Business

As COVID-19 sparks the steepest downturn in the global economy since the 1930s

The int’l money lender says unemployment rate in Pakistan will jump

IMF and World Bank have called for official creditors to provide relief

IMF board approves first batch of countries to receive grants

Hike in Toyota Yaris, Corolla and IMV variants comes on back of rupee depreciation

PM Imran Khan had promised immediate relief to improve liquidity of businesses

Dr Abdul Hafeez Shaikh says without it developing countries will be worst affected from COVID-19 pandemic

Increase comes on back of jump in prices in global market

Businessmen say revenue insufficient due to partial operation of export units amid coronavirus lockdown

State Bank of Pakistan says optimism is now subject to risks arising from spread of coronavirus

Move may hamper privatisation of state-run power plants

They present a list of demands to government including provision of cash grants and interest-free loans

World Economic Outlook’ says breathtaking downgrade will be followed by 5.8% growth in 2021

Benchmark index increases 0.61% to settle at 31,222.74

Predicted plunge in US shale output provides some support

Amount includes $23b principal loans, another $4.6b on account of interest payments

Recommends waiver on taxes on financial transactions made through mobile, internet

The OPEC+ group of oil producers agreed at the weekend to cut output by 9.7 million barrels per day in May

Finance minister says these will mitigate economic impact of COVID-19

Total cost of package is Rs8.7b; USC will sell flour at existing prices

Surge led by speculative increase in demand, uptick in prices of imported commodities

Seeks to invest in megaprojects like housing scheme, Reko Diq mining, Diamer-Bhasha dam

Benchmark index decreases 3.12% to settle at 31,032.99

Investors await signs that the world is winning the battle against the disease

Concerns loom that production cuts may be insufficient to reduce glut

Call for strengthening cooperation to spring back quickly after the crisis

Key to survival is not just relief package but also willingness for a paradigm shift

Industry players have made massive investment with long-term payback

People expect government to reform system that leads to malpractices

It is not in national interest to damage sugar industry through rash steps

Skilled labour can not only be real Relief Tigers but also modernisation drivers

Loan will be given to extend budgetary support to the country in the wake of economic slowdown

Watchdog gives relief to Islamabad because of COVID-19 pandemic

Inquiry reveals empty trucks returning from Afghanistan are not electronically registered

World Bank report estimates the country’s GDP to contract up to 2.2%

Officials are doing what they can to support affected businesses, consumers

Others compare it to natural disaster, ‘worst crisis’ since Great Depression

Multiple international, local developments help benchmark index post gains

Group will provide input on policy challenges including economic impact of coronavirus

Proposal to be discussed next week by officials of G7 and G20 economies

Standoff with Mexico casts doubt on efforts to bolster oil prices

Increase comes on back of high govt borrowing, sluggish spending by businesses

Move comes after successful negotiations with government

The Ministry of Energy had issued an order to all oil marketing companies to stop all import of petroleum products

Decision aimed at widening tax net, decreasing tax evasion

Fall comes as automobile plants close down due to coronavirus

Country director says they are working with federal and provincial govts

Experts say beginning of Ramazan may improve inflows

Seeks to do away with responsibility of controlling inflation, supporting growth

It'll cover all types of employees including permanent, daily wagers as well as outsourced workers, says central bank