ISLAMABAD: In its latest report on the impact of the COVID-19 pandemic on economies in South Asia, the World Bank has projected 0.5 percent growth for Pakistan in fiscal year 2021, saying the country would experience a sharp rise in poverty like other nations in the region.
The South Asian country has recorded more than 310,00 cases of COVID-19 and over 6,500 deaths, but has seen a slowing of numbers since June, when it recorded nearly 7,000 infections and 118 deaths in a single day.
“In Pakistan, real GDP growth (at factor cost) is estimated to have declined from 1.9 percent in FY18/19 to -1.5 percent in FY19/20, reflecting the effects of COVID-19 containment measures that followed monetary and fiscal tightening prior to the outbreak,” the World Bank’s “South Asia Economic Focus – Fall 2020” report said. “In Pakistan, economic growth is projected to remain below potential, at 0.5pc [percent] for FY21 compared to over 4pc annual average in the three years to FY2019.”
The report said the COVID-19 pandemic was not yet under control in South Asia, despite early containment measures.
“In April, activity dropped by 40 percent in Pakistan and by around two thirds in the other countries,” the report said. “Activity recovered subsequently across the region, but it remained below pre-COVID levels in August. High-frequency approximations of GDP suggest year-over-year contractions during the second quarter of this year in all countries and a subsequent gradual recovery.”
The report said in summary that South Asia’s GDP was expected to contract 7.7 percent this year, by far the largest decline on record: “All countries in the region find themselves in a dire situation.”
The impact on livelihoods would even be larger than the GDP forecast suggests and the region, including Pakistan, would experience a sharp increase in the poverty rate, the report said.
World Bank projects 0.5% growth for coronavirus-scarred Pakistan economy over two years
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World Bank projects 0.5% growth for coronavirus-scarred Pakistan economy over two years
- South Asia, including Pakistan, will experience sharp increase in poverty rate, World Bank’s South Asia Economic Focus report says
- The South Asian country has recorded more than 310,00 cases of COVID-19 and over 6,500 deaths
Customs seize narcotics, smuggled goods, vehicles worth $4.9 million in southwest Pakistan
- Customs seize 22.14 kg narcotics, consignments of smuggled betel nuts, Hino trucks, auto parts, says FBR
- Smuggled goods enter Pakistan’s Balochistan province from neighboring countries Iran and Afghanistan
ISLAMABAD: Pakistan Customs seized narcotics, smuggled goods and vehicles worth a total of Rs1.38 billion [$4.92 million] in the southwestern Balochistan province on Tuesday, the Federal Board of Revenue (FBR) said in a statement.
Customs Enforcement Quetta seized and recovered 22.14 kilograms of narcotics and consignments of smuggled goods comprising betel nuts, Indian medicines, Chinese salt, auto parts, a ROCO vehicle and three Hino trucks in two separate operations, the FBR said. All items cost an estimated Rs1.38 billion, it added.
Smuggled items make their way into Pakistan through southwestern Balochistan province, which borders Iran and Afghanistan.
“These operations are part of the collectorate’s intensified enforcement drive aimed at curbing smuggling and dismantling illegal trade networks,” the FBR said.
“All the seized narcotics, goods and vehicles have been taken into custody, and legal proceedings under the Customs Act 1969 have been formally initiated.”
In the first operation, customs officials intercepted three containers during routine checking at FEU Zariat Cross (ZC) area. The containers were being transported from Quetta to Pakistan’s Punjab and Khyber Pakhtunkhwa provinces, the FBR said.
The vehicles intercepted included three Hino trucks. Their detailed examination led to the recovery of the smuggled goods which were concealed in the containers.
In the second operation, the staff of the Collectorate of Enforcement Customs, Quetta, intercepted a ROCO vehicle at Zariat Cross area with the local police’s assistance.
The driver was interrogated while the vehicle was searched, the FBR said.
“During interrogation, it was disclosed that drugs were concealed inside the spare wheel at the bottom side of the vehicle,” it said.
“Upon thorough checking, suspected narcotics believed to be heroin was recovered which was packed in 41 packets, each weighing 0.54 kilograms.”
The narcotics weighed a total of 22.14 kilograms, with an estimated value of Rs1.23 billion in the international market, the FBR concluded.
“The Federal Board of Revenue has commended the Customs Enforcement Quetta team for their effective action and reiterated its firm resolve to combat smuggling, illicit trade and illegal economic activities across the country,” it said.
