AS the number of people affected from the deadly Corona Virus crosses the mark of one thousand and reports indi cate no part of the country is immune from the disease, the economic team of the Government led by Advisor on Finance and Economic Affairs, Dr Abdul Hafeez Shaikh, is taking prompt and due measures to mitigate economic impact of the virus and least disruption of the routine life. This became evident from the news briefing that theAdvisor held on Wednesday where he not only explained in detail a multitude of measures including those announced a day earlier by Prime Minister Imran Khan but also how the Government intends to manage necessary finances in the face of apparent slowdown of the economy caused by the spread of the virus. It is quite evident that the Government would be facing revenue shortfall as virtual lockdown is affecting almost all sorts of economic activities but it is satisfying that the economic team is in touch with multilateral donors to mobilize additional funding. The country has arranged about $4 billion additional financial assistance from multilateral lending and aid agencies to shore up foreign exchange reserves and budgetary support for fighting negative impact of the Corona Virus pandemic. Discussions are continuing with the International Monetary Fund (IMF) for additional $1.4 billion for fast track disbursements in view of the emergent situation caused by Corona Virus and it is expected that the money would be available on same terms and conditions that have already been concluded with the Fund for the overall package. Also, the government has asked theWorld Bank for $1billion assistance, including diversion of un-utilized funds for other projects for early disbursement. In addition, the Asian Development Bank would provide $350 million immediately and a request had been made for another $900m disbursement by June this year to meet emerging needs. No doubt, all this would add to the debt burden of the country but there was no other immediate option for the resource-starved country to meet the new challenge. The Government might have its own reasons to ask for diversion of un-utilized funds of some slow moving projects for other fast moving projects but this should not mean inflicting a fatal blow to slow moving projects as lack of progress is not because they are unproductive but due to our classic lethargy in processing and implementing projects. That the Government is fully cognizant of the rapidly evolving situation is evident from the statement of the Minister for Economic Affairs Hammad Azhar that talks had begun with the Japan International Cooperation Agency (JICA) and Department for International Development of the UK (DFID) and other countries for rescue assistance as United Nations agencies are engaged in loss assessment due to COVID-19. In the next phase, the government would step up efforts with various lending agencies for financial assistance for budgetary and economic support. As for relief measures, the decision to abolish Capital Value Tax (CVT) on capital markets is appreciable in view of prevailing situation but the decision should also be applicable to real estate sector as part of the measures to inject new life into it. The relief package especially for disadvantaged segments of the society might lose its relevance if the authorities concerned failed to stem the renewed fall of rupee against dollar, which has already reached 162.5 in the inter-bank market, as devaluation of rupee means a new wave of price-hike. A strategy is also needed for boosting remittances by Overseas Pakistanis, which are likely to see a fall because of economic losses and disruption of activities almost in all countries of the globe. Efforts should be made to send more Pakistanis abroad to countries like Japan, South Korea and Qatar. Addressing a parliamentary leaders’ conference, Prime Minister Imran Khan stressed upon reviewing the “extreme steps” taken by the provinces to contain the spread of the Corona Virus as these would “impact the economy drastically”. In this regard, he cited the example of shortage of fuel in Gilgit-Baltistan due to disruption in supplies caused by lockdown and said there was no precedence of such a lockdown in the world. The concern of the PM is understandable but protection of lives is more important than avoidance of difficulties and that is why most of the countries concerned, including Argentina, Britain, France, India and Italy as well as many US states, have imposed mandatory lockdown measures while others have introduced curfews, quarantines and social distancing recommendations. This is the only way out to address the challenge effectively especially in view of fragility of our health system