Islamabad June 10 2021: The balanced package after utilization of PKR335 billion in FY 2020 has been provisioned in FY 2021 through supplementary grant approval amounting to PKR540 billion. During FY 2020, an amount of PKR700 billion was utilized under the package, while during July-March, FY 2021, an amount of PKR154 billion has been provided to combat the pandemic including the purchase of vaccine amounting to PKR 25 billion.
Up till March 2021, PKR854 billion has been utilized which is 69 percent of the total package. The government’s efforts in lessening the adverse impact of the pandemic have been well acclaimed at the global level. In order to meet the financing needs for COVID-related expenditures, substantial emergency financing from the international community has also been mobilized including the IMF’s Rapid Financing Instrument (RFI) and G20 Debt Services Suspension Initiative (DSSI).
In the backdrop of significant challenges posed by the COVID-19 pandemic, the government focused on reducing economic losses and maintaining the social and economic wellbeing of the affected and vulnerable segments. At the initial stage, the government developed a comprehensive strategy to prevent the spread of the COVID-19 through early detection, contact tracing and surveillance, risk communication, social distancing, quarantine and isolation. Similarly, Pakistan has adopted a smart lockdown strategy to continue the business activities. On the other hand, the Economic Stimulus Package of PKR1,240 billion was announced to sustain the socio-economic progress made through the reform agenda for economic recovery.
Emergency Response (PKR190 billion): It includes an allocation for National Disaster Management Authority, medical equipment, emergency relief fund and tax relief on food & health.
Support to Business (PKR570 billion): The intervention consists of, relief to the exporters (refunds), SMEs (bill deferment) and support to agriculture. In addition, relief on petrol/diesel was also provided under this head.
Relief to Citizens (PKR480 billion): It covers relief to daily wage workers, vulnerable families and panagah, funding to utility stores, power and gas subsidy and payment to farmers (wheat).
Related Posts
