Pak PM announces new relief package for low-income segment

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Islamabad, May 28 | Pakistan Prime Minister Shahbaz Sharif has announced a new relief package worth 28 billion PKR ($140 million) per month to mitigate the impact of the increase in the prices of petroleum products on the lower-income people of the country.

In a televised address to the nation, Sharif said the relief package will provide around 14 million deserving families with immediate assistance of 2,000 PKR each on monthly basis, reports Xinhua news agency.

The package will provide financial assistance to almost 85 million people which is nearly one-third of the total population of Pakistan, he said.

This relief is in addition to the support already being provided to the under-privileged faction through the framework of Benazir Income Support Program, according to Sharif.

The Prime Minister said that this relief package will be included in the next financial budget.

Sharif said that Utility Stores Corporation throughout the country has been ordered to provide 10 kilograms of flour bags at a subsidized rate of 400 PKR.

The premier also announced to initiate a consultative process to take all the political parties on board in order to ensure smooth implementation of the economic policies.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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