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ECC approves fiscal stimulus package of Rs1.2 trillion to counter Coronavirus effects

Web Desk 08:56 AM | 31 Mar, 2020
ECC approves fiscal stimulus package of Rs1.2 trillion to counter Coronavirus effects

ISLAMABAD - Economic Coordination Committee has approved the fiscal stimulus package of 1.2 trillion rupees.

According to media details, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh chaired the ECC meeting in Islamabad on Monday which approved Supplementary Grant of 100 billion rupees for the "Residual/Emergency Relief Fund" in terms of article 84(a) of the constitution for provision of funds for mitigating the affect of COVID-19.

The special package for providing relief to the poor through cash assistance under the Ehsaas Program was also approved by the ECC.

The package will provide cash grants to 12 million families under the regular "kifalat program" and emergency cash assistance on the recommendation of the district administration.

The assistance will be provided for four months and besides the BISP beneficiaries it will be one time dispensation.

ECC accorded approval to 200 billion rupees of cash assistance for the daily wagers working in the formal industrial sector and who had been laid off as a result of COVID-19 outbreak.

The meeting also approved 50 billion rupees for Utility Stores Corporation to provide essential food items to the vulnerable sections of the society at subsidized rates.

ECC also approved 75 billion rupees for FBR to enable them to payback the sales tax and income tax refunds, duty drawbacks and customs duties which is due for the last 10 years.

ECC approved supplementary grant of 6 billion rupees for Pakistan Railways to meet its expenses.

Web Desk
Web Desk

Daily Pakistan Global Web Desk

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ISLAMABAD – Pakistani rupee finally ended its losing streak against US dollar on Tuesday, gaining Rs4.43 after massive depreciation over the last week.

During the intra-day trading, the rupee was hovering at 266.75 with an appreciation of around 1.07 percent as talks between Pakistan and IMF underway for a stalled bailout programme.

Earlier on Monday, the rupee plunged by Rs7 and the greenback touched all-time high of Rs272. Last week, the local currency dropped by Rs24.54 in the interbank market – the largest single-day depreciation in more than two decades.

Finance experts linked the rupee’s recovery to exporters offloading some of their proceeds as remittances and export continued days after dollar cap was removed.

The country of over 220 million is facing a worst economic crisis with the forex reserved held by the country’s central bank remaining at critical $3.68 billion which were not enough to cover a month's import.

https://en.dailypakistan.com.pk/30-Jan-2023/gold-continues-to-shine-hits-all-time-high-of-rs210-500-in-pakistan

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs205,900 on Tuesday. The price of 10 grams of 24k gold was recorded at Rs176,530.

Likewise, 10 grams of 22k gold were being traded for Rs162,500 while a single tola of 22-karat gold was being sold at Rs 182,100.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 205,900 PKR 2,370
Karachi PKR 205,900 PKR 2,370
Islamabad PKR 205,900 PKR 2,370
Peshawar PKR 205,900 PKR 2,370
Quetta PKR 205,900 PKR 2,370
Sialkot PKR 205,900 PKR 2,370
Attock PKR 205,900 PKR 2,370
Gujranwala PKR 205,900 PKR 2,370
Jehlum PKR 205,900 PKR 2,370
Multan PKR 205,900 PKR 2,370
Bahawalpur PKR 205,900 PKR 2,370
Gujrat PKR 205,900 PKR 2,370
Nawabshah PKR 205,900 PKR 2,370
Chakwal PKR 205,900 PKR 2,370
Hyderabad PKR 205,900 PKR 2,370
Nowshehra PKR 205,900 PKR 2,370
Sargodha PKR 205,900 PKR 2,370
Faisalabad PKR 205,900 PKR 2,370
Mirpur PKR 205,900 PKR 2,370

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