Left Menu
Development News Edition

Pakistan cuts interest rate again, announces bailout for coronavirus

Reuters | Islamabad | Updated: 24-03-2020 22:51 IST | Created: 24-03-2020 22:30 IST
Pakistan cuts interest rate again, announces bailout for coronavirus
Representative image Image Credit: ANI

Pakistan on Tuesday cut its benchmark interest rate for the second time in a week, lowering it by 150 basis points to 11%, and announced a package of measures to support the economy and poorer workers hit by the coronavirus pandemic. Pakistan has reported 918 confirmed cases of the coronavirus and seven deaths.

Measures aimed at curbing business activity are expected to lead to a significant slowdown in domestic demand, the central bank said in a statement announcing the decision of the Monetary Policy Committee to cut the benchmark rate. "(The central bank) noted considerable uncertainty about how the coronavirus outbreak would impact the global economy and Pakistan," it said on Twitter.

"These developments imply that the outlook for growth and inflation in Pakistan is likely to be revised down further." The bank had cut its policy rate on March 17 by 75 basis points to 12.50%.

The committee said it remained ready to take whatever further action is necessary to respond to the evolving economic impact of the coronavirus. Prime Minister Imran Khan announced measures to support the economy and poorer workers that will use up spare funds from the government's coffers amounting to more than 1 trillion rupees ($6.3 billion).

The money - some of which has already been earmarked for the government's planned spending - will be spent to help the export and industry sectors, tax breaks, procurement of medical and other equipment required to fight the pandemic, and the distribution of a monthly cash stipend among the poor. ($1 = 158.9000 Pakistani rupees)



Socio-economic Impact of Covid-19 on Women

Today, women and girls are facing a double whammy - their sources of income have dried up but the workload has increased. There is a great need for gender-sensitive policies to recover from the pandemic. ...

Tracking Cybersecurity: Laying the groundwork for tougher regulations post-COVID 19

The changes indicate that the tech industry is moving towards a paradigm shift over how it operates and, more importantly, how it is regulated....

Tax dodging in rich and poor countries alike, wealthy taxpayers often outwit the taxman

... ...

COVID-19 threatens to widen the digital gender divide

In a world that, all of sudden, has turned virtual, it has become absolutely essential to providing equal digital access and opportunities to the unconnected population, primarily dominated by women. ...


Latest News

Three more COVID-19 deaths push toll to 39 in J-K

Three more COVID-19 deaths were reported in Jammu and Kashmir on Saturday, taking the total number of fatalities due to the disease in the Union Territory to 39, officials said. While two deaths took place in the Kashmir Valley, another was...

UK coronavirus death toll rises by 204 to 40,465

The United Kingdoms death toll from confirmed cases of COVID-19 has risen by 204 to 40,465 as of 1600 GMT on June 5, according to government data published on Saturday.Including suspected cases, the United Kingdoms death toll this week surp...

Udupi Krishna temple not to re-open for now, says junior seer

Mangaluru, June 6 PTI The Sri Krishna temple at Udupi would not re-open on June 8 although permission has been given to all temples to allow devotees for darshan, Admaru mutt junior seer Paryaya Swami Ishapriya Teertha said on Saturday. He ...

Boy kills self after a nightlong PUBG session: Police

A 14-year-old boy allegedly hanged himself to death on early Saturday morning shortly after he stopped playing PUBG throughout the night and went to sleep, said police. Railway Colony police stations in-charge Hansraj Meena said the boy, a ...

Give Feedback