Connect with us

Business

Government is trying best to provide maximum relief to poor: Miftah Ismail 

Prime Minister Shehbaz Sharif announced a relief program for the nation on Friday.

Published

on

By

Government is trying best to provide maximum relief to poor: Miftah Ismail 
GNN Media: Representational Photo

Islamabad: Federal Finance Minister Miftah Ismail on Saturday said that government would try its best to provide maximum relief to the poor of the country, adding that deserving families can avail the subsidies on petrol and diesel under the relief program announced by Prime Minister Shehbaz Sharif.

While sharing the details of Rs28 billion relief package, announced by Prime Minister Shahbaz Sharif, Minister for Finance and Revenue, Miftah Ismail said that the staff level agreement with International Monetary Fund would be signed next month (June).

The minister said that the funds under the Extended Fund Facility (EFF) would be released after final approval by the IMF board. The minister was flanked by Minister of State for Finance, Ayesha Ghous Pasha.

Miftah said that the fund, which had to provide $3 billion, has been requested to extend the program by one year and provide additional $2 billion, adding accordingly the country expects around $5 billion from the fund.

He said, that the programme with IMF was not important just because the country gets money from the fund rather, it is important because it opens ways for getting funds from other multilateral organization like Word Bank and Asian Development Bank.

He said, once unlocked by IMF, Pakistan would get money from multilateral organization adding that around $8.9 billion were already in pipeline from World Bank.

The minister justified increase in petrol prices, saying that no doubt it would increase inflation but if the increase had not been done, it would lead to more inflation as the burden would fall on the government and resultantly more devaluation of rupee.

He said, after increasing the prices of petrol, not only rupee was strengthened against Dollar by around 2.5 but stock market also moved positively adding that it would also have positive impact on banks, Kibor would also reduce and mitigate the liquidity pressure faced by government.

The minister said, the government intended to provide relief to the poor against the inflationary pressure which was created due to inability of the previous government.

He said the government would try its best to provide maximum relief to the poor of the country.

Giving details about the PM relief package, the minister said ‘Sasta Petrol and Sasta Diesel’ scheme would benefit around one third population of the country by providing cash to 14 million households (84,000,000 people).

Disbursement of Rs2,000 to each household would start from June, bringing the total relief amount to Rs28 billion in June.

He said around 7.3 million recipients were already registered with Benazir Income Support Program (BISP) and if these are excluded there are 6.7 poor households having below 37 poverty score.

He said, the BISP participants would be provided immediate relief or Rs2, 000 whereas women head of those households who are not registered should send their CNIC on phone number 786 for registration for the program. Accordingly, all the people having income less than 40,000 would be eligible for the relief.

He said, the relief scheme would be incorporated in the federal budget for the fiscal year 2022-23.

To a question on privatization, the minister said, there was no talk on privatization with IMF this time. However, he added, the country needed to privatize certain entities including Discos and power companies for its own interest to reduce burden on national exchequer.

He said that Saudi Arabia has already announced extension of its $3 billion deposits to Pakistan and hinted that some more support was expected from that country the details of which would be shared in July.

To a question on import ban, the minister said that ban was imposed on import of chocolates and perform in bulk, however personally anyone can get it for personal use

Pakistan

PM Shehbaz Sharif receives Turkiye’s new Ambassador

PM extended best wishes to him for a successful term in Pakistan

Published by GNN WebDesk

Published

on

By

PM Shehbaz Sharif receives Turkiye’s new Ambassador

Islamabad: Prime Minister Muhammad Shehbaz Sharif received Turkiye’s new Ambassador Mehmet Pacaci today.

The Prime Minister felicitated the Ambassador on his appointment and extended best wishes to him for a successful term in Pakistan.

The Prime Minister stated that Pakistan-Turkiye fraternal ties were unparalleled in inter-state relations in terms of mutual trust, understanding and mutual support on each other’s national causes. He expressed hope that during the Ambassador’s tenure, bilateral cooperation will be further strengthened, especially in the trade and investment domains. 

Prime Minister Shehbaz Sharif expressed gratitude for Turkiye’s steadfast support on Jammu and Kashmir dispute and reiterated Pakistan’s commitment on Turkiye’s core interests.

Recalling his visit to Turkiye in June 2022, the Prime Minister conveyed that he was looking forward to welcoming President Recep Tayyip Erdoğan for the 7th session of High-Level Strategic Cooperation Council (HLSCC) in Pakistan in September 2022.

The Prime Minister also highlighted the significance of 75th anniversary of Pakistan-Turkiye diplomatic relations and underscored the importance of celebrating this milestone in a befitting manner through commemorative events in both countries.

Continue Reading

World

Boris Johnson resigns as British PM

British Prime Minister Boris Johnson makes a statement at Downing Street in London

Published by GNN WebDesk

Published

on

By

Boris Johnson resigns as British PM

London: Boris Johnson said on Thursday he was resigning as Britain’s prime minister, bowing to calls from ministerial colleagues and lawmakers in his Conservative Party.

“The process of choosing that new leader should begin now,” Johnson said at the door of Number 10 Downing Street.

“And today I have appointed a cabinet to serve, as I will until a new leader is in place.”

After days of battling for his job, the scandal-plagued Johnson had been deserted by all but a handful of allies after the latest in a series of scandals broke their willingness to support him.

"His resignation was inevitable," Justin Tomlinson, deputy chairman of the Conservative Party, said on Twitter. "As a party, we must quickly unite and focus on what matters. These are serious times on many fronts."

The Conservatives will now have to elect a new leader, a process that could take weeks or months. 

SOURCE: Reuters

Continue Reading

Pakistan

More showers during Eidul Azha holidays: PMD

Monsoon currents are continuously penetrating the country

Published by GNN WebDesk

Published

on

By

More showers during Eidul Azha holidays: PMD

Islamabad: The Pakistan Meteorological Department (PMD) is predicting more showers during the Eidul Azha holidays.

According to the Met Office, monsoon currents are continuously penetrating the country and are likely to weaken during the next 24 hours, however, it may strengthen over the weekend.

Under the influence of current weather system more rains and thundershowers have been forecast in Islamabad, Kashmir, Swat, Mansehra, Kohistan, Abbottabad, Haripur, Peshawar, Mardan, Swabi, Nowshera, Kurram, Kohat, Mianwali, Sargodha, Hafizabad, M. B Din, Rawalpindi, Murree, Attock, Chakwal, Jhelum, Sialkot, Narowal, Lahore, Gujranwala, Gujrat, Sheikhupura, Faisalabad, Jhang, Sahiwal, Okara from July 9 to July 12 with occasional gap.

Isolated showers are also expected in Karachi, Hyderabad, Mirpurkhas, Dadu, Thatta, Badin, Zhob, Ziarat, Barkhan, Loralai, Bolan, Kohlu, Quetta, Kalat, Khuzdar, Lasbella, Awaran, Naseerabad, Sibbi, Panjgur, Turbat between July 8 and July 9.

Heavy falls may generate urban flooding in Rawalpindi/Islamabad, Peshawar, Faisalabad, Lahore, Gujranwala and Sialkot.

Thundershowers may trigger landslides in Kashmir, Galiyat, Murree, Chillas, Diamir, Gilgit, Hunza, Astore and Skardu.

Travelers and tourists are advised to remain extra cautious during the forecast period.

Continue Reading

Trending