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Inflation rate drops to 10.2pc in March


April 2, 2020

ISLAMABAD: The Pakistan Bureau of Statistics (PBS) on Wednesday said the inflation rate fell to 10.2 per cent in March from 12.4pc in the previous month owing to decline in prices of essential food items for a second consecutive month. This is for the first time since July last year that inflation measured by the Consumer Price Index (CPI) has …

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Debt rescheduling high on EU agenda: Borrell


April 2, 2020

ISLAMABAD: Euro­pean Union’s foreign policy chief Josep Borrell on Wednesday said that debt rescheduling for the struggling economies hit by the Covid-19 pandemic was high on the bloc’s agenda. Mr Borrell said this while talking to Foreign Minister Shah Mehmood Qureshi, who called the former to discuss the situation arising out of the pandemic. There has been a growing support …

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World Bank okays another $700m for Dasu project


April 2, 2020

ISLAMABAD: The World Bank’s board of directors has approved a $700 million additional financing for 250km transmission line of the Dasu Hydropower Project to be completed by December 2023. This was announced by the World Bank at a time the government is seeking about $1.2 billion support from the bank through diversion of surplus or unutilised funds from slow-moving projects …

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Japan to provide $2.16m grant for Covid-19


April 2, 2020

ISLAMABAD: The Japanese government will provide a grant assistance of $2.16 million to Pakistan to deal with the escalating number of coronavirus infections in the country. Of the $2.16m grant, $1.62m will come through Unicef and $540,000 through the International Organisation for Migration, according to statement issued recently. Japanese Ambassador Matsuda Kuninori commended the efforts by the government and the …

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Huddle in Q Block over shape of industry bailout


April 2, 2020

ISLAMABAD: The business community on Wednesday asked the government to encourage the State Bank of Pakistan to purchase assets and goods of depressed industries and further reduce the discount rate besides speedy clearance of tax refunds to address liquidity challenges and help mitigate adverse impact of Covid-19 pandemic. At a meeting with a ministerial team, the leading businessmen also advised …

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Demand for electricity, gas, oil drops dramatically


April 1, 2020

ISLAMABAD: Demand in the country for electricity, natural gas and petroleum products has dropped dramatically as a result of the coronavirus epidemic, creating serious operational and financial challenges in the supply chain. Senior government officials told Dawn that electricity consumption had plummeted by almost 30 per cent and authorities had been compelled to provide uninterrupted power supply to even high-loss …

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Rangers told to ensure movement of goods transport


April 1, 2020

ISLAMABAD: Approving a coronavirus relief package of Rs1,200 billion, Prime Minister Imran Khan on Tuesday took serious notice of suspension of goods transport in the country despite his earlier order for its restoration and tasked Rangers in Sindh with ensuring its implementation by taking appropriate measures for movement of trucks and opening of industries amid a complete lockdown in the …

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PSX surges 1,208 points on value buying


April 1, 2020

KARACHI: Stocks staged a massive rally on Tuesday with the KSE-100 index recovering 1,208.24 points (4.31 per cent) from the heavy losses suffered earlier in March. The index closed at 29,231.63, after hitting intraday by 1,311 points. Recovery was underpinned by attractive stock valuations; higher investor participation; recent announcements of tax relief by the government which included relief on account …

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Drug regulator dysfunctional as fight against Covid-19 rages


April 1, 2020

KARACHI: Bootleg hand sanitisers have flooded the retail market as demand skyrockets and imports are unable to keep pace. Meanwhile, critical drugs nee­ded for the fight against Covid-19 are running out. Pharmaceutical executives say the Drug Regulatory Authority of Pakistan (Drap) has been dysfunctional for over a month now because 10 key posts of directors have been vacant, bringing key …

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Revenue shortfall surges by Rs200bn in March


April 1, 2020

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday announced a revenue loss of over Rs200 billion for March owing to the coronavirus-led slowdown in economic activity while warning of further losses in the coming months in case businesses fail to resume operations. Provisional figures showed the FBR collected Rs325bn in March against the projected target of Rs525bn, showing a …

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