【Daily】4 Aug. Brief of Pak BizNews
KSE 100 41,069 ▲2.18%
KMI 30 67,261 ▲2.39%
KASB Tech Index 413 ▲1.29%
KASB Market View
IMF, import ebb help arrest rupee slide
Pakistani rupee witnessed a massive recovery against the US dollar on Wednesday, the largest single day increase in years, to close at 228.8. This highly significant recovery in the inter-bank market comes after the International Monetary Fund’s (IMF) statement that Pakistan has managed to meet all pre-conditions for disbursement of the next tranche of its bailout programme. 4.2 percent rise is the highest single-day appreciation of PKR in both absolute and percentage terms since 1999
Sindh CM launches 330MW coal-fired power project
Sindh Chief Minister Syed Murad Ali Shah Wednesday said that with the launching of 330 MW Hubco power plant, we have successfully added 990 MW coal-fired power to the National Grid, which is not only our great success but is the realisation of Mohtarma Benazir Bhutto’s dream of producing coal-fired energy to empower Pakistan with cheapest and indigenous source of energy.
Mohmand Dam hydropower project: $72m worth agreement signed with OPEC Fund
The government of Pakistan and the OPEC Fund for International Development (OPEC Fund) signed a financing agreement amounting to $72 million for Mohmand Dam Hydropower Project (MDHP).
FBR revises customs tariff on imports from Saarc states
The Federal Board of Revenue (FBR) has revised customs tariff on the import of certain items from the Saarc member states, Free Trade Agreement between Pakistan and Sri Lanka, imports from Malaysia, Turkey and Iran Preferential Trade Agreement and Indonesia-Pakistan Preferential Trade Agreement from July 1, 2022.
Briefing to NA panel: Govt paints pretty grim picture of power sector
The government Wednesday said that if any sector will sink the country’s economy it is the power sector as the volume of subsidy is 12 percent of total budget, which is higher than defence budget and annual development budget.
OPEC+ agrees tiny output rise in setback for Biden
OPEC+ is set to raise its oil output goal by 100,000 barrels per day, an amount analysts said was a setback to US President Joe Biden after his trip to Saudi Arabia to ask the producer group’s leader to pump more to help the United States and the global economy.
OMCs, refineries to bear Rs15bn losses over exchange rate formula
Oil marketing companies (OMCs) and refineries already mired in deep financial constraints would face almost Rs15 billion losses in next fifteen days due to altered exchange rate formula implemented by the government from August 1.
Pakistan’s VC and Private Equity Fund Size Nears PKR 11 billion
The Security and Exchange Commission of Pakistan (SECP) Wednesday released a Diagnostic Review of Pakistan’s Private Funds Industry, providing a holistic synopsis and recommendations for key fiscal and regulatory reforms required for a vibrant PF industry that can spur economic activity, catalyze job creation and increase government revenues.
Commodities and Currency: 1-Day Change