【Daily】11 Oct. Brief of Pak BizNews
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Talks with IMF officials have primarily focused on the power tariff hikes, control of the current account deficit and increased tax collection. These conditions create potential inflationary concerns.
· The expected gas shortage amid rising LNG cargo rates may also affect industrial output during the winters.
· Record-high remittances and RDA inflows continue to provide cushion for external leakages.
‘Washington no longer desires broad-based ties with Islamabad’
US Deputy Secretary of State Wendy Sherman said earlier this week in Mumbai that Washington no longer sees itself building a “broad-based relationship” with Pakistan, in a stark contrast to her remarks she made in Islamabad on Friday.
Technical-level talks with IMF conclude
Pakistan and the International Monetary Fund (IMF) on Saturday concluded technical-level discussions on a ‘positive note’ and agreed to continue talks at a higher level in Washington from next week to put $6 billion Extended Fund Facility (EFF) back on track.
IMF asks Pakistan to take steps to slash current account deficit
The International Monetary Fund (IMF) has asked Pakistan to take a combination of measures, including allowing adjustments in the exchange rate, further tightening of monetary and fiscal policies in order to curtail the rising current account deficit.
IMF talks on power sector reform pace remain inconclusive
Talks at the technical level between Pakistani authorities and the International Monetary (IMF) reportedly remained inconclusive on the pace of power sector reforms with the latter reportedly expressing concern over non-implementation of the tariff agreed during the second to fifth review talks held in February 2021.
Gas crisis looms large
Late arrival of LNG vessel-- Hoegh Gannet at Pakistan Port Gas Company (PGPCL) Terminal -- has triggered gas crisis in the country. The LNG cargo arranged by Pakistan LNG Limited (PLL) was scheduled to arrive on October 8 but it got delayed by two days. Now it will reach the terminal today (Oct 10), a senior official at Energy Ministry told The News.
Remittance inflows jump by 12.5pc in July-Sept to $8bln
Remittances sent to Pakistan, a major support for the country's economy and in particular for low-income families, rose by nearly 12.5 percent year-on-year to $8.0 billion in the first quarter of the current fiscal year, the central bank data showed on Friday.
Pakistan receives $2.411bln through RDA in 12 months
The foreign exchange inflows through the Roshan Digital Account (RDA) reached $2.411 billion in last 12 months, the central bank data showed on Friday.
Textile exports jump 26pc in September
Textile exports grew 26 per cent to $1.503 billion in September, according to the All Pakistan Textile Mills Association.
Pakistan rejects World Bank’s growth estimates
Pakistan on Friday termed the World Bank’s estimate of 3.5% economic growth in the previous fiscal year “unrealistic”, citing that the final growth figure would even exceed the provisional figure of nearly 4%.
Services export up 54% to $1bn in first two months of FY22
Services exports posted a growth of 53.64pc in August to $531.29m against $345.81m over the corresponding month of last year. On a MoM basis, exports increased by 11.38pc,
OMCs pin 2020 petroleum crisis on energy ministry
Oil marketing companies (OMCs) on Saturday turned down allegations of causing shortage of petroleum products in 2020, holding Ministry of Energy responsible for the crisis.
New terminals to boost storage capacity
Pakistan is all set to install two more liquefied natural gas (LNG) import terminals over the next 12-15 months to deal with the ballooning gas crisis after the government approved connection of the terminals with transmission and distribution network from Karachi to upcountry areas.
SPI inflation rises 1.21pc as fuel price hike takes toll
After staying muted for two weeks, weekly inflation jumped 1.21 percent week-on-week and 12.94 percent year-on-year during the seven-day period ended October 7, as government raised fuel rates to absorb hike in international prices and exchange rate variation.
Discos' tariff increased by Rs1.95 per unit
National Electric Power Regulatory Authority (Nepra) has increased tariffs of Distribution Companies (Discos) by Rs1.95 per unit for August 2021 under monthly Fuel Component Adjustment (FCA) mechanism, amid dissenting note from Vice Chairman Nepra on purpose of power plants whose PPAs were altered without Authority's approval.
SECP registers 2,223 companies in Sept
The Securities and Exchange Commission of Pakistan (SECP) registered 2,223 new companies in September 2021, up by 20 percent over the same period in the preceding year. Total capitalization (paid-up capital) of the new companies stood at Rs 2.8 billion and the total number of registered companies has risen to 1,52,089.
China eyes coal output boost, higher power prices to ease shortages
China has ordered its two top coal regions to boost output and will allow coal-fired power utilities to charge customers higher prices as the country battles its worst power crunch in years.
Commodities and Currency: 1-Day Change
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