Sharif announced a reduction in the price of gasoline and diesel by Rs. 18.50 and Rs. 40.54, respectively, per liter.
The new pricing will go into effect at 12 p.m.
Given the drop in the price of crude oil on the world market and the staff-level agreement with the IMF, Finance Minister Miftah Ismail offered the public "relief" in the price of gasoline and diesel on Thursday.
In response to a tweet from journalist Hamid Mir, he added, "God willing, we will now be able to bring assistance to our people with this agreement and the subsequent fall in worldwide oil prices.
The journalist had requested that the minister also express gratitude to the people who had to pay for the IMF's demands.
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