Cash-strapped Pakistan’s government on Sunday raised prices of petrol and diesel by Rs 35 each, giving another jolt to the country's inflation-stricken people.

Iran PressAsia: Pakistan's Finance Minister Ishaq Dar made the announcement in a televised address on Sunday morning, spoiling people's weekly holiday as prices in the past had been adjusted on a fortnightly basis from the first to the sixteenth of every month.

Last week, Prime Minister Shehbaz Sharif had said that the ruling alliance led by his party was ready to swallow the bitter pill of the International Monetary Fund’s 'stringent' conditions to revive the loan program and it has clearly conveyed intentions to complete the ninth review to the IMF.

Pakistan entered a $6 billion IMF program during Imran Khan's government in 2019, which was increased to $7 billion last year. The program's ninth review is currently pending with talks being held between IMF officials and the government for the release of $1.18 billion.

The IMF team would be in Islamabad from Jan. 31 to Feb. 9 to hold talks with the Pakistani officials over the implementation of the conditions attached to the assistance package.

Cash-strapped Pakistan's currency depreciated to its lowest against the US dollar on Friday in the interbank and open market and closed at Rs 262.6.


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