ISLAMABAD: Federal Government has decided not to pay political cost for a deal with the International Monetary Fund (IMF) and rather continue with the costly subsidies on the oil prices and other daily-use commodities.
Sources in the ruling coalition have told this scribe that the decision was taken in the recently held top huddle in London chaired by Pakistan Muslim League–Nawaz (PML-N) supremo and former Prime Minister Nawaz Sharif.
The sources said that the meeting decided not to pay political cost in view of the rising public popularity of PTI leader Imran Khan as any such step would cost the party heavily.
The sources said that Sharif has tasked Finance Minister Miftah Ismail to hold fresh talks with the IMF and try to convince the IMF to doll out support package for cash-strapped Pakistani economy.
The sources said that the meeting also decided that Foreign Minister Bilawal Bhutto-Zardari has been tasked to visit friendly countries including US and China and seek financial assistance for Pakistan.
Sharif on Sunday telephoned the leaders of the coalition parties on Sunday and sought their advice on the possibility of raising fuel prices or providing relief to the masses in across the country. He also shared the PML-N’s decision of continuing with subsidies on daily use items.
Sources in the ruling party told this scribe that the PML-N Chief took allies into confidence over the decisions of PML-N regarding electoral reforms and sought their advice over the option giving relief to the people.
The sources added that Nawaz Sharif telephoned Asif Ali Zardari, Maulana Fazlur Rehman, Sardar Akhtar Mengal, Khalid Maqbool Siddiqui, Khalid Magsi, Mahmood Achakzai and others.
The former PM Nawaz Sharif also directed Prime Minister Shehbaz Sharif to take all the allies into confidence and said that the PM should work out a common strategy.
On the other hand, it is also expected that PM Shehbaz to address the nation in the next two days.
Meanwhile, Miftah Ismail told media here that the PML-N-led federal government has decided against hiking fuel prices.
Miftah Ismail said the government is not going to increase fuel prices and added that he is going to hold talks with the International Monetary Fund (IMF) for the revival of the loan package for Pakistan.
“We are not going to increase fuel prices,” Miftah said and advised the masses not to wait in long lines at the petrol pumps in this hot weather.
Taking on the former finance minister Shaukat Tarin, he said, the latter agreed with the IMF to end subsidy on the fuel prices phase-wise.
Prime Minister Shehbaz Sharif has decided to call a meeting of coalition parties in the federal government to decide on tough measures needed to bring economy out of crisis.
According to sources privy to the matter, the meeting of the coalition parties is likely to be held on Monday or Tuesday where participants will be taken onboard with regard to decisions made by PML-N leadership in London.
The prime minister will return to Pakistan after his London and UAE visits today where he would hold consultations on the economic situation.
The sources said Foreign Minister Bilawal Bhutto Zardari will visit United States (US), China and Switzerland in the next week where he would be meeting his foreign counterparts and would also attend a meeting of the World Economic Forum.
According to sources in the foreign ministry, the foreign minister will visit the United States on May 17 where he would meet US Secretary of State Antony Blinken and attend a meeting on Global Food Security.
“On May 19, he will return from the US and visit China on May 20 for two days,” they said adding that the visit was planned at the invitation of the Chinese foreign minister. “Bilawal will visit Guangzhou and meet his counterpart.”
Bilawal Bhutto Zardari, according to sources, will then visit Davos and attend meeting of World Economic Forum and will also meet multiple foreign ministers at the sidelines of the meeting. “He will return Pakistan on May 25,” they said.
