Month: April 2020

KARACHI/ISLAMABAD: The Pakistan Sugar Mills Association (PSMA) submitted a detailed response on Thursday to the Federal Investigation Agency (FIA) over the sugar probe report, rejecting it and terming it “one-sided”. In a 45-page letter to the FIA Director-General, the PSMA said allegations leveled against the sugar mill owners were false and that the investigative agency had not included their view in the report following a probe into the recent sugar crisis. Should justice not be provided, the body will approach the courts, it warned. The PSMA also rejected the probe…

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The Covid-19 global pandemic has created unprecedented worldwide health and economic crisis. The energy sector, as a critical enabler of modern life, is uniquely affected by this crisis but is also essential for global and national response and recovery efforts. The impact caused by the coronavirus crisis has highlighted how much modern societies rely on energy sources like electricity. Electricity is critical for operating the ventilators and other medical equipment in the hospitals treating the soaring numbers of critical patients. Billions of people are now confined to their homes, resorting…

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Pakistan’s central bank unexpectedly cut its policy rate for a third time in a month in an attempt to revive economic growth that has stalled because of a lockdown to stop the spread of the coronavirus pandemic. State Bank of Pakistan cut its key target rate by 200 basis points to 9% in an unscheduled meeting, according to a statement from the central bank. That’s the lowest since November, 2018. It also forecast economic growth will contract 1.5% for the year ending June, compared with a previous estimate of a…

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DUBAI/RIYADH/WASHINGTON (Reuters) – Finance officials from the Group of 20 major economies agreed on Wednesday to suspend debt service payments for the world’s poorest countries through the end of the year, a move quickly matched by a group of hundreds of private creditors. The actions to freeze both principal repayments and interest payments will free up more than $20 billion for the countries to spend on improving their health systems and fighting the coronavirus pandemic, Saudi Finance Minister Mohammed al-Jadaan told reporters after a virtual meeting of G20 finance officials.…

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Staff were putting the finishing touches to the field hospital on Wednesday. At full capacity, hundreds of doctors and nurses would work at the site in central Dubai. It is understood there would be a staggered roll out of available beds from Thursday, rising to precisely 3,030 if needed. It may well turn out that the field hospitals are not needed, in which case we can all breathe a sigh of relief Dr Nicholas Wyon, Burjeel Medical City The centre is one of two field hospitals to boost the city’s…

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