ISLAMABAD, August 16(ABC): Pakistan has assured the International Monetary Fund (IMF) to remove all subsidies on petrol and electricity.
Dunya News received a copy of the Letter of Intent (Lol) between Pakistan and IMF, in the Lol, Pakistan assured the IMF of implementing the twenty-seven-point action plan.
In the Letter of Intent to the IMF, assurances have been given that the value of the dollar will be market-based, and Pakistan will remove all subsidies on petrol and electricity while the prices will be increased gradually.
The IMF has been informed that Pakistan will increase basic electricity rates and gas rates, and to implement the Anti-Money Laundering Framework as per the FATF condition while the government will review the ban on imported goods in January 2023.
It was further assured that governance and transparency systems will be put in place in loss-making institutions, and monitoring and payment systems will be improved to control revolving credit.