Powell wins 2nd term as Fed chief as inflation battle rages
The US Senate on Thursday confirmed Jerome Powell to a second term as head of the Federal Reserve, as the central bank ramps up its fight to crush soaring inflation.
The vote came amid inflation that has hit a 40-year high, fueled by the conflict in Ukraine and sanctions imposed on Russia, as well as Covid19 restrictions in China that have raised concerns the global supply snarls may worsen.
The Fed chair has said his primary focus is on getting inflation under control, but acknowledged the effort could be painful.
US President Joe Biden, whose popularity has taken a hit from the soaring inflation and record gasoline prices, has repeatedly said that tackling the issue is primarily a job for the Fed.
Export of potatoes rose 9.8 per cent mainly because of robust production of the vegetable.
The data was shared by the Ministry of Commerce in a written reply to a question by MNA Riaz-ulHaq, who sought details from the ministry regarding production of potatoes as well as exports.
Potatoes are the fourth most significant crop in terms of bulk production after wheat, rice and maize.
Potato export value rose 9.8pc to $87.39m in 2020-21, up from $79.59m the previous year. This value is expected to grow further in the current fiscal year owing to a greater yield of potatoes in the current fiscal year.
Total potato production recorded at 5.742m tonnes in 2020-21, up from 4.428m tonnes the previous year, representing a 29.67pc increase. Punjab's potato yields were 5.682m tonnes in 2020-21, accounting for 98.95pc of total production in the country.
Three other provinces Balochistan, Khyber Pakhtunkhwa and Sindh - contributed to the remaining yields of potatoes in the country.
The National Institute for Genomics and Advanced Biotechnology (NIGAB) is involved in tissue culture and aeroponic potato seed production on a commercial scale, and potato yield should be increased to 26-28 tonnes per hectare in the next three years, with a total production of 5.4 to 5.6m tonnes in the country.
The Ministry of National Food Security and Research, through the Pakistan Agriculture and Research Council, took several steps to increase production of potatoes in the country.
As per details, more than 20 new exotic potato varieties have been approved by the Variety Evaluation Committee (VEC) in the past three years for registration by the Federal Seed Certification & Registration Department. These new varieties were selected on the basis of high yield and disease resistance.
The NARC is involved in tissue culture commercialisation in Pakistan through potato nucleus seed production. CIP-China and Gansu Agriculture University will provide technical inputs for evaluation and DNA fingerprinting and germplasm collection.
The European development bank raised one billion euros ($1.04 billion) in aid for Ukraine at its annual general assembly this week, the institution's president said Thursday.
The money comes on top of two billion euros in a "resilience package" that was launched by the European Bank for Reconstruction and Development at the start of Russia's invasion of Ukraine.
"Donors have expressed the intention" to provide one billion euros to the bank "in response to the war on Ukraine", EBRD President Odile Renaud-Basso said at a news conference in the Moroccan city Marrakesh.
The EBRD forecast this week that the Ukrainian economy will shrink by 30 percent this year, more than previously estimated.
Ukraine estimates that it needs around $5 billion per month just to cover its budget deficit.
It also wants donors to focus also on its future reconstruction.
Ukraine's Finance Minister Sergiy Marchenko had urged international donors to "maximise" efforts to help his nation in a video link address to the EBRD on Wednesday.
Kyiv can only cover about 62 percent of primary budget needs excluding military expenditure, Marchenko said. Ukraine has been pushing Western countries for more support.