Fuel prices increased by 20% in Pakistan

On May 26, local time, Pakistan’s Finance Minister announced that Pakistan has reached an agreement with the International Monetary Fund (IMF) in the latest negotiations, based upon the condition that Pakistan will increase the prices of fuel by 20%. So based upon the understanding, on 27th of May prices of fuel were increased

In 2019, the Pakistani government and the International Monetary Fund reached a three-year, $6 billion aid deal. So far, Pakistan has received $3 billion in aid funds. But the International Monetary Fund has been slow to disburse the latest aid funds due to concerns about Pakistan’s fiscal deficit and other economic problems. Beginning on May 18, 2022, Pakistani officials began a week-long negotiation with representatives of the International Monetary Fund in Qatar to discuss the release of US$1 billion in aid funds to Pakistan. Where the negotiations met a stalemate as IMF refused to disburse further aid money until taxes were increased on fuel.