Islamabad [Pakistan], May 8 (ANI): Former Finance Minister and senior Pakistan Muslim League (PML-N) leader Ishaq Dar on Saturday advised the new government of Pakistan to renegotiate International Monetary Fund (IMF) bailout package.

"We have to run the country and not ruin it by taking dictations," said the former Finance Minister, reported Geo News.

Dar, while speaking on Geo News programme "Naya Pakistan", said that the global lender was asking Pakistan to increase the price of petroleum products, adding that the "complete burden" of the price hike should not fall on the people.

He said that the Pakistan Tehreek-e-Insaf (PTI) government headed by Imran Khan had agreed to the IMF's package on "very strict conditions", reported Geo News.

"The country's situation is like this because due to the last government's incompetence," said Dar.

He added that the PTI government did not work on increasing the revenue of the country, reported Geo News.

"PTI government knew it was going that's why they decreased the price of petroleum," said Dar. He also slammed the last government for the free-floating of the dollar, which he believed had ruined the country.

"Reducing monetary policy by 1 per cent would have saved billions of rupees for Pakistan," said the former Finance Minister leader. He added that the PML-N government from 2013-18 had managed the cash flow.

The PML-N leader claimed that Pakistan had lost Rs 4 trillion by free-floating of the dollar by the PTI government.

The IMF agreed to revive a USD 6 billion bailout package for Pakistan after cumbersome discussions, providing a major relief to its struggling economy however, Pakistan will need to push through with key reforms. (ANI)