【Daily】18 July Brief of Pak BizNews
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$1.17bn tranche to be released in three to six weeks: IMF The International Monetary Fund (IMF) has said that its agreement with Pakistan would lead to a “straight away” disbursement of $1.17 billion to the country. https://www.dawn.com/news/1699874/117bn-tranche-to-be-released-in-three-to-six-weeks-imf
Auto sector posts record sales in FY22 Despite surging prices, record fuel and interest rates, curbs on auto financing and the suspension of advance booking by some assemblers in May, the sales of cars, jeeps and pickups posted an all-time high in FY22. https://www.dawn.com/news/1699870/auto-sector-posts-record-sales-in-fy22
Eyeing $4bn from friendly countries this month Pakistan is likely to get $4 billion from friendly countries this month to bridge a gap in foreign reserves highlighted by the International Monetary Fund, Finance Minister Miftah Ismail said, two days after sealing a deal with the lender. https://www.dawn.com/news/1700010/eyeing-4bn-from-friendly-countries-this-month
Govt faces $4b financing gap despite IMF deal Pakistan was still facing a $4 billion financing gap that will be bridged by selling stakes of listed government companies to a friendly country, buying oil and gas on deferred payments and arranging cash deposits, said Finance Minister Miftah Ismail on Saturday. https://tribune.com.pk/story/2366375/govt-faces-4b-financing-gap-despite-imf-deal
FATF’s on-site visit likely in September Global financial crime watchdog the Financial Action Task Force (FATF) will send its on-site mission to Pakistan sometime in September, a visit anticipated by diplomatic circles in Islamabad as a “final walk-through from the FATF process” for the country. https://www.dawn.com/news/1700011/fatfs-on-site-visit-likely-in-september
Finnish fund buys 17.6pc stake in TPL Insurance TPL Corporation said on Friday a Finnish fund has successfully completed the transaction to acquire 17.59 per cent shareholding in TPL Insurance, a subsidiary of the Pakistani conglomerate. https://www.dawn.com/news/1699871/finnish-fund-buys-176pc-stake-in-tpl-insurance
Saudi Arabia says no additional capacity to increase oil production beyond 13 million bpd Saudi Arabia will not have any additional capacity to increase oil production beyond 13 million barrels per day, Crown Prince Mohammed bin Salman said during his address to the US-Arab summit in Jeddah.
PRL may face brief closure on delayed crude cargo Pakistan Refinery Limited (PRL) cargo weighing 70,000 tonnes crude oil was behind schedule due to delay in confirmation of its credit letter, which could lead to temporary shutdown of the refinery, The News learnt on Friday. https://e.thenews.com.pk/detail?id=107566
Four $2.3bn power projects declared ‘problematic’ The Ministry of Economic Affairs has reportedly declared four power sector projects worth $2.3 billion problematic and directed the Power Division and its attached organizations to expedite implementation of the projects. https://www.brecorder.com/news/40186263/four-23bn-power-projects-declared-problematic
Three more wheat cargoes due this month Pakistan would receive four cargoes of imported wheat in the current month as one has already reached on July 5. https://www.brecorder.com/news/40186265/three-more-wheat-cargoes-due-this-month
Petroleum dealers say will observe strike tomorrow Pakistan Petroleum Dealers Association (PPDA) has expressed resolve to go on an indefinite strike from July 18 (tomorrow) by closing filling stations across the country, saying the government failed to fulfil its commitment to raise their margin in phases. https://www.brecorder.com/news/40186362/petroleum-dealers-say-will-observe-strike-tomorrow
$200m loan to transform farming The World Bank has approved $200 million loan for introducing new technologies in the agriculture sector of Punjab, which is one-third less than the amount that had been initially planned for bringing improvement to cultivation practices in the province. https://tribune.com.pk/story/2366350/200m-loan-to-transform-farming
Commodities and Currency: 1-Day Change
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