【Daily】28 Nov. Brief of Pak BizNews
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Govt slashes PSDP from Rs727bn to Rs350bn The government has slashed the Public Sector Development Program (PSDP) from Rs727 billion to Rs350 billion for the current fiscal year under the revised fiscal framework being shared with the IMF, The News has learnt. https://www.thenews.com.pk/print/1013931-govt-slashes-psdp-from-rs727bn-to-rs350bn
In surprise move, State Bank hikes interest rate to 16pc The State Bank of Pakistan (SBP) Friday raised its benchmark interest rate by 100 basis points (bps) to 16 percent — the highest ever since 1999 — in a bid to curb the soaring inflation. https://www.thenews.com.pk/print/1013769-sbp-hikes-interest-rate-to-23-year-high-as-inflation-surges
FBR assures swift clearance of export consignments Mukarram Jah Ansari, Member Custom, the Federal Board of Revenue (FBR) has assured the business community of swift clearance of consignments and resolving issues pertaining to exports, a statement said on Friday. https://www.thenews.com.pk/print/1013778-fbr-assures-swift-clearance-of-export-consignments
SBP chief assures Sukuk repayment on schedule Pakistan arranged additional foreign currency reserves to make the forthcoming repayment of $1 billion against the maturing of a 5-year Sukuk on December 5, 2022, State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Friday. https://tribune.com.pk/story/2388137/sbp-chief-assures-sukuk-repayment-on-schedule
Govt plans to deregulate POL products’ market by 2027 The government has planned to fully deregulate its petroleum products market by 2027 after the country’s oil refineries make necessary technical upgradation in 2026, according to the draft of the upcoming Pakistan Oil Refining Policy. https://www.brecorder.com/news/40211065/govt-plans-to-deregulate-pol-products-market-by-2027
Jul-Oct period: Rs241.26bn authorised/disbursed under PSDP The federal government has authorised/disbursed Rs241.26 billion, including Rs43.94 billion foreign aid, while Rs98.78 billion expenditures were made for development projects under the Public-Sector Development Programme (PSDP) 2022-23 from July to October against the total allocation of Rs727 billion. https://www.brecorder.com/news/40210972/jul-oct-period-rs24126bn-authoriseddisbursed-under-psdp
Development spending falls 45pc in July-October Amid rising interest payments and disruptions caused by super floods, Pakistan’s development expenditure has contracted almost 45 per cent to less than Rs99 billion in the first four months (July-October) of the current fiscal year as the government’s overall expenditures increase. https://www.dawn.com/news/1723156/development-spending-falls-45pc-in-july-october
ECO Bank announces financial assistance worth Rs35bn for Pakistan In a major development, the Economic Cooperation Organisation (ECO) Trade and Development Bank on Saturday announced to provide financial assistance worth Rs35 billion (€150 million) to Pakistan.
Commodities and Currency: 1-Day Change
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