US dollar hits historic high of Rs214 in interbank

The downward slide of the Pakistani rupee (PKR) continues as the currency has lost Rs3.05 in the interbank market against US dollar.

According to details, the dollar was being traded around Rs214 against the PKR compared to the previous close of 210.95.

In open market, the greenback was up by R4.5 and was being traded around Rs216.

On the other hand, PSX also witnessed a bearish trend as the KSE-100 index fell by 476 points.

World Bank approves $200m loan for Pakistan. The World Bank’s Board of Executive Directors has approved $200 million in financing to support Pakistan in transforming the agricultural sector by adopting climate-smart technologies to improve water-use efficiency, build resilience to extreme weather events and increase incomes of small farmers.

According to the press release by the World Bank, the agricultural sector in Punjab is central to the Pakistan’s economy and food security as it accounts for 73 percent of the country’s total food production.

The Punjab Resilient and Inclusive Agriculture Transformation Project (PRIAT) will increase agricultural productivity through efficient and equitable access to water for small farms.

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It will support farmers at the community and household levels to adopt climate-smart farming practices and technologies that improve crop yields and conserve water resources in Punjab.

“In recent years Pakistan’s agriculture sector has suffered from losses in crop yields and livestock, damage to irrigation infrastructure, and food shortages due to climate change, particularly severe droughts in the Punjab province,” said Najy Benhassine, World Bank Country Director for Pakistan.

“This project aligns with the Punjab Agriculture Policy 2018, which promotes massive expansion of water conservation efforts, enhancing sustainability and resilience in the wake of climate change, and private sector participation to help boost the productivity of the sector.”

The bank said that PRIAT will support farmers implement innovative, climate-smart technologies to help the Punjab government achieve economies of scale to transform the agricultural sector.

The project will engage the private sector in sourcing appropriate technologies and providing training tailored for water user associations and individual households to improve water conservation practices and agriculture productivity, it said.