ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday launched a Rs20 billion ($71.4 million) relief package for the Islamic holy month of Ramadan in Pakistan, which aims to benefit 4 million families across the South Asian country.
Fasting during Ramadan is one of the five pillars of Islam, wherein Muslims abstain from food and drink from sunrise till sunset for a month. The holy month begins in Pakistan on Sunday.
While consumer inflation in Pakistan declined to 2.4 percent in Jan., compared to 24 percent in the same period last year, many Pakistanis say they are still feeling the pinch.
The Pakistani government has decided to provide Rs5,000 ($17.87) each to around 4 million families across the country to support them during the month of Ramadan, according to officials.
“It is a great blessing of Almighty Allah that inflation has dropped down in this Ramadan as compared to the last year. This year, around Rs20 billion have been allocated for this package, which would benefit 40 lakh families,” Sharif said at the launching ceremony.
“This would cover the whole of Pakistan, all provinces, Gilgit-Baltistan, Azad Jammu and Kashmir. This amount will be distributed among deserving people in all these areas through the digital [wallet] system.”
The development comes as Pakistan treads a long path to economic recovery after being stabilized under a $7 billion International Monetary Fund (IMF) program secured last year. An IMF mission is due to arrive in Islamabad next week for the first review of the facility.
Pakistan’s consumer inflation is expected to remain stable and maintain a downward trajectory compared to the previous year, the finance ministry said in its monthly economic outlook report on Feb. 27.
Sharif thanked all government institutions, international partners and tech companies for their efforts in distributing the funds among deserving families under the Ramadan relief package.
“All those tech companies, which provided their technical support in implementing this system, I thank them all,” Sharif said.
“I believe there are our foreign partners, also international partners, also sitting here. I would like to also thank them for their cooperation and partnership in this very noble cause.”
Pakistan launches Rs20 billion Ramadan relief package for needy families
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Pakistan launches Rs20 billion Ramadan relief package for needy families
- Development comes amid a decline in consumer inflation in the South Asian country
- But many Pakistanis say they are still feeling the pinch ahead of the start of Ramadan
Pakistan stock market crosses record 174,000 points during intraday trading
- Pakistan Finance Adviser Khurram Schehzad says stock market’s equity investor base has increased by over 120,000 in last 18 months
- Official says stock market’s record levels reflect growing investor confidence supported by continued macro stability and key reforms
ISLAMABAD: The Pakistan Stock Exchange (PSX) crossed a record 174,000 points on Monday, Finance Adviser Khurram Schehzad said, marking a strong start to the business week.
According to the data available on the PSX’s official website, the KSE-100 benchmark reported 174,411.72 points during the intraday trading on Monday morning.
“Another milestone for Pakistan’s equity market,” Schehzad wrote on social media platform X. “The KSE-100 Index has crossed 174,400 points, marking yet another record high.”
Pointing out the stock market’s achievements this year, Schehzad said the PSX has delivered 50 percent plus returns in US dollar terms to investors since January this year, “making it one of the best markets in Asia.”
He noted that investors’ participation in the PSX is rising fast, adding that the equity investor base has increased by over 120,000 to cross the 450,000 figure in the last 18 months, marking a 37 percent increase.
“These record levels reflect growing investor confidence, supported by continued macro stability, key reforms, and improving prospects for more sustainable, higher future growth,” he said.
Pakistan’s stocks have surged in recent years, marking a strong performance this year as Islamabad moves to consolidate its financial recovery after years of economic turbulence, which saw it on the verge of a sovereign default in June 2023.
Pakistan’s foreign exchange reserves have surged past the $21 billion mark, as per the central bank’s latest data.
In recent years, the South Asian country has also implemented tough structural reforms under the International Monetary Fund (IMF) loan programs, aimed at reducing fiscal deficits and restoring investor confidence.
