【Daily】10 June Brief of Pak BizNews
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China comes to our rescue in a big way China has agreed to roll over USD2.3bn loan to Pakistan and, significantly from the perspective of strengthening the USD9.2bn foreign exchange reserves (as on 3 June), to extend additional assistance of between USD2.5 to USD2.8bn. Highly placed sources told Business Recorder that the recent visit of Chief of Army Staff General Qamar Javed Bajwa was a resounding success in procuring a highly valuable package. https://epaper.brecorder.com/2022/06/15/1-page/933262-news.html
Pakistan, IMF agree ‘social protection’ is top budgetary priority Officials from the International Monetary Fund (IMF) are viewing Pakistan’s budget for 2022-2023 as a document which contains points for further negotiations on resuming an IMF package for Islamabad. On Friday, Pakistan unveiled a $47bn budget for 2022-23, which includes several fiscal consolidation measures that Islamabad hopes will convince the IMF to resume the much-needed bailout payments to the country. https://www.dawn.com/news/1694857/pakistan-imf-agree-social-protection-is-top-budgetary-priority
FBR reviewing tax relief of PKR47bn to salaried class Federal Board of Revenue (FBR) Chairman Asim Ahmed said Tuesday that the FBR is reviewing the tax relief of PKR47bn provided to the salaried class through the Finance Bill, 2022, keeping in view the fact that the government will not burden the salaried individuals. https://epaper.brecorder.com/2022/06/15/3-page/933278-news.html
Rupee continues slide against USD, shoots past PKR205 The Pakistani Rupee is being traded at PKR205.31 against the US dollar after it shed PKR1.51 in the interbank market on Tuesday. A day earlier, the PKR had closed at PKR203.85 against the USD. The rupee is in freefall against the greenback for the third consecutive day amid pressure on Pakistan’s foreign exchange reserves due to uncertainty surrounding the revival of the International Monetary Fund (IMF) programme. https://tribune.com.pk/story/2361492/rupee-continues-slide-against-usd-shoots-past-rs205
Hike in POL products’ prices on the cards Federal government is likely to increase the price of petrol by PKR8.69 per litre and high-speed diesel (HSD) by PKR29.94 per litre based on current government taxes with zero petroleum levy (PL) and general sale tax (GST) for the next fortnight with effect from June 16. https://epaper.brecorder.com/2022/06/15/1-page/933260-news.html
Fertiliser makers mull PKR100/bag hike in urea prices Fertiliser industry has been mulling PKR100/bag increase in urea price over lack of government interest in resolving tax issue. In May, fertiliser firms agreed to reduce the price of urea by PKR83/bag after the government promised resolution of the long-standing GST mismatch issues. However, no attention was paid to the problem in the budget, and the industry was considering to increase urea price by PKR100/bag ie PKR17/bag compared to May. https://www.thenews.com.pk/print/966251-fertiliser-makers-mull-rs100-bag-hike-in-urea-prices
DG Khan Cement to dispatch 50,000 tonnes cement to US market One of the largest cement-makers of Pakistan, DG Khan Cement Company is all set to export 50,000 tonnes of the building material to the sophisticated US market following lengthy certification procedures. Fareed Fazal, Director, DG Khan Cement on Tuesday confirmed to The News that for the first time in the history of Pakistan, DG Khan Cement was exporting 50,000 tonnes cement to the United States. https://www.thenews.com.pk/print/966253-dg-khan-cement-to-dispatch-50-000-tonnes-cement-to-us-market
Nepra agrees to let KE recover PKR9bn from consumers National Electric Power Regulatory Authority (NEPRA) on Tuesday agreed in principle to allow Karachi Electric (KE) to recover over PKR9bn (PKR5.28 per unit) from consumers for April 2022 under monthly Fuel Charge Adjustment (FCA) and QTA of PKR3.90 per unit for January-March 2021-22. https://epaper.brecorder.com/2022/06/15/12-page/933328-news.html
Pakistan wins terror-financing case against NBP in NY court Pakistan has got another success on the legal front as it has won the terror-financing case against the National Bank of Pakistan (NBP) in the Federal Court in New York. The Express Tribune has learnt that some years ago the National Bank was accused of facilitating the transfer of funds that were used to plan and execute an attack on a US military base in Afghanistan. https://tribune.com.pk/story/2361538/pakistan-wins-terror-financing-case-against-nbp-in-ny-court
TPL Trakker BoD approves demerger of co’s mapping segment The Board of Directors of TPL Trakker Limited has approved the demerger of the mapping segment of the business from the company by creating a separate entity in Pakistan and transferring the net assets to the same. https://epaper.brecorder.com/2022/06/15/7-page/933304-news.html
Pakistan pins hopes on ‘onsite visit’ to exit FATF 'grey list' Pakistan is unlikely to exit the “grey list” of the Financial Action Task Force (FATF) in the ongoing deliberations in Berlin, Germany but hoping to secure an 'onsite visit' that may take Islamabad a step closer to get out of the watch list. https://tribune.com.pk/story/2361540/pakistan-pins-hopes-on-onsite-visit-to-exit-fatf-grey-list
Pakistan facing debt in ‘excess of USD250bn’: UNDP The United Nations Development Programme (UNDP) has said that Pakistan is currently facing challenging economic situation with a debt in ‘’excess of PKR50 trillion (USD250bn)’’. The Ministry of Economic Affairs Division (EAD) in collaboration with the UNDP have organized a high-level policy seminar titled “global economic situation and effective debt management strategies” on June 21, 2022 in Islamabad to discuss solution to debt management. https://epaper.brecorder.com/2022/06/15/1-page/933264-news.html
Commodities and Currency: 1-Day Change
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