Tag: Assistance
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S&P Global lowers Pakistan’s credit rating to CCC+
Pakistan’s long-term sovereign credit rating was downgraded by S&P Global from “B” to “CCC+” to reflect the continuous deterioration of the country’s external, fiscal, and economic metrics.
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World Bank approves $1.69 billion financing for flood-hit Sindh
The Board of Executive Directors of the World Bank approved funding for five projects totaling $1.692 billion on Tuesday in order to support those residing in Sindh, Pakistan’s flood-affected areas.
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Pakistan to receive $13 billion in financial assistance from China and Saudi Arabia
Ishaq Dar, Federal Minister of Finance, has said that Pakistan’s two closest friends, China and Saudi Arabia, will contribute a multibillion-dollar financial package to assist Pakistan with its shaky economy. According to the Finance Minister, both countries will grant Pakistan a $13 billion package. According to The News, Dar went on to say that China…
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IMF to help Pakistan after World Bank and UNDP assess flood damages
The International Monetary Fund stated that it is awaiting the assessment reports from the World Bank and UNDP as well as the economic destruction brought on by the country’s severe flooding before determining how it might assist Pakistan. According to Geo, the international lender announced that as part of the preparations for the upcoming review,…
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ADB to provide up to $2.5 billion under flood relief support to Pakistan
The Asian Development Bank (ADB) announced on Wednesday that it would provide support of $2.3–2.5 billion for relief efforts in the wake of disastrous floods that have left Pakistan severely damaged. The declaration was made during a meeting between Pakistan’s ADB Country Director Yong Ye and Finance Minister Ishaq Dar, as per a press release…
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Punjab CM Pervaiz Elahi increases financial assistance for flood victims to Rs10 lac
Chief Minister (CM) Punjab, Chaudhry Pervaiz Elahi, has increased financial assistance for families of deceased victims from Rs. 0.8 million to 1 million (Rs 8lac to Rs10 lac). CM Elahi had a meeting with Provincial Minister Muhammad Muneeb Sultan Cheema in which they discussed the current political situation of the country and relief activities for…
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Flood-related losses may exceed $10 billion: Ahsan Iqbal
Planning Minister Ahsan Iqbal said that the initial economic losses caused by the floods in Pakistan cost at least $10 billion. The estimated cost was disclosed by Planning Minister on Monday, saying that Pakistan needed help from the rest of the world to deal with the consequences of climate change. Unexpected monsoon rains have caused…
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KP govt launches ‘Flood Reporting’ app to aid flood victims
To promptly aid those impacted by severe flooding, the Khyber Pakhtunkhwa (KP) government launched the “Flood Reporting” application on Monday. Atif Khan, the Minister of Science and Information Technology for Khyber Pakhtunkhwa (KP), gave specific directions for the introduction of the smartphone application. The minister stated in a message that flood victims will be able…
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Govt announces Rs3 billion subsidy to provide ghee at discounted rate
The Minister for Information and Broadcasting Marriyum Aurangzeb announced on Monday that the government would provide a Rs3 billion subsidy to lower the price of ghee to assist the masses. She told a press conference that the market price of ghee is currently Rs550 per kg, but it is being sold at Rs300 per kg…
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Germany to strengthen trade and investment ties with Pakistan
In a recent meeting with Federal Minister of Commerce and Investment Syed Naveed Qamar, German Minister of State for Foreign Affairs Dr Tobias Lindner expressed his hope that Germany and Pakistan would further strengthen and expand bilateral relations, particularly in trade and investment. Both countries discussed multiple aspects of bilateral ties, along a great emphasis…