Connect with us

Business

Pakistan's current account deficit stretches to $1.4 billion in May

A decline in remittances and exports on account of Eid holidays contributed to this rise

Published

on

By

Pakistan's current account deficit stretches to $1.4 billion in May
GNN Media: Representational Photo

Karachi: Pakistan’s current account deficit expanded to $1.4 billion in May 2022 in the wake of a decline in remittances and exports on account of the Eidul Fitr holidays.

According to the State Bank of Pakistan, the current account deficit of the country has risen to $1.4 billion in May 2022 compared to a deficit of $640 million in the same month of last year. 

Taking to its official Twitter account, the bank noted that the change has taken place largely due to a decline in remittances sent by overseas Pakistanis despite a reduction in overall imports.

“Excluding in-kind imports that are fully financed and thus do not undermine the sustainability of the current account deficit, it was modest at $1 billion,” the SBP wrote.

Meanwhile, cumulatively, during the eleven-month period of the ongoing fiscal year (July-May of FY22), the current account deficit stood at $15.2 billion compared to a deficit of only $1.183 billion during the same period of the previous fiscal year (FY21), showed SBP data.

 

Regional

Relief operations for flood affectees in full swing by PAF in South Punjab Region

Basic food items and commodities were distributed amongst the needy families

Published by GNN WebDesk

Published

on

By

Relief operations for flood affectees in full swing by PAF in South Punjab Region

Rawalpindi: Relief operations for the flood affectees are in full swing by Pakistan Air Force (PAF) in South Punjab Region.

According to a press release, food and medical facilities are being provided round the clock to the affected families by the relief teams of PAF.

12155 pounds of basic food items and commodities were distributed amongst the needy families. Moreover, 939 patients were also attended by the paramedical team of Pakistan Air Force.

The recent floods have caused devastation in the low-lying areas of South Punjab Region, badly damaging the villages and infrastructure.

Despite inclement weather conditions throughout the country, especially in flood stricken areas, PAF personnel are working hard to provide humanitarian assistance to flood affectees.

Continue Reading

Sports

2nd ODI: Pakistan to face Netherlands today

Pakistan is leading the series by 1-0.

Published by GNN WebDesk

Published

on

By

2nd ODI: Pakistan to face Netherlands today

Rotterdam: The second One-Day International of the three match series between Pakistan and Netherlands will be played on Thursday (today) at Rotterdam.

The match will start at 02:00 pm.

Pakistan is leading the series by 1-0.

Pakistan squad

Babar Azam (c), Shadab Khan, Abdullah Shafique, Fakhar Zaman, Haris Rauf, Imam-ul-Haq, Khushdil Shah, Mohammad Haris, Mohammad Nawaz, Mohammad Rizwan, Mohammad Wasim Jnr, Naseem Shah, Salman Ali Agha, Shaheen Afridi, Shahnawaz Dahani, Zahid Mehmood

Netherlands squad

Scott Edwards (c), Musa Ahmad, Shariz Ahmad, Wesley Barresi, Logan van Beek, Tom Cooper, Aryan Dutt, Arnav Jain, Viv Kingma, Ryan Klein, Bas de Leede, Teja Nidamanuru, Tim Pringle, Max O'Dowd, Vikram Singh

Continue Reading

Technology

NASA's new rocket on launchpad for trip to Moon

The SLS rocket is 98 meters (322 feet) tall

Published by GNN WebDesk

Published

on

By

NASA's new rocket on launchpad for trip to Moon

Washington: NASA's giant new SLS rocket arrived at its launchpad Wednesday in Cape Canaveral ahead of a planned flight to the Moon in less than two weeks.

It will be the maiden voyage of the Artemis program -- America's quest to return humans to the Moon for the first time since the last Apollo mission in 1972.

The Artemis 1 mission, an uncrewed test flight, will feature the first blastoff of the Space Launch System rocket, which will be the most powerful in the world.

It will propel the Orion crew capsule into orbit around the Moon, and the spacecraft will remain in space for 42 days before returning to Earth.

Starting in 2024, astronauts will travel aboard Orion for the same trip, and the following year, at the earliest, Americans will once again set foot on the Moon.

The SLS rocket, in development for more than a decade, is 98 meters (322 feet) tall.

On Wednesday it stood at historic launch complex 39B, after a 10-hour overnight crawl from the assembly building.

"To all of us that gaze up at the Moon, dreaming of the day humankind returns to the lunar surface, folks, we're here. We are going back," NASA administrator Bill Nelson said earlier this month.

The Orion capsule will fly to the Moon and 64,000 kilometers (40,000 miles) beyond it -- further than any previous crewed spacecraft.

On the way back through Earth's atmosphere, traveling at 40,000 km per hour (25,000 mph), Orion's thermal shield will have to withstand a temperature that is half that of the surface of the sun.

Liftoff for the Artemis 1 mission is scheduled for August 29 at 8:33 am (1233 GMT). If it has to be postponed due to bad weather, the backup dates are September 2 and 5.

After the 42-day trip, the capsule is supposed to splash down in the Pacific and be picked up by a US Navy vessel.

In 2024, an Artemis 2 mission is scheduled to take astronauts up to orbit the Moon but without landing on it. That honor is reserved for Artemis 3, a mission scheduled for 2025 at the earliest.

The last time people walked on the Moon was with the Apollo 17 mission in 1972.

While the Apollo program featured only white male astronauts, NASA says the Artemis missions will land the first woman and first person of color on the Moon.

The hope is to use the Moon as a staging ground to develop technologies for sending humans to Mars.

SOURCE: AFP

Continue Reading

Trending