【Daily】1 Feb. Brief of Pak BizNews
KSE 100 40,673 ▲2.01%
KMI 30 69,439 ▲2.12%
KASB Tech Index 488 ▲1.67%
KASB Market View
- Macroeconomic economic concerns and the heightened political noise will likely keep the market’s performance ranged-bound. The upcoming CPI inflation reading may influence expectations of monetary policy tightening.
- Confirmation of external funding, including Qatar's USD 2.0bn may ease pressure on the Pak Rupee
- The recent political noise may keep investors concerned over the near term
January CPI likely to rise 27pc; 30pc breach in months ahead
Analysts expect Pakistan’s consumer price index (CPI) to breach the 30 percent barrier in months ahead, with January 2023 inflation to hover around 27 percent on account of energy and food prices.
Govt team tries to persuade IMF to unlock lending
The International Monetary Fund (IMF) on Tuesday asked Pakistan to withdraw untargeted subsidies, reduce circular debt, meet petroleum levy and Federal Board of Revenue (FBR) tax collection targets, it is learnt.
IMF revises GDP growth projections downward
The International Monetary Fund (IMF) has revised downward GDP growth rate projection for Pakistan from 3.5 per cent to two per cent for 2023 against six per cent in 2022.
IMF instructs Pakistan to ‘strictly’ adhere to financial discipline
The International Monetary Fund (IMF) Tuesday stressed on “strict adherence” to financial discipline in its talks with Pakistan as the two sides began technical-level discussions for the revival of the loan facility stalled for months.
Fitch says PKR to further weaken
The Pakistani rupee is expected to weaken further, particularly with the country’s balance of payments position that is likely to remain weak for several more months, says Fitch Solutions.
Jul-Dec: govt has borrowed $5.595bn
The government has borrowed $5.595 billion from multiple financing sources including $1.166 billion from the International Monetary Fund (IMF) during the first half (July-December) of 2022-23 compared to $9.432 billion borrowed during the same period of last fiscal year.
July-January 2022-23; Rs4bn increase in revenue collection
The Federal Board of Revenue (FBR) has provisionally collected Rs 537 billion during January 2023 against the monthly budgetary target of Rs533 billion, reflecting an increase of Rs4 billion.
Country braces for fuel shortages?
Pakistan could face a crunch in fuel supplies in February as banks have stopped financing and facilitating payments for imports due to depleting foreign exchange reserves, traders and industry sources said.
Govt plans to convert Rs800bn PHL debt into public debt
The government has prepared plan to impose multiple surcharges of over Rs 4/kWh on consumers across the country including those of the KE and conversion of Power Holding Limited’s (PHL) debt of Rs 800 billion to public debt, sources close to Finance Minister told Business Recorder.
Plan to hike power tariff by Rs6.32/unit to cut circular debt
The government has prepared a revised Circular Debt Management Plan (CDMP) for slashing the flow of this monster by taking all kinds of measures, including raising the electricity tariff by Rs6.32 per unit.
Commodities and Currency: 1-Day Change
Gold: USD 1944 ▼0.07%
Silver: USD 24 ▼0.14%
Crude Oil USD 79 ▲0.57%
USD-PKR: Rs 268 ▲2.06%