ISLAMABAD: Pakistani planning minister Asad Umar has said Pakistan’s economy was on the ‘path of recovery’ even as a second wave of the coronavirus swept across Pakistan and around the world.
On Wednesday, Pakistan reported its highest rise in coronavirus cases in a single day since July 26, with 1,313 people testing positive in 24 hours, taking the country’s total infections to 337,573, with 6,867 deaths.
Last week, Pakistan’s de facto health minister, Dr. Faisal Sultan, announced that the second wave of coronavirus had arrived and new restrictions and lockdowns were ‘inevitable.’
“As the world struggles with covid, Pak economy on path to recovery,” Umar said in a tweet. “Strong export growth, positive large scale manufacturing growth, revenues up. Big electricity price cut for industry will further accelerate industrial growth particularly for SME’s [small and medium enterprises].”
As the world struggles with covid, Pak economy on path to recovery... Strong export growth, positive large scale manufacturing growth, revenues up. Big electricity price cut for industry will further accelerate industrial growth particularly for SME's #PakistanMovingForward
— Asad Umar (@Asad_Umar) November 3, 2020
On Tuesday, Prime Minister Imran Khan announced a massive three-year relief package for the industrial sector, considerably reducing the rate of commercial electricity on additional usage by small and medium enterprises and omitting peak-hour charges to encourage manufacturing.
On Tuesday, Pakistan’s de facto minister for commerce Abdul Razak Dawood said Pakistani exports had done “rather well” from July to October 2020 and were now “back at the pre-COVID-19 level.”
“The balance of trade has also witnessed significant improvement of during the same period as compared to corresponding period last year,” the commerce minister tweeted. “Our exporters deserve all the credit and praise for making this possible despite facing the uncertainty and contraction in Pakistan’s major markets.”
In continuation with my earlier tweet on exports in October 2020, I am happy to share that, Alhamdolillah, Pakistan exports have also done rather well in the period from July to October 2020 & are now back at the pre-COVID-19 level. The balance of trade has also witnessed... 1/2
— Abdul Razak Dawood (@razak_dawood) November 3, 2020
On Tuesday, the dollar fell to a six-month low against the Pakistani rupee, losing 14 paisas to reach Rs159.97, according to the State Bank.
