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Wednesday, 6 January, 2021 I 21 Jumada Al-Awwal, 1442 I Rs 15.00 I Vol XI No 188 I 12 Pages I Islamabad Edition

World Bank forecasts Pakistan’s growth rate at 0.5pc in FY21 g

containment measures, impact of pre-pandemic monetary and fiscal tiGhteninG cited as key reasons for restrained Growth in pakistan

ISLAMABAD

t

GHULAM ABBAS

akinG stock of the dwindling economic situation due to the coronavirus pandemic, the world bank has forecast pakistan’s growth rate at 0.5 per cent financial year 2020-21. in its report titled “2021 Global economic prospects”, the world bank has estimated that pakistan’s growth rate contracted by 1.5 per cent during the last financial year due to the effects of measures taken by the government to curb the spread of coronavirus, as well as the impact of monetary and fiscal tightening prior to the pandemic. the report states that the real interest rates were moved into the negative territory because of reduction in policy rate – 250 bps on average and 625 bps in pakistan. acknowledging the steps taken to

Pakistan

CONFIRMED CASES:

490,476

LAST UPDATED AT 7:46 AM ON JANUARY 5, 2020

59

RECOVERED:

NEW CASES:

1,947 DEATHS:

444,360 10,409 SINDH:

PUNJAB:

219,452

141,393

KP:

BALOCHISTAN:

AJK/GB:

ISLAMABAD:

59,729

Global economic prospects report stresses collective measures for robust, sustainable and equitable Growth

ensure the usage of formal channels for transferring remittances, the report states that inflow remained robust in 2020 with pakistan and bangladesh experiencing double-digit growth in this sector due to the usage of said channels, government incentives and the return of migrant workers. the world bank said that pakistan, india and bangladesh’s current accounts were positively affected by the inflows during the said period, besides international assistance, which helped several regional economies increase their foreign reserves. as for economic recovery, the report states that pakistan is expected to experience as restrained growth – averaging 1.3 per cent over the next two years – which is slightly better than previously expected, but far below the growth potential. continued fiscal consolidation pressures and the weaknesses of the services sector are among the factors

Coronavirus in

DAY'S DEATH TOLL:

g

18,254

8,383/4,870 38,395

that could subdue pakistan’s economic growth. explaining its projection, the world bank states that the outlook is predicted on pakistan maintaining reform momentum, and its adherence to a macroeconomic-sustainability framework. the report also cautions against limited prospects for a strong rebound in the services sector, which would result in aggravating poverty in the country, given that the sector represents half of pakistan’s output and is an important financial source for low-income households. talking about the regional situation, the report, while excluding india, states that economic growth would slow to 0.9 per cent in 2021, with pakistan, afghanistan and maldives taking the largest hit. regarding the risk of debt distress, the world bank states that several economies, including pakistan, sri lanka and maldives, are at high risk, and require decisive action to maintain macroeconomic stability. it also cautions against security-related uncertainties pakistan, india, afghanistan and nepal, given how they could adversely affect the fragile economic situation. the report goes on to project a broader picture of the global economy, stating that economic growth is projected to be subdued, with the global economic output expected to expand by 4 per cent. it also cites the risk of setbacks in containing the pandemic as a potential factor which could derail economic recovery. it projects growth in emerging markets and developing economies at 5 per cent, while stating that the output of these countries is expected to remain well below their prepandemic situation.

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Pakistan reaffirms support for Kashmir cause ISLAMABAD

STAFF REPORT

president dr arif alvi and prime minister imran khan on tuesday reaffirmed the country's unequivocal support for the people of occupied kashmir in their struggle for freedom from ruthless indian occupation in accordance with the united nations security council (unsc) resolutions. "the right to self-determination is a vital component of human dignity. the negation of this right is the negation of human freedom, the universal declaration of human rights, and un human rights covenants," the president said in a message on the occasion of right to self-determination of kashmiri day observed on January 5. "india is the biggest violator of this inalienable human right,” he said. the president stressed that the un must honour its commitments and urged upon the global community not to shy away from its responsibility towards the oppressed people in kashmir. he said on 5th January 1949, the un commission on india and pakistan (uncip) adopted the resolution guaranteeing a free and fair plebiscite in the region to enable the people of kashmir realise their right to self-determination. he said since august 5, 2019, through continuous illegal and unilateral steps, the indian government had created an environment of fear and chaos in the region. more than 500 days of the military siege, and draconian restrictions

Families of Mach carnage victims continue sit-in for third day QUETTA STAFF REPORT

the families of victims of the attack on coal miners in balochistan's mach town continued their sit-in on quetta’s western bypass on the third consecutive day on tuesday. 11 miners were abducted and executed early sunday morning in an attack later claimed by the so-called islamic state militant group. the victims were said to be members of the shia hazara community that has suffered a number of similar attacks in the past. families of the victims placed the dead bodies on a road connecting quetta with sukkar on sunday but later moved the bodies to the provincial capital. they refused to bury the dead until prime minister imran khan visited them. minister for interior sheikh rasheed ahmed arrived in quetta on prime minister imran's instructions and held negotiations with the grieving community. even as he urged the protestors to call off the demonstration so that the bodies could be laid to rest and ex-

on fundamental freedoms and rights, including the right to life and health, despite the covid-19 pandemic, had challenged the conscience of the international community and india’s credentials of being a respectable member of the comity of nations, he added. the president said: "indian actions have been widely rejected by the international community, the united nations, and international human rights organizations. the current situation in the kashmir is the worst in recent history where people have been deprived of all basic rights, including rights to freedom of expression and assembly, as well as self-determination.” the people of occupied kashmir, he said, were being subjected to collective punishment by the indian occupation forces, which had turned the territory into the largest militarised zone in the world and were seeking to change the demographic structure of the occupied territory in violation of the international law, including the 4th Geneva convention. separately, in a series of late-night tweets to mark the annual right to self-determination of kashmiri day, the premier noted the un had on January 5, 1949, guaranteed the right to self-determination for the people of occupied Jammu and kashmir through a plebiscite. “we observe this day as a reminder to the u.n. and its member states of their unfulfilled commitment to the kashmiri people,” he said.

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more inside

Military leadership vows to defeat terrorists and abettors STORY ON BACK PAGE

cabinet approves purchase of covid-19 vaccine to save human lives STORY ON PAGE 03

pressed willingness to accept most of their demands, the hazara community did not accede to his call. in a post-attack statement, is claimed its pakistan branch executed the men. the terrorist group has targeted shia muslims, their shrines and places of worship in countries where the group has its loyalists. in addition, is militants, in recent months, have carried out

major attacks against the hazara community in afghanistan, killing scores of people. in a press conference after the meeting with the protestors, ahmed said the demands of the hazara community would be conveyed to the premier. he asked the majlis wahdat-emuslimeen (mwm) leaders to form a five or seven members committee for a meeting with imran in islamabad.

Cabinet extends fixed tax scheme for construction sector till June 30th STORY ON PAGE 05

saudi arabia says full ties restored between qatar and embargo nations STORY ON BACK PAGE


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