【Daily】18 Oct. Brief of Pak BizNews
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· News reports of an impasse between the IMF and Pakistan over Economic and Financial policies could further delay the completion of the 6th and 7th review, and the release of the USD 1.0bn tranche. · Record-high petroleum prices could also spark inflationary concerns for the coming months. This fact, in tandem with the PKR 1.4/kWh hike in base power tariff, could cause investors to expect an expedited pace of monetary tightening.
National News IMF talks to 'resume' today: MoF A spokes-man of the Ministry of Finance has refuted the media reports about failure of the talks with International Monetary Fund (IMF) and clarified that the talks would resume today (Monday) uninterrupted. "There is no truth in the news of the failure of talks with the IMF. The talks will resume on Monday uninterrupted from where they were on Friday," a Finance Ministry spokesman said in a statement on Sunday. https://www.brecorder.com/news/40127461/imf-talks-to-resume-today-mof
Despite fulfilling tough conditions: Pakistan fails to strike agreement with IMF Unable to reconcile on Memorandum of Economic and Financial Policies (MEFP), the International Monetary Fund (IMF) and Pakistan have so far failed to strike staff-level agreement under $6 billion Extended Fund Facility (EFF). https://www.thenews.com.pk/print/900953-pakistan-fails-to-strike-agreement-with-imf
DG ISI appointment: Notification expected next Wednesday; Matter to be solved within a week, says Sh Rashid; The appointment of the new DG ISI is expected to be notified on Wednesday — a day after the 12th of Rabi-ul-Awwal. A well-placed source told The News that soon after the notification of the new spy chief, the incumbent DG ISI, Lt Gen Faiz Hamid, will join the Peshawar Corps as has already been announced by the ISPR.
Petrol hits record level of Rs137 per litre The government on Saturday increased the price of petrol by Rs10.49 per litre taking it to a record level of Rs137.79 per litre. https://tribune.com.pk/story/2325080/petrol-hits-record-level-of-rs137-per-litre
Moratorium on gas schemes imposed: Rs1.39/unit raise in power base tariff announced The Federal Government on Friday announced to increase electricity base tariff by Rs 1.39 per unit across the country including KE from November 1, 2021 and impose moratorium on ongoing and new gas schemes for domestic consumers till finalisation of new gas pricing mechanism.
Electricity trading market from April next: Nepra National Electric Power Regulatory Authority (Nepra) Chairman Tauseef H. Farooqi said on Friday the Competitive Trading Bilateral Contract Market (CTBCM) will be rolled out in April next year. https://www.dawn.com/news/1652339/electricity-trading-market-from-april-next-nepra
RLNG circular debt can soar to Rs190 bn The circular debt on account of perpetual injection of costly RLNG into the domestic sector in the last three years has surged to Rs104 billion and if this time the government again provides RLNG to domestic sector in Punjab and KPK for three months in the coming winter season, it will alarmingly swell to Rs190 billion. https://www.thenews.com.pk/print/900786-rlng-circular-debt-can-soar-to-rs190-bn
Rs588 billion tax imposed on sugar mills: Akbar Prime Minister's Adviser on Accountability Shahzad Akbar on Saturday said the Federal Board of Revenue (FBR), after a five-year audit of 69 sugar mills, imposed a tax to the tune of Rs588 billion on the mills. https://tribune.com.pk/story/2325107/rs588-billion-tax-imposed-on-sugar-mills-akbar
Steel policy on the cards A comprehensive steel policy would be rolled out soon in consultation with relevant stakeholders to resolve the issues being faced by the steel industry, announced Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar. https://tribune.com.pk/story/2325004/steel-policy-on-the-cards
LSM expands 7.3% in July-August The output of large-scale manufacturing (LSM) industries increased 7.3% in the first two months of current fiscal year, but the LSM index remained below pre-Covid levels after briefly surpassing it seven months ago. https://tribune.com.pk/story/2324982/lsm-expands-73-in-july-august
Court keeps minimum wage at Rs25,000 in Sindh The Sindh High Court (SHC) on Friday upheld the government of Sindh’s decision of keeping the minimum wage rate at Rs25,000 a month, citing that the provincial government was competent enough to fix, announce and declare the minimum wage. https://tribune.com.pk/story/2325000/court-keeps-minimum-wage-at-rs25000-in-sindh
NCOC lifts one-day mandatory lockdown restriction The National Command and Operations Centre (NCOC), on Friday, lifted one-day mandatory lockdown restriction across the country, allowing businesses activities to operate seven days a week. The decision was taken in the NCOC meeting presided over by the Chairman NCOC Asad Umar. https://www.brecorder.com/news/40127159/ncoc-lifts-one-day-mandatory-lockdown-restriction
PD estimates reduction of net subsidy by 30pc Power Division has estimated a reduction of net subsidy by 30 percent to Rs 168 billion from Rs 240 billion, after notification of increase of Rs 1.39 per unit in base tariff of Discos and KE. https://www.brecorder.com/news/40127177/pd-estimates-reduction-of-net-subsidy-by-30pc
Private sector borrows Rs175bn in 1QFY22 The private sector borrowed Rs175 billion from the banking sector during the first quarter of this fiscal year reflecting improved economic activities when compared with a net debt retirement in the same period last year. https://www.dawn.com/news/1652492/private-sector-borrows-rs175bn-in-1qfy22
Rice exports may increase to $3b Rice exports are expected to increase up to $3 billion this year, due to effective agricultural policies of the government, said Punjab Minister for Agriculture Hussain Jehanian Gardezi. Addressing a seminar on paddy on Saturday, he stated that varieties of Basmati were quite popular and the government was paying attention to hybrid varieties with an aim to earn maximum amount of foreign exchange. https://tribune.com.pk/story/2325216/rice-exports-may-increase-to-3b
PDM says will launch countrywide protest drive The nine-party opposition alliance, Pakistan Democratic Movement (PDM), Sunday decided to launch a countrywide protest drive against the high inflation and appealed the people to massively participate in the protest rallies to oust the incumbent "corrupt" government, 'which is serving the IMF's interests, instead of taking care of the people.' https://www.brecorder.com/news/40127460/pdm-says-will-launch-countrywide-protest-drive
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