Islamabad, May 27 (UNI) Pakistan Prime Minister Shehbaz Sharif's government on Friday was forced to increase the local fuel prices substantially to clear the way to meet a key condition set by the International Monetary Fund (IMF) for reviving its bailout program, Al Jazeera reported.
The prices of petrol and diesel were increased by 30 rupees a liter each, finance minister Miftah Ismail tweeted. This decision was taken a day after the two sides ended week-long talks without reaching an agreement to revive the stalled loan.
Pakistan's economy which is in shambles needs the IMF bailout urgently to remain afloat and avert a default. The country which is facing a severe economic crisis has seen stocks tumbling and the Pakistani rupee dropping 9 per cent in the past month, making it the worst performer among Asian nations, according to data compiled by Bloomberg. The country’s dollar bond dropped to a record low last week.