New government in Pakistan discussing rollback of fuel and power subsidies
Pakistan's Prime Minister Shehbaz Sharif
The new government in Pakistan is discussing whether it should rollback fuel and power subsidies.
Finance Secretary Hamed Yaqoob Sheikh told Reuters, "The relief package will add to the fiscal deficit which we cannot afford at the moment."
"Either it has to be rolled back or compensating reductions in other expenditures would be required to ensure that the primary balance agreed with the IMF is achieved."
''Our focus is on providing as much relief as possible to all Pakistanis by tackling high inflation and kick-starting the stagnant economy,'' Pakistan's Prime Minister Shehbaz Sharif had earlier tweeted.
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The fuel and power subsidies were introduced by former Prime Minister Imran Khan in order to win public support.
He implemented the cut in electricity and petrol tariffs in February when inflation was at an all-time high.
Miftah Ismail, the top economic adviser to Sharif, has said that Imran Khan's relief measure will make the fiscal deficit reach 10 per cent of the country's Gross Domestic Product (GDP).
Speaking on the condition of anonymity, a finance ministry official told Reuters, "We have been discussing this before (with the previous government) and are discussing it again with the new government as well."
Sharif wants to improve the speed at which current developmental projects are working in Pakistan.
"Almost all sectors of economy remained stagnant under Imran Khan,'' he said.
Khan, the leader of Tehreek-e-Insaf, was ousted after a no-confidence motion was passed against him in the National Assembly.
The former captain of the Pakistani cricket team has been holding rallies ever since in protest.
"Young people, get ready, I will take to the streets with you. I will go out in every city, and I will continue to go out until they are forced to hold election,'' he said.
According to Pakistan's Major-General Babar Iftikhar, "All that happened in recent days was part of a political process.''
''Do not drag the army into politics,'' he urged Pakistan's political parties.
(With inputs from agencies)