Daily Times

The Ministry of Finance has released details on the designed Rs1,240 billion Covid relief fund the government had announced last year as a stimulus to offset the probable damages of the coronavirus pandemic. Out of the announced stimulus package, which was was part of the fiscal year 2019-20, the government released Rs875 billion or 70 percent of the total stimulus in various sectors of the economy while the remaining amount has yet to be realised, ministry said on Monday. According to the numbers, Rs510.1 billion (41 percent of the total budget and 58 percent of total expenditure) were used as cash handouts to the lower-income class for their sustenance. The remaining Rs365 budget was supposed to be part of the cash programme. Under a different head, from the Rs200 billion budget devised for daily wagers’ support, only a chunk of Rs16 billion was materialized, while from the Rs50 billion budget for the utility stores only Rs16 billions were loosened, the numbers said. On the other hand, the stimulus package for exporters, the government under then finance minister Abdul Hafeez Shaikh announced Rs100 billion and Rs86 billion were realized from that head.