【Daily】17 Nov. Brief of Pak BizNews
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World Bank to provide $1.3 billion to Pakistan for emergency, agriculture and housing relief
The World Bank (WB) said on Wednesday that it was planning to provide Pakistan $1.3 billion for emergency, agriculture and housing relief in the wake of catastrophic floods this year, according to a press release issued by the Ministry of National Food and Security.
US govt-led ‘Investment Promotion Activity’ initiative launched
The United States Ambassador to Pakistan, Donald Blome, together with Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha on Wednesday formally launched the Investment Promotion Activity (IPA) – a US government-led initiative to enhance Pakistan-US bilateral trade.
Govt raises Rs757bn from T-bills
The government on Wednesday raised Rs757 billion from auction of treasury bills against a target of Rs750bn, result data published by the State Bank of Pakistan (SBP) showed.
Q1 LSMI output down 0.4pc YoY
The Large Scale Manufacturing Industries (LSMI) output has declined by 0.4 percent during the first quarter (July-September) of the current fiscal year when compared with the same period of last year, says the Pakistan Bureau of Statistics (PBS).
Q1 FY23; External debt, liabilities dip over $3bn
Pakistan’s external debt and liabilities fell over $3 billion during the first quarter (Jul-Sep) of this fiscal year (FY23) mainly due to massive debt servicing.
PKR continues to decline
Pakistan’s rupee continued to depreciate against the US dollar, falling 0.22% on Wednesday in the inter-bank market. As per the State Bank of Pakistan (SBP), the rupee closed at 222.41 after a depreciation of Re0.50.
POL rates: anomalies in notification?
The notification issued by Ministry of Energy on the morning of 16th November for effective POL rates for the next fortnight is baffling on two counts: (i) reference to standard GST rates (17percent), when the prevailing GST is zero on all POL products; and (ii) barring superior kerosene oil (wherein petroleum levy was raised from Rs5.98 effective 1 to 15 November to Rs8.19 per litre) levy on all other POL products remains unchanged.
IPPs payment mode; MoF willing to pay GPPs Rs93.4bn
Finance Ministry has shown a willingness to pay Rs 93.438 billion to Government-owned Power Plants (GPPs) on the same mode adopted for payments to Independent Power Producers (IPPs), well informed sources in Finance Ministry told Business Recorder.
S. Korea to gift solar power plant
The Korean Government is to gift a modern solar power plant to Pakistan to mark forty years of friendly and prosperous diplomatic relations. The project would be established by the Economic Development Cooperation Fund (EDCFG) of South Korea.
Govt to provide housing facilities to low, middle income groups at affordable prices: Dar
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting on Mera Pakistan Mera Ghar (MPMG) Scheme at Finance Division on Wednesday.
Banks not involved in dollar speculation during August: Deputy Governor SBP
Though banks made a notable profit in the mid of this year (June and July) on dollar trading in August 2022 banks have not been involved in any profit-taking activity on dollar trading, Deputy Governor SBP Inayat Hussain clarified during the meeting of Standing Committee on Finance.
Gas crisis likely to risk textile exports
As the natural gas rationing hit domestic and industrial consumers alike with the onset of winter, industrialists fear that textile exports to the United States and the European Union (EU) could face restrictions due to use of wood and coal to power their units.
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