Pakistan nearly doubles gas prices to meet IMF bailout terms

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Jun 17, 2007
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Cash-strapped Pakistan nearly doubled natural gas taxes Tuesday in an effort to comply with a long-stalled financial bailout, raising concerns that the hardship could pass to consumers in the impoverished south Asian country. The government's bid to revive a $6 billion bailout from the International Monetary Fund hiked the price of natural gas for domestic and industrial consumers from 16% to 112%, shocking many Pakistanis who already are struggling. “The prices of cooking oil and all food items have doubled in the past less than one year, but there has not been any increase in our income,” said Zameen Gul, 32, the father of three who works for a construction company in Peshawar.
 
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