【Daily】6 September Brief of Pak BizNews
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PM upscales relief aid to Rs70bn
Prime Minister Shehbaz Sharif on Monday said the government had decided to increase the flood relief assistance under Benazir Income Support Programme (BISP) from the existing Rs28billion to Rs70billion.
The Ministry of Finance and the Federal Board of Revenue (FBR) have agreed to clear Rs36 billion deferred sales tax refunds of the textile sector in 32,000 cases pending since 2019.
THE RUPEE: Rupee declines
Pakistan's rupee sustained losses against the US dollar in the inter-bank market, depreciating 0.4% on Monday. As per the State Bank of Pakistan (SBP), the rupee closed at 219.86 after declining by Re0.88 against the greenback. It had closed at 218.98 on Friday.
Sindh CM secures $92m WB assistance for flood victims
Sindh Chief Minister Syed Murad Ali Shah, in his meeting with the World Bank (WB) Country Director Najy Behhassine, presented ‘Sindh’s case’ relating to the devastations caused by floods in the province and he was successful in getting an approval of $92 million, the sum that would be diverted from different projects of the bank for relief and rehabilitation of the affected people.
Rains, floods have damaged 6pc of cotton crop: minister
Cotton was sown over 16 percent more area in the province this year as compared to last season but the recent rains and floods had impacted 6 percent of this crop, hampering the expectation of more production this year.
Economic losses to surpass $12bn mark: A food crisis brewing: BMP
The Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel (BMP) on Sunday warned that a food crisis could be imminent followed by the floods, which have caused widespread devastation, calling the world to work with the government to mobilize resources for immediate response to support the country’s relief efforts.
Commodities and Currency: 1-Day Change