Saudi Arabia has announced 118 humanitarian projects worth over USD 123 million for cash-strapped Pakistan in food security, health, education and water during Prime Minister Imran Khan's two-day visit, according to a report.
The assistance was announced in light of the COVID-19 pandemic. The kingdom has provided medical and preventive aid worth over USD 1.5 million to combat the pandemic.
The aid will help in achieving the desired interests and goals, and contribute to developing the political, military, diplomatic, economic, commercial, developmental and cultural coordination and cooperation fields.
Moody’s Investors Service sharply scaled down this year’s growth projection for India to 9.3% from its earlier estimate of 13.7%, citing the negative impact of the second wave.
The severe second wave of COVID-19 infections will slow the near-term economic recovery and could weigh on longer-term growth dynamics.
The agency expects a wider general government fiscal deficit of about 11.8% of GDP in 2021-22, instead of its previous estimate of 10.8%.
In Moody’s view, India’s policy effectiveness has been lower than some international surveys suggest, even though it considers India's legislative and executive institutions, civil society and judiciary to be relatively strong.