Prime Minister Imran Khan Tuesday unveiled a financial relief package worth around Rs1.2 trillion to ward off the negative impact of coronavirus on the country. The package included reducing prices of petrol, diesel and kerosene by Rs15 per litre, providing Rs3,000 monthly stipend for daily wagers, and improving liquidity crunch for exporters and industrialists. The Monetary Policy Committee (MPC) of the State Bank of Pakistan, in its emergency meeting Tuesday, has decided to cut the key policy rate by a further 150 basis points (bps) to 11 percent effective March 25, 2020 to address the noticeable slowdown in domestic demand. This is the second reduction in the policy rate by MPC during last one week. Earlier, the MPC in its scheduled meeting held on March 17 reduced the policy rate by 75 bps from 13.25 percent to 12.50 percent
Market View: The KSE100 Index lost 2102.58 points during the last trading session. We expect the market to rebound on the back of PkR1.2tr package announced by the government and 150bps cut in the policy rate by the central bank.
Brent oil (USD/bbl): 27.84 (+2.54% D/D)
Crude oil (USD/bbl): 24.78 (+3.21% D/D)
Gold (USD/oz): 1,670.50 (+0.518% D/D)
PM Imran Khan unveils Rs1.2tr relief package Fuels fall by Rs15 a litre
ISLAMABAD: Prime Minister Imran Khan Tuesday unveiled a financial relief package worth around Rs1.2 trillion to ward off the negative impact of coronavirus on the country.
Key policy rate cut by 150 basis points on demand slowdown
The Monetary Policy Committee (MPC) of the State Bank of Pakistan, in its emergency meeting Tuesday, has decided to cut the key policy rate by a further 150 basis points (bps) to 11 percent effective March 25, 2020 to address the noticeable slowdown in domestic demand.
Relief package: Govt allocates Rs200 bn for labour class, slash petrol prices by Rs15 per litre
Karachi) Prime Minister Imran Khan said that the government has allocated Rs200 billion for the labour class in wake of the coronavirus outbreak. He added prices of petroleum products will be slashed by Rs15 per litre.
Funds worth Rs11bn released to battle coronavirus, says Buzdar
(Karachi) Punjab Chief Minister Usman Buzdar has said funds worth Rs11 billion have been released for the health department to battle the coronavirus disease.
Medical equipment: SBP allows 100 percent advance payment
The State Bank of Pakistan (SBP) Tuesday allowed Authorized Dealers (ADs) up to 100 percent advance payment for the import of medical equipment, medicines, and ancillary items for the medical treatment of COVID-19 epidemic.
Tax relief on import of essential items
Under the multi-billion-rupee relief package approved by Prime Minister Imran Khan, the government will abolish duties and taxes on the import and local supply of edible oil, the RBD palm oil, oil seed, pulses, sugar, wheat, rice, medical items/medicines and other essential food commodities having estimated revenue implications of over Rs 15 billion.
Sindh govt orders shutting down all shops for 12 hours
KARACHI: Sindh Minister for Information, Syed Nasir Hussain Shah issued a strict order to close all shops including groceries shops would be close since 8PM to 8AM on Wednesday.
Sindh govt warns of imposing curfew
KARACHI: Sindh Minister for Information, Local Government, Housing & Town Planning, Religious Affairs, Forest and Wildlife, Syed Nasir Hussain Shah Tuesday warned that if people ignored government’s instructions on Caronavirus and kept on coming out of their homes unnecessarily then the provincial government would impose a curfew.
Domestic flight operations suspended
The Government of Pakistan on Tuesday decided to suspend all types of domestic flight operations at all airports across the country with effect from 6 pm on March 26 in an effort to curb the spread of coronavirus, reported private news channel. The decision to halt domestic flight operations came three days after suspension of international flights to the country.
January, February 2020: FBR extends deadline for filing ST, FED returns
The Federal Board of Revenue (FBR) has extended dates of payment/submission of Sales Tax and Federal Excise returns alongwith annexures for the tax period of January, 2020 & February, 2020. The FBR has issued instructions to the Chief Commissioners Inland Revenue of Large Taxpayers Units (LTUs) Regional Tax Offices (RTOs) here on Tuesday.
PSX launches Exchange Traded Fund for first time
Pakistan Stock Exchange (PSX), for the first time in its history, has launched a new product, the Exchange Traded Fund (ETF) on Tuesday. With this product, the PSX has joined the list of stock exchanges in the world offering ETFs which are investment products combining the returns offered by the stock market with the diversity offered by a mutual fund. The PSX has launched two ETFs, namely the UBL Pakistan Enterprise ETF offered by UBL Funds and NIT Pakistan Gateway ETF offered by NIT.
Govt urged to cut down policy interest rate by 5pc
Islamabad:Islamabad Chamber of Commerce and Industry (ICCI) President Muhammad Ahmed Waheed has called upon the government to immediately reduce policy interest rate to 5 percent in order to save businesses from the negative impact of coronavirus.
Govt suspends passenger train services till 31st
SLAMABAD: The government has decided to suspend all passenger train services throughout the country from today (Wednesday) till 31st of this month to contain spread of coronavirus. According to a notification issued by the Ministry of Railways on Tuesday passengers who have advance booking on suspended trains will be accommodated in other trains of their choice on priority once the train service is resumed. In case of not availing the ticket they will get full refund after resumption of train operations.
Imposing curfew will be last option in fight against coronavirus, says PM Imran
ISLAMABAD: Amid the growing criticism over the federal authorities’ decision of not imposing countrywide complete lockdown, Prime Minister Imran Khan has said the government is constantly monitoring the situation and if need be it could impose the curfew in the country “which would be the last option” to contain the spread of novel coronavirus.
Aiming to acquire 10,000 ventilators to increase Pakistan’s capacity, says NDMA chairperson
National Disaster Management Authority (NDMA) Chairman Lt Gen Muhammad Afzal told the media on Tuesday that he meant to acquire 10,000 additional ventilators over the next few months in order to cope with any health crisis, such as the Covid-19 pandemic.
Oil ekes out gains as US stimulus hopes lift global markets
Oil prices extended gains for a third session on Wednesday, rising alongside broader financial markets on hopes Washington will soon approve a massive aid package to stem the economic impact of the coronavirus pandemic.
Gold extends gains on hopes of US stimulus package
Gold rose for a third straight session on Wednesday, hitting its highest in about two weeks, as positive rhetoric from U.S. lawmakers regarding a stimulus bill to cushion the economic damage from the coronavirus outbreak lifted investor sentiment.
Japan stocks soar more than 5% as investors await US coronavirus stimulus deal
Stocks in Asia Pacific soared in afternoon trade on Wednesday following dramatic gains overnight on Wall Street as investors await the announcement of an enormous stimulus deal by U.S. lawmakers.