CMYK
Wednesday, 1 April, 2020 I 07 Shaban, 1441 I Rs 20.00 I Vol X No 273 I 12 Pages I Islamabad Edition
Pakistan could be hardest-hit by coronavirus Pandemic, warns un g
uN AGeNCy SAyS DeveloPING NATIoNS, INCluDING PAKISTAN, WIll NeeD A $2.5TR SuPPoRT PACKAGe ThIS yeAR To FACe eCoNoMIC CRISIS NEW YORK agencies
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eveloPING countries, including Pakistan, will be hit hardest by the economic shockwaves caused by the novel coronavirus crisis that has shaken the world and will need a support package of up to $2.5 trillion to cope with the damage, a united Nations (uN) report has predicted.
According to a report by the uN Conference on Trade and Development (uNCTAD), which was released on Monday, Pakistan, Argentina and the Sub-Saharan African countries would face a “frightening combination” crises including mounting debts, a potential deflationary spiral as well as a disastrous impact on the health sector. Their economies will take “enormous hit” from high capital outflows, lost export earnings due to falling commodity prices and currency depreciations, with an overall impact likely worse than the 2008 crisis, the report said. “It is going to be really bad,” said Richard KozulWright, director of globalisation and development strategies at uNCTAD who oversaw the report. “The international institutions have to take these sorts of proposals very, very seriously as it is the only way that we can see to prevent the damage already taking place and which will get worse,” he added. In what he said was likely a conservative estimate, Kozul-Wright said that the coronavirus pan-
demic would cause a $2-$3 trillion financing deficit over this year and next. In an early sign of the impact, portfolio outflows from main emerging economies were $59 billion a month between February and March compared to $26.7 billion in the immediate aftermath of the 2008 crisis, the report said. Developing countries will need a $2.5 trillion support package this year to face the economic crisis, the report said. Needed measures will include a $1 trillion liquidity injection and a $1 trillion debt relief package and another $500 million will be needed for emergency health services and related programmes, on top of capital controls. The figures in the report titled “The CovID-19 Shock to Developing Countries” echoed an earlier estimate by the International Monetary Fund (IMF). uNCTAD considers around 170 countries to be developing but the financing gap figure stripped out China and South Korea. “If G20 leaders are to stick to their commitment
Federal govt restores goods transportation across country g
FIRDouS SAyS PM hAS DIReCTeD RANGeRS To eNSuRe SMooTh FloW oF GooDS TRANSPoRTATIoN AFTeR SINDh GovT’S ReluCTANCe ISLAMABAD staff report
The federal government on Tuesday decided to restore the transportation of goods transport in all four provinces keeping in view the prevailing coronavirus situation. Briefing the journalists following the cabinet meeting, Special Assistant to the Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan said Prime Minister Imran Khan has asked Pakistan Rangers to remove all hurdles in the smooth
flow of food goods transportation across the country. According to Firdous, the PM expressed displeasure “in strong words” over the fact that despite the National Coordination Committee’s decision for all four provinces, GilgitBaltistan, and Azad Jammu and Kashmir to keep transport lines open for essential goods, the Sindh government did not implement the same. She that all export and import takes place through the Sindh shipping port and due to administrative measures and a
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transport lockdown, traders are facing challenges. “The supply goes all the way to GilgitBaltistan. With no loaders present or those who pack goods or a lack of facilities, the supply chain is facing a delay. “Rangers will ensure all obstacles in the transport of goods are removed and the transport of goods is secured and ensured,” said Awan. It may be noted here that after the lockdown and partial lockdown across the country, the transporters have been facing hurdles.
CONTINUED ON PAGE 03
coronavirus in
Govt to increase COVID-19 testing amid 26 deaths
Pakistan
STORY ON PAGE 03
Joint opp demands parliamentary oversight on corona relief fund STORY ON PAGE 03
‘Exporters demand bailout as currency bets go wrong’ STORY ON BACK PAGE
FBR needs Rs2.2tr in three months to meet revised target STORY ON PAGE 05
CONFIRMED CASES:
2007
RECOVERED:
DEATHS:
SINDH:
PUNJAB:
58
676
26
708
KP:
BALOCHISTAN:
AJK/GB:
ISLAMABAD:
253 6/148
158 58
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of ‘a global response in the spirit of solidarity’, there must be commensurate action for the six billion people living outside the core G20 economies,” Kozul-Wright said. leaders of the Group of 20 major economies had pledged on Thursday to inject more than $5 trillion into the global economy to limit job and income losses from the coronavirus and “do whatever it takes to overcome the pandemic”. IMMEDIATE DEBT RELIEF: The report comes as British charity oxfam called for a package of nearly $160 billion in immediate debt cancellation and aid to fund a Global Public health Plan and emergency Response to help prevent millions of coronavirus deaths in poorer countries. The charity set out a five-point plan – investment in prevention, 10 million new health workers, free healthcare, government requisition of all private facilities and availability of vaccines and treatments – to enable poor countries to take action to prevent the spread of the disease.
Govt trying to reschedule loans from int’l lenders, says Qureshi STORY ON PAGE 02