【Daily】10 Jan. Brief of Pak BizNews
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KSE 100 45,345.65 ▲ 0.58% KASB Tech Index 473.76 ▼ 0.37%
KASB Market View · The market sentiments are expected to turn negative as there is a further delay in approval of IMF programme till the end of this month. · The rise in omicron variant cases proves to be an alarming factor as possibility of lockdowns and restrictions increases. National News
IMF accepts request to postpone review of loan plan The International Monetary Fund (IMF) has accepted Pakistan’s request to postpone the review of its $6 billion loan programme scheduled for Jan 12, sources told Dawn on Saturday. https://www.dawn.com/news/1668396/imf-accepts-request-to-postpone-review-of-loan-plan
6th Review of $6bn EFF: IMF board to take disbursement decision only after passage of bills The International Monetary Fund (IMF) has removed Pakistan’s agenda from the Executive Board calendar soon after it announced to take Sixth Review of the $6 billion Extended Fund Facility (EFF) in its meeting scheduled for January 12. https://www.brecorder.com/news/40145625/6th-review-of-6bn-eff-imf-board-to-take-disbursement-decision-only-after-passage-of-bills
IMF to change mission chief The International Monetary Fund (IMF) has decided to replace its mission chief to Pakistan, Ernesto Rigo, amid chances that the executive board of the fund will not take up Pakistan’s request for the revival of $6 billion loan programme on January 12. https://tribune.com.pk/story/2337637/imf-to-change-mission-chief
Pakistan's Covid positivity ratio crosses 3% as number of daily cases rises Pakistan's coronavirus positivity ratio was recorded at 3.16% while the number of cases continued to be over 1,000 for the fourth consecutive day. https://www.brecorder.com/news/40145773/pakistans-covid-positivity-ratio-crosses-3-as-number-of-daily-cases-rises
Price of quality cotton hits all-time high of Rs20,000/maund The rate of quality cotton in the local cotton market reached an all-time high of Rs20,000 per maund after increasing by Rs1,000 per maund. https://www.brecorder.com/news/40145702/price-of-quality-cotton-hits-all-time-high-of-rs20000maund
Import of urea from China allowed on G2G basis In order to address the shortage of urea in Rabi Season 2021-22, a meeting of the Economic Coordination Committee (ECC) of the Cabinet has allowed the import of 50,000 metric tons of urea from China on a government-to-government (G2G) basis after both bidders submitted regret letters. https://www.brecorder.com/news/40145764/import-of-urea-from-china-allowed-on-g2g-basis
Private sector borrowing sees fivefold rise in 1HFY22 The private sector’s credit off-take witnessed a record increase of over five times in the first half of the current fiscal year compared to the same period of the last year, suggesting the country may achieve the 5 per cent GDP growth target on the back of higher economic activities. https://www.dawn.com/news/1668423/private-sector-borrowing-sees-fivefold-rise-in-1hfy22
Services exports up 22.94pc in 5MFY22 Pakistan’s exports of services posted a growth of over 22.94 per cent in the first five months of the current fiscal year (5MFY22) from a year ago, according to the latest data released by the Pakistan Bureau of Statistics. https://www.dawn.com/news/1668420/services-exports-up-2294pc-in-5mfy22
Alfalah to list exchange-traded fund on PSX on 17th Alfalah GHP Investment Management Ltd is going to list on the bourse its first exchange-traded fund (ETF) on Jan 17, said company CEO Nabeel Malik while speaking to Dawn on Saturday. https://www.dawn.com/news/1668427/alfalah-to-list-exchange-traded-fund-on-psx-on-17th
$3.16bn received through Roshan Digital Accounts till Dec 2021 The country received over $3 billion through the Roshan Digital Accounts (RDA) till the end of December 2021, the State Bank of Pakistan (SBP) reported on Friday. https://www.dawn.com/news/1668244/316bn-received-through-roshan-digital-accounts-till-dec-2021
Banks attract record Rs3.88tr deposits in 2021 Banks recorded the 10-year’s highest deposit growth of 22.7 per cent in the calendar year 2021 mainly due to higher remittances, export proceeds and a sharp depreciation of the rupee. https://www.dawn.com/news/1668247/banks-attract-record-rs388tr-deposits-in-2021
Senate panel okays 17pc sales tax on imported machinery for EPZs The Senate Standing Committee on Finance, Revenue and Economic Affairs on Friday approved 17 per cent sales tax on the import of machinery and equipment to be utilised in the Export Processing Zones (EPZs). https://www.dawn.com/news/1668245/senate-panel-okays-17pc-sales-tax-on-imported-machinery-for-epzs
SBP extends relaxations for banks till June 30 The State Bank of Pakistan (SBP) on Friday extended concessions given to commercial and microfinance banks on account of the pandemic till June 30, 2022 for ease in banking and transaction activities. https://www.thenews.com.pk/print/923457-sbp-extends-relaxations-for-banks-till-june-30
Weekly inflation hits decade-high of 20.08pc year-on-year Increase in prices of petrol and diesel along with food pushed weekly inflation to over a decade high at 20.08 percent year-on-year, while drop in tomato and LPG rates kept week-on-week numbers slightly muted. https://www.thenews.com.pk/print/923454-weekly-inflation-hits-decade-high-of-20-08pc-year-on-year
New terms with IPPs to help govt save Rs120 billion every year On payment of the first tranche of outstanding undisputed payables to IPPs in line with the revised contracts, revised terms have become effective, which will result in saving of at least Rs120 billion a year. These major revised terms include rupee based return instead of USD based maximum 17pc per annum in PKR fixed at Rs. 148 USD without any future USD linkage, besides reducing the rate of return for local and foreign investors to 12pc USD instead of 15pc USD. https://www.thenews.com.pk/print/923506-new-terms-with-ipps-to-help-govt-save-rs120-billion-every-year
Govt providing Rs400 bn subsidy to agri sector: minister Federal Minister for Industries and Production Khusro Bakhtyar Friday said the government had provided Rs400 billion subsidy for the development of agriculture sector and ensured uninterrupted gas supply to the fertiliser industry to help promote agriculture production in the country. https://www.thenews.com.pk/print/923488-govt-providing-rs400-bn-subsidy-to-agri-sector-minister
Gas suspension: Pakistan loses textile exports worth $250m Pakistan has lost textile exports of $250 million in December, 2021 in the wake of gas supply closure to the sector in Punjab for 15 days. https://www.thenews.com.pk/print/923478-gas-suspension-pakistan-loses-textile-exports-worth-250m
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