【Daily】26 Sept. Brief of Pak BizNews
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KSE 100 40,620 ▼0.75% KMI 30 66,324 ▼0.87% KASB Tech Index 456 ▼0.93%
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National News
Govt moves courts to recover GIDC The federal government has decided to expedite court proceedings to recover Rs453 billion on account of Gas Infrastructure Development Cess (GIDC) from defaulters, mainly from the fertiliser sector. https://tribune.com.pk/story/2378478/govt-moves-courts-to-recover-gidc
Ishaq Dar set to take charge as finance minister on Tuesday Pakistan Muslim League-Nawaz (PMLN) leader Ishaq Dar will assume charge as the Finance Minister of Pakistan on Tuesday and the current Finance Minister Miftah Ismail will continue to remain part of the government, Prime Minister Shehbaz Sharif and PMLN supremo Nawaz Sharif decided during an important meeting here on Saturday. https://www.thenews.com.pk/print/994480-dar-set-to-take-charge-as-finance-minister-on-tuesday
Pakistan secures $439.3m in two months of FY23 Pakistan’s ability to secure loans and grants dropped significantly as Islamabad could fetch only $439.3 million from international creditors in the first two months of the current fiscal against $2.37 billion in the same period of the last financial year. https://e.thenews.com.pk/detail?id=131054
World Bank to allow $2bn diversion for flood relief Pakistan is expected to spend $2 billion of the World Bank funds — meant for multi-sectoral projects in the country — on food, shelter and other urgent needs in the wake of devastating floods. https://www.dawn.com/news/1711822/world-bank-to-allow-2bn-diversion-for-flood-relief
There’s no plan to raise GST on POL products: official The government has no plan to increase the general sales tax (GST) on petroleum products, however petroleum levy (PL) would be gradually increased from the present Rs37.42 per litre to Rs50 till April 2023. https://www.brecorder.com/news/40199347/theres-no-plan-to-raise-gst-on-pol-products-official
$2,000 and above: Exchange Companies must conduct sale transactions through banking channels: SBP In order to further strengthen the regulatory regime for Exchange Companies and promote the banking channels, the State Bank of Pakistan (SBP) has restricted Exchange Companies for cash sale transactions of worth $ 2000 and above.
Investment in govt papers surges 30pc to Rs21tr Banks and the corporate sector invested Rs4.877 trillion in government papers during the nine months through June, showing an increase of 30 per cent over the previous figure. https://www.dawn.com/news/1711829/investment-in-govt-papers-surges-30pc-to-rs21tr
SPI inflation down 8.11pc WoW The Sensitive Price Indicator (SPI) based weekly inflation for the week ended September 22 recorded a decrease of 8.11 percent due to a decline in the prices of food items including tomatoes (8.15 percent), bananas (1.90 per cent), garlic (1.31 percent), cooking oil (0.78percent) and non-food items electricity (64.23 percent) and LPG (3.82 percent), says the Pakistan Bureau of Statistics (PBS). https://epaper.brecorder.com/2022/09/24/1-page/943317-news.html
Commodities and Currency: 1-Day Change
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