Coronavirus: Pakistan announces massive Rs1.25 trillion package to address COVID-19 challenges
The country also seeks grand of US$1.4billion from the IMF to cope with economic crisis
Dubai: Pakistan government has announced to spend a whopping amount of Rs1.25 trillion which include relief packages for all sectors of the society including the poor, businessmen and the industries.
Dr Abdul Hafeez shaikh, Adviser to the Prime Minister on Finance and Revenue announced details of the biggest every relief package which was earlier launched by Pakistan Prime Minister Imran Khan.
He said that the government has also initiated negotiations with the International Monetary Fund (IMF) for an additional grant of US$1.4 bln on fast-track basis to cope with the economic situation.
Pak Rs1.25 trillion would be spent through a multi-sectoral relief package to address the challenges arisen due to the outbreak Covid-19 (coronavirus, reported the APP, official news agency of Pakistan.
Hafeez Shaikh said the main objective of the package was to provide immediate relief to those who have been affected by the pandemic.
Salient features of the relief package
Rs200 billion would be spent for providing relief to the daily-wagers and labourers by disbursing Rs3,000 each per month among them.
Rs100 billion for the industrialists and exporters, which would help resolve their liquidity issues.
Rs100 billion for agriculture and SMEs sectors
Rs50 billion for the Utility Stores Corporation (USC) to provide five basic edible commodities, including flour, pulses, sugar and Ghee, on subsidised rates.
Rs280 billion to procure 8.2 million tons of wheat during the current season
The prices of per litre petrol, diesel, kerosene, and light diesel oil have been reduced by Rs15 each.
Rs15 billion to be incurred on tax break on health and food supplies
Rs100 billion for residual/energy fund
Rs25 billion for the National Disaster Management Authority (NDMA).
Pakistan seeks urgent funds
Government to take US$1.4 billion from the International Monetary Fund (IMF) on fast-track basis.
Government seeks US$1 billion from the World Bank (WB) and $3.5 million from the Asian Development Bank, besides early release of $900 million earmarked by the latter for different projects.