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Hafeez Sheikh outlines authorities’s financial measures to deal with Covid-19

by Pakistan Latest News Update

Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh on Wednesday mentioned the measures that the federal government is taking so as to take care of the financial influence of the Covid-19 pandemic.

Addressing a press convention, Sheikh stated that the pandemic is predicted to have a detrimental impact on the nation’s economic system and outlined the varied the reason why this could happen.

Based on the premier’s particular adviser:

Demand for Pakistan’s exports will fall because the economies of the international locations that it exports to are weakened
Remittances from expatriates will probably be affected as international locations the place they’re based mostly, corresponding to Saudi Arabia and the United Arab Emirates, are weakened
Financial exercise in Pakistan will even be lowered which can in flip cut back folks’s revenue and taxes

Sheikh stated that in Pakistan, the provinces have quite a lot of significance however presently each the provinces and the federal authorities are working collectively.

“There is an effort to created a united strategy in Pakistan,” he stated.

The premier shared the important thing factors of the Rs1.25 trillion financial bundle that had been introduced by Prime Minister Imran Khan a day earlier.

Rs200 billion designated for any labourer who loses his job or sees a discount in employment alternatives which will probably be distributed after consultations with the enterprise group and the provinces.
Rs100bn tax refunds to export trade to supply them liquidity as quickly as doable in order that their work is not utterly halted.
Rs100bn to extend the exercise and work of small companies and the agriculture sector. Moreover, will attempt to cut back the worth of fertiliser.
Those that are affected or economically weak will probably be given Rs3,000 a month for four months; this can cowl 12 million households.
5 fundamental meals gadgets will probably be bought at decrease costs at utility shops; Rs50bn will probably be given to utility shops for the aim.
8.2million tonnes of wheat will probably be bought by the federal government.
Petrol, diesel and so on costs will probably be lowered by Rs15 per litre and this worth will probably be maintained.
Decrease electrical energy and fuel shoppers will probably be given time for funds.
Further Rs50bn for well being employees’ gear, uniforms and safety.
Taxes on meals merchandise will both be utterly eliminated or will probably be largely lowered.
Rs50bn for Nationwide Catastrophe Administration Authority (NDMA) ; additional will probably be given in the event that they require.
Rs100bn fund for different calls for of the enterprise group.
Monetary financial stimulus will even be given. Two large choices on this regard are the discount within the coverage fee and if precept and curiosity are each due, then the enterprise sector will probably be given three to 6 months to return it.

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