Pakistan abolishes subsidies on oil

Islamabad, Sept 18 PPI: The Pakistan government has announced an economic stabilization package to salvage the economy, abolishing subsidy on petroleum products.

Addressing a news conference in capital Islamabad, Pakistan Finance Minister Syed
Naveed Qamar said that as part of the package, subsidy on petroleum products has
been abolished, imports would be kept at the minimum and borrowing from State Bank
is to be curtailed.

He said that power and gas sectors, however, would continue to enjoy subsidy for the
benefit of the consumer, especially the
farmers. He said the government would borrow from National Savings and new schemes
would be launched to motivate the people for savings.

He said Pakistani government is consulting IMF on economic issues but would not seek
assistance from the Fund. He was optimistic about receiving the Saudi Oil Facility
on deferred payments.

ENDS-PPI