【Daily】4 Jan. Brief of Pak BizNews
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Govt borrows double the T-bill auction target
The cash-starved PMLN-led coalition government on Tuesday borrowed Rs655 billion exceeding the Rs300bn auction target for the treasury bills by 118 per cent without making any upward revision in the cut-off yields.
Jul-Dec trade deficit declines 32.65pc to $17.13bn YoY
Pakistan’s trade deficit was narrowed by 32.65 per cent to $17.133 billion during the first half (July-December) of the current fiscal year as compared to $25.438 billion during the same period of last year, says the Pakistan Bureau of Statistics (PBS).
Govt may impose flood levy on all imports
While considering a waiver to basic food items and raw medicine material imports, the government may impose a flood levy ranging from one to three percent on all imports through a presidential ordinance.
Early closure of markets announced
The federal cabinet, on Tuesday, approved the Energy Conservation Plan, under which, all wedding halls will be closed at 10pm and the markets/ malls will be closed at 8:30pm and also approved 30 per cent decrease in prices of 20 essential medicines while rates of 54 new medicines have been fixed.
Rupee ends down on first trading day of 2023
The rupee started the new year weaker against the dollar in the interbank market, weighed down by dwindling foreign reserves and dried dollar inflows, dealers said.
ECC approves Rs60bn financing for PSO to clear financial obligations
A meeting of the Economic Coordination Committee (ECC) of the federal cabinet among other decisions has approved the release of Rs 60 billion in financing for Pakistan State Oil (PSO) to be able to meet its financial obligations.
Petroleum sales drop 19pc in 1HFY23
Oil consumption witnessed a year-on-year drop of 11 per cent in December and 19pc in 1HFY23 as demand for diesel, petrol and furnace oil remained depressed amid higher prices and plunging auto sales due to an overall economic slowdown.
ECC allows export of additional quantity of sugar
The Economic Coordination Committee (ECC) of the Cabinet has allowed export of additional 150,000 tons of sugar and approved release of Rs10 billion budgeted subsidy of Petroleum Division and Rs50 billion government’s guarantee to PSO to ensure supply of LNG chain.
ECC to discuss price fixation of Urea
The Economic Coordination Committee (ECC) of the Cabinet, in its meeting which is scheduled to be held today at 1800hrs, will discuss the matters pertaining to price fixation of Urea import.
Cotton arrivals plunge to 4.6m bales
Pakistan records over 4.6 million bales of cotton production during the calendar year 2022 against more than 7.3m bales produced during the previous year, a massive shortfall of 37.23 per cent.
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