【Daily】31 Oct. Brief of Pak BizNews
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Total flood damage, economic losses estimated at $31.2bn
Despite receiving a much lower-than-expected response from the international community in the first phase, a joint consortium of multilateral donors verified the Post Disaster Needs Assessment (PDNA) and reconciled figure of total damages and economic losses to the tune of $31.2 billion caused by severe floods in Pakistan.
$10bn Saudi investment on the cards, says PM
Prime Minister Shehbaz Sharif on Friday said Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud would soon be visiting Pakistan during which he would announce a $10 billion investment for establishing an oil refinery in the country.
Govt unlikely to pass on price relief due to PSO’s exchange loss adjustment
The exchange loss adjustment of Pakistan State Oil (PSO) would likely deprive consumers of major relief in prices of petroleum products in the next fortnight.
Pakistan needs at least $16.3bn for post-flood rehab: report
Putting the flood damage and loss estimates at over $30 billion (around Rs6.5 trillion), leading international agencies have warned of a substantial increase in poverty levels, widening fiscal and external account deficits amid political and economic instability.
ECC okays urea, wheat import
The Economic Coordination Committee (ECC) of the Cabinet has granted approval for importing 300,000 tons of urea fertilizer at a cost of $520 per metric tons.
SPI shoots up 4.13pc on power tariff surge
Weekly inflation jumped 4.13 percent week-on-week and 30.68 percent year-on-year spurred by a massive rise of 89.34 percent in electricity rates for the quarter.
CCP studies prices of 10 food items to address inflation
Competition Commission of Pakistan (CCP) has completed a draft study to address market distortions and promote efficiency as well as competition in the value chain of 10 essential food commodities in Pakistan.
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