The country’s biggest financial crisis in years calls for an increase in remittances.
Economy
Commodity prices have skyrocketed because of Ukraine’s conflict with Russia, which has threatened world grain yield, the availability of edible oils, as well as fertiliser exports.
Prime Minister said that it was the biggest relief programme for the deserving people in the country
Experts said that the market was primarily down because of rising oil prices in the international market and growing political uncertainty in the country.
As supply disruption apprehensions rose following severe penalties on Russian banks and the increasing Ukraine crisis, traders hurried to find other oil supplies in an already tight market, resulting in the latest fall.
On Tuesday (March 1, 2022), the federal cabinet on Tuesday approved the promulgation of an ordinance to offer a third tax amnesty scheme.
Speaking at the programme’s launching ceremony at Faisal Mosque in Islamabad today, PM Khan said 4.5 million families would benefit from interest-free loans under this initiative to set up small businesses, construct homes, start farming and acquire technical education.
Dr Ashfaque Hassan Khan said the relief package was discussed in detail in the last two months of the govt and it would not have negative impact on the budget deficit nor the ongoing IMF program.