Pak PM admits there will be more inflation after IMF agreement

Islamabad, Feb 22 (SocialNews.XYZ) Pakistan Prime Minister Shehbaz Sharif on Wednesday admitted that there will be more inflation as a result of the possible agreement with the International Monetary Fund (IMF), a media outlet reported.

Addressing a press conference, the Prime Minister said that he hoped the matters with the IMF will be settled in the next few days.

He informed the media that matters with the IMF are in their final stages, Samaa TV reported.

The government has tried that the mini budget does not impact the poor population.

Most of the taxes through the mini budget have been imposed on luxury goods, he was quoted as saying by the media outlet.

In the supplementary financial budget, tobacco and luxury items have been taxed.

The Prime Minister said that the IMF has reduced some subsidies, and asked to facilitate the poor only. There will be some difficulties after the IMF programme, he admitted, the report added.

Prime Minister Shehbaz Sharif, while addressing a federal cabinet meeting in Islamabad on Wednesday, said that austerity measures are the government's top priority, Pakistani daily Express Tribune reported.

"Time is calling for us to adopt restraint, simplicity and sacrifice," he said while addressing the meeting.

Prime Minister Shehbaz stressed that "everyone including the ministers, advisers and bureaucrats will have to be part of the austerity campaign" adding that the government "has tried its best to fulfil its duty", the newspaper reported.

"Instead of looking back," he said, "we must renew our resolve to move forward today".

As the government seeks to revive the IMF programme, Pakistan has also sought to secure assurances from Saudi Arabia and China for more loans.

Source: IANS