Experts said that the market was primarily down because of rising oil prices in the international market and growing political uncertainty in the country.
Economy
As supply disruption apprehensions rose following severe penalties on Russian banks and the increasing Ukraine crisis, traders hurried to find other oil supplies in an already tight market, resulting in the latest fall.
On Tuesday (March 1, 2022), the federal cabinet on Tuesday approved the promulgation of an ordinance to offer a third tax amnesty scheme.
Speaking at the programme’s launching ceremony at Faisal Mosque in Islamabad today, PM Khan said 4.5 million families would benefit from interest-free loans under this initiative to set up small businesses, construct homes, start farming and acquire technical education.
Dr Ashfaque Hassan Khan said the relief package was discussed in detail in the last two months of the govt and it would not have negative impact on the budget deficit nor the ongoing IMF program.
Inflation has influenced Prime Minister Imran Khan to reduce prices of petroleum products in a wide-ranging address to the nation on Monday, surprising many as it comes after oil crossed $100 a barrel last week.
Sharing details of the package, the premier said that the growth of small and medium industries have been focused on, for which the government has introduced a policy and is creating facilities for the sector’s growth.
Prime Minister Imran Khan shared some key points of this amnesty scheme with business persons and investors in Lahore today.