Epaper – June 12 KHI 2020

Page 1

CMYK

Friday, 12 June, 2020 I 20 Shawwal-ul-Mubarak, 1441 I Rs 15.00 I Vol X No 343 I 12 Pages I Karachi Edition

Govt unveils economic survey, misses key tarGets g

ecOnOMy tO Shrink the MOSt in decadeS while fiScal deficit likely tO widen tO 9.4Pc Of GdP in fy20

g

aGriculture SectOr GrOwS 2.67Pc, whereaS induStrial and ServiceS SectOrS Shrink -2.64Pc and -3.4Pc, reSPectively

ISLAMABAD

P

Shahzad Paracha

akiStan’s economy will shrink the most in decades while its fiscal deficit will likely widen to 9.4pc of gross domestic product by the end of the fy20, according to the Pakistan economic Survey 2019-20. “the country’s provisional gross domestic product (GdP) growth rate for fy20 will likely contract 0.4pc instead of growing 3.3pc as previously forecast,” adviser to PM on finance abdul hafeez Shaikh told a news conference while unveiling the budget on thursday. this contraction would be the deepest in decades. “the economic contraction depicts the challenges that the Pakistan tehreeke-insaf (Pti) government faced in its second year in power and the miseries caused by the covid-19 that started battering the world in december 2019.” the iMf and world Bank had earlier projected that the economy will shrink by up to 2.6pc. the adviser said the iMf and world Bank were making bleaker assumptions keeping in view the severity and duration of the coronavirus pandemic. “in my view, we will have a better estimation when this year ends on June 30.” he highlighted the government’s swift and decisive policy actions since the start of the current fiscal year, including resource mobilisation, completion of the international Monetary fund (iMf) programme, austerity measures, and monetary policies helping stabilise the economy. the adviser stated that these measures helped the economy to reverse large external and internal imbalances. he said that significant improvement in external accounts was made as the current ac-

PM says those who violate SOPs will be locked up g

PakiStan cOnductS 26,573 teStS in 24 hOurS; ncOc SayS 61Pc ventilatOrS are vacant acrOSS cOuntry ISLAMABAD STaFF rEPOrT

count and trade deficit witnessed a substantial contraction. “foreign reserves steadily improved. there was an increase in foreign direct investment (fdi). the credit rating profile also improved. fiscal performance remained strong during the first three quarters of the outgoing fiscal year, on the back of consolidation efforts and targeted reforms.” the adviser said the covid-19 has pushed the global economies towards a recession. Pakistan has also been affected by the unprecedented health and economic shocks caused by the outbreak of coronavirus. during the current fiscal year, Pakistan’s economy has undergone a sharp contraction as growth is recorded at negative 0.4pc. “to mitigate the socio-economic impact of the pandemic, the government announced a stimulus package of rs1.24 trillion, and offered further relief measures

through the State Bank of Pakistan. the policy rate was also cut by 5.25pc to 8.0pc,” he said. “the monetary and fiscal policy interventions have been made to restore the economic activity in this difficult time and to reduce negative effects on poverty and unemployment.”

CONTINUED ON PAGE 03

Govt presents taxfree budget today STORY ON PAGE 09

Govt adds Rs2.5tr to public debt in nine months STORY ON PAGE 03

CMYK

Prime Minister imran khan on thursday said that he would personally review the country’s situation with regard to the standard operating procedures (SOPs) and those who violate the government’s safety protocols against coronavirus would be locked up. “i have reports from Punjab and Sindh about adherence to SOPs. i know about mosques, courts, public offices, parks, industries, shopping malls, shops, local transport and inter-city travel and private transport,” he said. “i will get a daily report.” he added, issuing a stark warning to those flouting the rules. the premier said it is a national duty to abide by the safety rules, with a view to saving lives. PM imran spoke at great length about india where a complete curfew was imposed and how the economy is now reeling from the after-effects. “today a survey has been released by experts of university of Pennsylvania, university of chicago and an organisation cMi which has been monitoring the indian economy,” he said.

he also said that owing to a sudden sweeping curfew there, the survey has revealed that 84% households were impacted.

CONTINUED ON PAGE 03

coronavirus in

Pakistan

CONFIRMED CASES:

123,493

DAY'S DEATH TOLL:

101

RECOVERED:

38,391 SINDH:

46,828

DEATHS:

2,409 PUNJAB:

45,463

KP:

BALOCHISTAN:

AJK/GB:

ISLAMABAD:

15,787 488/1018

7,673

6,236


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