Sacrifice of Imam Hussain (RA), his companions guiding principle for Muslims: President, PM

In their separate messages, on the occasion of Youm-e-Ashur, President Dr Arif Alvi and the Prime Minister Imran Khan have said sacrifice of Hazrat Imam Hussain (RA) and his companions is in fact a guiding principle for the Muslims which taught them to sacrifice everything during the struggle for truth.

The President Dr Arif Alvi, in his message, said the martyrdom of Hazrat Imam Hussain (R.A) was in fact the victory of truth, and symbol of steadfastness against oppression and a glorious example of sacrifice.

He said that the sacrifice of Imam Hussain gave Muslims a lesson that one should not evade even sacrificing his life while fighting against the evil forces.

The President urged the countrymen to make a pledge to take every step for victory of truth, promotion of justice, adherence to Islamic values, and for national progress and prosperity.

The Prime Minister Imran Khan, in his message, said the historic battler of Karbala fought between truth and falsehood has made it clear that the real success and steadfastness is the passion to sacrifice everything for revival and promotion of Islamic values.

Paying tribute to the sacrifice of Kashmiri people, he said they have kept the teachings of Hazrat Imam Hussain (RA) alive and just like Karbala, they also made Kashmir an example of battle between truth and falsehood.

The Prime Minister also appealed the countrymen to adhere to the SOPs of Covid-19 during Muharram rituals.

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Pakistan to bounce back with 'modest' growth in FY2019-20: IIF

Pakistan is expected to bounce back with modest growth during the current fiscal year but a widening deficit and growing debt still pose risks to its economic outlook.

“We expect Pakistan to experience modest growth in FY2020/21 following a small contraction in FY2019/20,” the Institute of International Finance has said in its latest report.

“However, risks to the economic outlook are tilted to the downside. Recurrent outbreaks of Covid-19, a large fiscal deficit and high public indebtedness remain major challenges.”

The Washington-based global association of financial institutions said the economy could grow by 1.8% in FY2020/21, driven by some recovery in private consumption.

The country’s exchange rate is market-determined and has depreciated by 22% in real effective terms since 2017.

“The effects of currency depreciation and weaker domestic demand are visible, as imports dropped by 18% in nominal dollar terms, more than offsetting the decline in exports of 7% in FY2020,” the institute said in the report, “Pakistan: Commitment to Reform Faces a Test”.

The pandemic led to a contraction in output of 0.7% in FY2020.

Domestic demand declined 2%, while exports of goods and services increased 1.6% as compared with a decline of 7.3% in imports of goods and services.

Adjusted for population, fewer cases and deaths of Covid-19 have been recorded in Pakistan than in other developing and emerging economies. These results are subject to a large degree of uncertainty, as data quality, testing capacity, and transparency vary.

The IIF said lockdown restrictions have been lifted across the country. The response measures have been adequate, supported by the IMF’s emergency financing thourgh an amount of $1.4 billion, provided in April.

Expansion of social programs has rightly focused on tackling the health emergency and supporting the most vulnerable while stimulating economic activity, the report argued.

The State Bank of Pakistan’s proactive liquidity initiatives and lower policy rates are propping up economic activity and safeguarding financial stability, according to the IIF.

The policy rate has been lowered five times since February, a cumulative reduction of 625 basis points.

The authorities have also introduced a fiscal stimulus package in the amount of $5.1 billion, which included direct transfers to wage workers and poor families, financial support to SMEs and the agricultural sector, higher subsidies for basic goods, and various tax incentives.

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PDMA forecast another moonsoon rain bearing system

Pakistan Meteorological Department forecast another monsoon spell bringing rain and wind-thundershowers to Karachi and other parts of Sindh province with “heavy to very heavy showers” from Saturday evening.

The monsoon season in Karachi is expected to receive yet another episode of hammering showers starting from August 30 to August 31 in Sindh and Balochistan provinces, PMD said in its forecast.

The new system is expected to bring heavy rains in Karachi, Hyderabad, Thatta, Badin, Shaheed Benazirabad, Dadu, Tharparker, Nagarparker, Mirpurkhas, Islam Kot, Umar Kot, Sanghar, Sukkur and Larkana.

In Balochistan, rain and thundershowers with isolated heavy falls are also expected in Lasbella, Khuzdar, Awaran, Barkhan, Zhob, Musa Khel, Loralai, Kohlu and Sibbi during the period.

Rain and thundershower are also expected in Bahawalpur, Rahim Yar Khan, Khanpur, Rajanpur, Dera Ghazi Khan, Multan, Khanewal and Sahiwal during the period.

The Met Office issued a warning of urban flooding in Karachi, however, the chief meteorologist said that the system to effect Karachi is relatively “weak” which may mean isolated light to heavy rains across the city.

The city of lights was devastated after receiving unprecedented rains since Thursday as many areas are still flooded with rainwater.

Almost all the major roads of the city including II Chundrigar Road, University Road, Shahrae Faisal were inundated with no sign of them being cleared anytime soon.

The death toll from the devastation caused by yesterday’s record-breaking monsoon rain in the port city has jumped to 21, according to police and rescue sources.

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Pakistan to bounce back with 'modest' growth in FY2019-20: IIF

Pakistan is expected to bounce back with modest growth during the current fiscal year but a widening deficit and growing debt still pose risks to its economic outlook.

“We expect Pakistan to experience modest growth in FY2020/21 following a small contraction in FY2019/20,” the Institute of International Finance has said in its latest report.

“However, risks to the economic outlook are tilted to the downside. Recurrent outbreaks of Covid-19, a large fiscal deficit and high public indebtedness remain major challenges.”

The Washington-based global association of financial institutions said the economy could grow by 1.8% in FY2020/21, driven by some recovery in private consumption.

The country’s exchange rate is market-determined and has depreciated by 22% in real effective terms since 2017.

“The effects of currency depreciation and weaker domestic demand are visible, as imports dropped by 18% in nominal dollar terms, more than offsetting the decline in exports of 7% in FY2020,” the institute said in the report, “Pakistan: Commitment to Reform Faces a Test”.

The pandemic led to a contraction in output of 0.7% in FY2020.

Domestic demand declined 2%, while exports of goods and services increased 1.6% as compared with a decline of 7.3% in imports of goods and services.

Adjusted for population, fewer cases and deaths of Covid-19 have been recorded in Pakistan than in other developing and emerging economies. These results are subject to a large degree of uncertainty, as data quality, testing capacity, and transparency vary.

The IIF said lockdown restrictions have been lifted across the country. The response measures have been adequate, supported by the IMF’s emergency financing thourgh an amount of $1.4 billion, provided in April.

Expansion of social programs has rightly focused on tackling the health emergency and supporting the most vulnerable while stimulating economic activity, the report argued.

The State Bank of Pakistan’s proactive liquidity initiatives and lower policy rates are propping up economic activity and safeguarding financial stability, according to the IIF.

The policy rate has been lowered five times since February, a cumulative reduction of 625 basis points.

The authorities have also introduced a fiscal stimulus package in the amount of $5.1 billion, which included direct transfers to wage workers and poor families, financial support to SMEs and the agricultural sector, higher subsidies for basic goods, and various tax incentives.

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PDMA forecast another moonsoon rain bearing system

Pakistan Meteorological Department forecast another monsoon spell bringing rain and wind-thundershowers to Karachi and other parts of Sindh province with “heavy to very heavy showers” from Saturday evening.

The monsoon season in Karachi is expected to receive yet another episode of hammering showers starting from August 30 to August 31 in Sindh and Balochistan provinces, PMD said in its forecast.

The new system is expected to bring heavy rains in Karachi, Hyderabad, Thatta, Badin, Shaheed Benazirabad, Dadu, Tharparker, Nagarparker, Mirpurkhas, Islam Kot, Umar Kot, Sanghar, Sukkur and Larkana.

In Balochistan, rain and thundershowers with isolated heavy falls are also expected in Lasbella, Khuzdar, Awaran, Barkhan, Zhob, Musa Khel, Loralai, Kohlu and Sibbi during the period.

Rain and thundershower are also expected in Bahawalpur, Rahim Yar Khan, Khanpur, Rajanpur, Dera Ghazi Khan, Multan, Khanewal and Sahiwal during the period.

The Met Office issued a warning of urban flooding in Karachi, however, the chief meteorologist said that the system to effect Karachi is relatively “weak” which may mean isolated light to heavy rains across the city.

The city of lights was devastated after receiving unprecedented rains since Thursday as many areas are still flooded with rainwater.

Almost all the major roads of the city including II Chundrigar Road, University Road, Shahrae Faisal were inundated with no sign of them being cleared anytime soon.

The death toll from the devastation caused by yesterday’s record-breaking monsoon rain in the port city has jumped to 21, according to police and rescue sources.

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PDMA forecast another moonsoon rain bearing system

Pakistan Meteorological Department forecast another monsoon spell bringing rain and wind-thundershowers to Karachi and other parts of Sindh province with “heavy to very heavy showers” from Saturday evening.

The monsoon season in Karachi is expected to receive yet another episode of hammering showers starting from August 30 to August 31 in Sindh and Balochistan provinces, PMD said in its forecast.

The new system is expected to bring heavy rains in Karachi, Hyderabad, Thatta, Badin, Shaheed Benazirabad, Dadu, Tharparker, Nagarparker, Mirpurkhas, Islam Kot, Umar Kot, Sanghar, Sukkur and Larkana.

In Balochistan, rain and thundershowers with isolated heavy falls are also expected in Lasbella, Khuzdar, Awaran, Barkhan, Zhob, Musa Khel, Loralai, Kohlu and Sibbi during the period.

Rain and thundershower are also expected in Bahawalpur, Rahim Yar Khan, Khanpur, Rajanpur, Dera Ghazi Khan, Multan, Khanewal and Sahiwal during the period.

The Met Office issued a warning of urban flooding in Karachi, however, the chief meteorologist said that the system to effect Karachi is relatively “weak” which may mean isolated light to heavy rains across the city.

The city of lights was devastated after receiving unprecedented rains since Thursday as many areas are still flooded with rainwater.

Almost all the major roads of the city including II Chundrigar Road, University Road, Shahrae Faisal were inundated with no sign of them being cleared anytime soon.

The death toll from the devastation caused by yesterday’s record-breaking monsoon rain in the port city has jumped to 21, according to police and rescue sources.

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Gold prices again inceases by per tola in domestic market

The per tola gold price witnessed an increase of Rs 1,000 to Rs 117,500 in the domestic market.

Likewise, the price of 10-gram gold witnessed an increase of Rs 857 and was traded at Rs10,0737, said All Pakistan Jewelers Association.

According to Reuters, gold rebounded over 2% on Friday, a day after a steep sell-off, as the U.S. dollar weakened and the U.S. Federal Reserve signaled a prolonged low interest rate strategy.

Spot gold rose 1.8% to $1,964.47 per ounce by 02:25 p.m. EDT, taking gains this week to about 1.3%. Prices fell as much as 2.2% on Thursday after U.S. Treasury yields gained following a speech by Fed Chair Jerome Powell on the strategy. U.S. gold futures settled up 2.2% at 1,974.90.

Earlier on August 26, the gold prices had declined by Rs500 per tola and was traded at Rs116000 in the domestic market.

Likewise, the price of 10-gram gold had witnessed a decrease of Rs 428 and was traded at Rs99451, said All Pakistan Jewelers Association. Meanwhile, gold rates in the international market had fallen by $8 to $1,917 per ounce.

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