ISLAMABAD: Pakistan on Monday decided to intensify efforts for debt restructuring and relief amid growing economic challenges because of the Covid-19 pandemic.
Foreign Minister Shah Mehmood Qureshi presided over a consultative session on the economic impact of the contagion at the Foreign Office, which was attended by Federal Minister for Planning and the government’s focal person on Covid-19 Asad Umar, Minister for Economic Affairs Hammad Azhar, and Adviser to PM on Finance Hafeez Sheikh.
The Covid-19 pandemic has put significant amount of additional pressure on Pakistan’s struggling economy. The major setback is expected from the fall in exports due to the scaling down of international demand and the reduction in remittances from overseas. Contraction in large-scale industrial production, and services and agriculture sector is also being expected, which would significantly bring down the projected growth rate of the economy. Moreover, the government has announced a massive relief package of nearly Rs1.13 trillion.