Following the government’s decision to lower the price of petroleum products, Minister of State for Finance and Revenue Aisha Ghaus Pasha gave the assurance that Pakistan had not violated any of the terms set forth by the International Monetary Fund (IMF).
According to Geo, there have been numerous rumours surrounding the future of the IMF contract ever since Finance Minister Ishaq Dar cut the price of gasoline last week.
Since he was sworn in, Dar and his predecessor Miftah Ismail were unable to cooperate because they held divergent views on the IMF agreement and the gradual elimination of gasoline subsidies.
Pasha responded to the worries by stating that Pakistan had some margin, which the government utilised to relieve the people by lowering the price of gasoline by Rs12.63 per litre.
She said that the government is still committed to the IMF programme and intends to provide relief to the flood hit masses without tampering IMF conditions.
Moreover, she said that the government officials are scheduled to meet IMF representatives this month and both sides will discuss things in detail.
Speaking of the rupee-dollar controversy, she said that the central bank is investigating eight known banks in this issue regarding the banks involved in currency manipulation. Strict action will be taken against any bank found guilty according to Pasha.
Earlier, the Senate Standing Committee on Finance had summoned the representatives of eight commercial banks that were issued show-cause notices by the central bank on suspicion of currency manipulation.
