Washington: US Secretary of State Antony Blinken has reiterated the commitment to stand by Pakistan in hard times and extends full support to flood victims.

In a tweet, he said one million dollars will be given to Pakistan to build resilience against natural disasters. He said this amount is in addition to one hundred thousand dollars in immediate relief.

The US Secretary of State said we continue to work together to mitigate future impacts of the climate crisis in Pakistan.

Islamabad: Prime Minister Shehbaz Sharif on Thursday directed the authorities concerned to formulate an emergency agricultural reforms plan within two days to facilitate the farmers and uplift the sector. 

The prime minister, who was presented the recommendations of eight sub-committees of different relevant sectors, said the reforms plan should be based on the recommendations of the said sub-committees. 

The prime minister, while chairing a high-level meeting, said he would announce a comprehensive agricultural reforms plan very soon to achieve prosperity of the farmers, enhance agricultural production and reduce input prices.

The recommendations presented to the prime minister included both short and long-term plans.

The prime minister resolved that the government would provide facilities to the farmers on emergency basis including low-cost seeds and fertilizers.

The meeting resolved that the companies selling substandard seeds and pesticides would be done away with and that the relevant institutions would be facilitated the introduction of quality seeds.

The prime minister said the government would also provide modern equipment and facilitate the process of loans.

Moreover, the silos would be constructed to help the farmers store wheat and agricultural produces.

The prime minister also called for measures to enhance per acre yield before the cotton sowing season and ensure the provision of subsidies to the farmers on the agriculture inputs.

He asked the authorities concerned to keep into consideration the impacts of climate change, during the formulation of agricultural reforms.

Moreover, he also called for running an awareness campaign to acquaint the farmers with modern agricultural methods.

The sub committees constituted on the subjects including wheat, cotton, edible oil, fertilizers, agricultural research, usage of water, climate change and agricultural equipment briefed the prime minister.

At the meeting, the recommendations were presented on the yield of wheat, cotton and edible oil, provision of modern machinery on reduced rates, subsidy on urea and DAP, expected production and import, quality seeds, better utility of water and timely provision of loans to the farmers. 

Federal ministers Tariq Bashir Cheema, Ahsan Iqbal, Marriyum Aurangzeb and Miftah Ismail, Special Assistants to PM Ahad Cheema and Muhammad Jahanzeb and senior officers attended the meeting.

The secretaries of agriculture of all provinces also joined the meeting through video link. 

Karachi: Gold price in Pakistan plunged by Rs2,800 per tola despite the depreciation of the Pakistani rupee against the US dollar and rising international prices.

The price of gold settled at Rs142,600 per tola. Meanwhile, with a fresh decline of Rs2,397 per 10 grams, the gold price settled at Rs122,256.

Gold is facing some pressure with the resumption of the dollar strength and also because the minutes talked about hiking rates.

Cumulatively, the yellow metal gained Rs11,200 per tola during August 16-17; recovering the losses incurred during the period of August 10-15 which amounted to Rs9,300 per tola. 

It should be noted that the gold price is standing below cost. Gold is cheaper by Rs5,000 per tola compared to its price in Dubai.

In the international market, bullion prices registered nominal gains of $2 per ounce to settle at $1,771 as bond yields slipped despite pressure from a firmer dollar and expectations that the US Federal Reserve will keep raising interest rates.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,540 per tola and Rs1,320.30 per 10 grams today.