There seems to be no respite for people as the US dollar’s value continues to rise with the interbank reporting an increase of Rs1.33, bringing the buying/selling value to Rs 187.25 on Thursday, according to Aaj News.

The dollar has gone up by Rs5.45 in the past five days.

Miftah leaves for Washington

In the backdrop of the dollar already at an all-time high, Finance Minister Miftah Ismail left for Washington for talks with IMF, reportedly to resume the programme soon after his name was removed from the ECL.

The State Bank of Pakistan (SBP) governor is already in Washington for talks with IMF officials. Ismail on Wednesday said that the International Monetary Fund (IMF) has sought completion of five actions for revival of $6 billion Extended Fund Facility (EFF) from the new government.

Ismail during a briefing to a select group of media persons ahead of leaving for Washington along with State Minister for Finance, Aisha Ghaus Pasha, Secretary Finance and others, said that he would be holding talks with the Fund on 7th review during his visit and a meeting with the IMF MD is also expected besides meetings with high-ups of G7 countries, World Bank executive director and meetings with the finance ministers of Turkey and Saudi Arabia.

He said that his priority would be to ensure release of the $ one billion tranche of the Fund programme.

Petroleum prices

The present government, while rejecting the summary of increase in prices of petroleum products, said that the government will bear the burnt of the subsidies but will not let the burden fall on the people.

So far the price of petroleum is one of the biggest challenges for this government with parliamentarians also showing concern. They think an increase in prices is unavoidable in the current situation.