The paper says it is unfortunate that no government has ever had the political will to solve Pakistan’s economic issues. Read more at straitstimes.com.
ISLAMABAD - By raising gas prices by up to 113 per cent for six months, the coalition government has implemented another IMF-mandated prior action for the resumption of its stalled bailout package.
If the gas sector’s long-term sustainability is to be ensured, the authorities will have to move beyond periodic hikes in prices to linking gas rates to the global market. Indeed, this will be tough for both the industry and residential users of the piped fuel because it will involve the removal of massive, unsustainable subsidies.
Such a step should also help the government move towards the goal of uniform gas pricing nationwide, eliminating the cost advantage to Karachi-based textile and other export industries over their counterparts from Punjab and upcountry. The drop comes four months after Fitch revised down the ranking to CCC+. It said the downgrade reflected a sharp deterioration in external liquidity and funding conditions, along with the decline in foreign exchange reserves to critical levels.
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