The European Union faces a deep and uneven recession, according to a new forecast from the EU’s Commission. The bloc’s executive arm predicts a recovery in 2021 but warns that the uncertainty is exceptionally high. The Commission predicts a decline in economic activity this year of 7.5%, and slightly more than that for the eurozone. مزید پڑھیں

A sum of Rs 99.238 billion including Rs 93.9 billion for land acquisition on multi-purpose Diamer Bhasha dam project has already been spent so far. Sources told that an amount of Rs 61 billion would be spent on the project during the current fiscal year. Giving the breakup, they said Rs 22 billion would be مزید پڑھیں

The Pakistani rupee registered 51 paisa appreciation in its value against the US dollar in the interbank market on Tuesday. According to foreign currency dealers, the local unit appreciated by 0.51 paisa to and currently being traded at 159.40 against the greenback in the interbank market. The rupee appreciated by Rs 0.42 against the United مزید پڑھیں

The State Bank of Pakistan on Monday announced that it would not issue fresh notes for Eid-ul-Fitr in its bid to stem the spread of the coronavirus pandemic. SBP, in a statement said: “As you are aware the bank’s management has taken multiple precautionary measures to ensure social distancing and mitigate the spread of COVID-19.” مزید پڑھیں

The State Bank of Pakistan (SBP) on Monday said around 700 companies have forwarded applications for the cheaper loans under central bank’s policy to save employees being sacked from their jobs amid coronavirus lockdown,News reported. The central bank said that so far, the commercial banks have deferred loans of Rs236 billion for a year, in مزید پڑھیں

China has commenced its ‘first pilot program trial’ of its state-run digital currency in four major cities which is said to further the development of RMB-based trade settlement system ‘designed to counter dollar weaponisation’. The trail payments were started in four cities including Shenzhen, Suzhou, Chengdu and Xiong’an since mid-April. According to reports, some areas مزید پڑھیں

The Ministry of Energy’s Petroleum Division on Sunday cautioned people against “binge buying”, saying that Pakistan had sufficient stocks to cater to its oil demand for the next 15 days. The statement was issued following reports speculating on a shortage in the country’s fuel reserves. The Petroleum Division noted that high sales volumes were witnessed مزید پڑھیں

Pakistan’s consumer price inflation eased to 8.5 per cent in April, the Pakistan Bureau of Statistics said on Friday, extending a months-long decline as the economy tanks due to the coronavirus crisis despite three interest rate cuts. Taking to Twitter, Minister for Planning, Development and Special Initiatives Asad Umar said this was the third successive مزید پڑھیں

The Sindh government decided to seal its border with Balochistan, in a bid to stop wheat smuggling from the province. In this context, Sindh’s Food department has requested the Interior ministry in written for the closure of the border under Food Act. The decision was taken after the approval of the Sindh cabinet. According to مزید پڑھیں

The government on Thursday announced that it had slashed petrol prices for May owing to sharp decline in crude oil prices in the international market. The price of petrol has been brought down to Rs81.58 after a reduction of Rs15, meanwhile the rate of high-speed diesel has been slashed by Rs27.15 and reduced to Rs80.10. مزید پڑھیں