Pakistan Business Council (PBC), one of the country’s leading economic advisory bodies, has proposed a reduction in the working week to save the country’s vital foreign exchange reserves while urging the government to introduce a targeted subsidy programme in the wake of petroleum products price hike.
Taking to Twitter, PBC on Friday lauded the government’s latest decision to increase rates of petroleum products.
“The decision to partially withdraw the general subsidy on fuel is belated but a step in the right direction to stem the pressure on the twin accounts,” said the PBC.
The government on Thursday night announced an increase in petroleum products’ prices by Rs30 per litre in an effort to revive the stalled $6-billion Extended Fund Facility (EFF) programme of the International Monetary Fund (IMF).