Pakistan Economy

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  • جو شخص بہانہ بنانے میں بہت اچھا ہو ، وہ کسی اور کام میں اچھا نہیں ہو سکتا
  • پیسہ بدترین آقا ہے، مگر بہترین غلام بھی ہے
  • کسی فرد یا قوم کو برباد کرنا ہے تو اس کی امید کو مار ڈالیے اور اگر اسے تعمیر کرنا ہے اس کی امید کا دیا روشن کیجئے
  • کامیابی سوچ سے ملتی ہے
  • زندگی کی دوڑ میں دوسروں سے آگے نکلنے کیلئے تیز چلنا ضروری نہیں، بلکہ ہر رکاوٹ کے باوجود چلتے رہنا اور مسلسل چلتے رہنا ضروری ہے
  • جب باتیں آمنے سامنے ہوتی ہیں تو جھوٹ اور غلط فہممی کا خاتمہ ہو جاتا ھے
  • بہت اونچے پہاڑ پر چڑھنے کے لئیے قدم آہستہ آہستہ اٹھانا پڑتے ہیں
  • تین چیزیں نیکی کی بنیاد ہیں، تواضع بے توقع, سخاوت بے منت اور خدمت بے طلبِ مکافات
  • غربت اور افلاس کی وجہ پیداوار کی کمی نہیں، بلکہ اسکی غلط تقسیم ہے
  • دولت ہونے سے آدمی اپنے آپ کو بھول جاتا ہے اور دولت نہ ہونے سے لوگ اس کو بھول جاتے ہیں
  • مصروف زندگی نماز کو مشکل بنا دیتی ہے , لیکن نماز مصروف زندگی کو بھی آسان بنا دیتی ہے
  • گناہ کو پھیلانے کا ذریعہ بھی مت بنو, کیونکہ ہوسکتا ہے آپ تو توبہ کرلو, لیکن جس کو آپ نے گناہ پر لگایا ہے وہ آپ کی آخرت کی تباہی کا سبب بن جائے
  • اپنی زندگی میں ہر کسی کو اہمیت دو, جو اچھا ہوگا وہ خوشی دے گا اور جو برا ہوگا وہ سبق دے گا
  • درخت جتنا اونچا ہو گا اس کا سایہ اتنا ہی چھوٹا ہو گا, اس لیے اونچا بننے کی بجائے بڑا بننے کی کوشش کرو
  • جو شخص کوشش اور عمل میں کوتاہی کرتا ہے, پیچھے رہنا اس کا مقدر ہے
  • جو لوگ میانہ روی اختیار کرتے ہیں, کسی کے محتاج نہیں ہوتے
  • حقیقی بڑا تو وہ ہے جو اپنے ہر چھوٹے کو پہچانتا ہوں اور اس کی ضروریات کا خیال رکھتا ہو


Active member
Apr 9, 2017
News Pulse (February 20, 2018)

700MW plant at Thar: PPIB to issue notice of proceed, LoI to TEPL

Private Power and Infrastructure Board (PPIB) has sought the Board''s approval to issue notice of proceed and Letter of Intent (LoI) to Thar Electricity (Private) Limited (TEPL) for establishment of 700MW (2x350) MW plant at Thar Block-VI, official sources told Business Recorder. Giving the background, the sources said, 1,320 MW (2X660MW) Thar mine mouth coal-fired power plant by Oracle was included as actively promoted project under China Pakistan Economic Corridor (CPEC) Framework Agreement signed on November 8, 2014.

Purchase of sugarcane crop: SC seeks comprehensive plan by February 21
The Supreme Court on Monday directed Cane Commissioner Punjab and five sugar mills representative to submit a comprehensive plan for purchase of sugarcane crop from South Punjab growers by February 21. A three-member bench led by Chief Justice Mian Saqib Nisar passed the orders while resuming the hearing of a plea filed by Pakistan Kissan Ittehad, seeking reopening of relocated mills of Sharif family including Chaudhry Sugar Mills to Rahim Yar Khan, Haseeb Waqas Sugar Mills to Muzaffargarh and Ittifaq Sugar Mills to Bahawalpur.

Sindh cabinet decides to oppose move

The Sindh Cabinet has decided to strongly oppose the privatization of Pakistan International Airlines (PIA), Pakistan Steel Mills (PSM) and Lakhra Coal Power Plant. The Cabinet meeting held on Monday presided over by Sindh Chief Minister Syed Murad Ali Shah at New Secretariat. The cabinet session started with recitation from the Holy Quran and then offered fateha for Mir Hazar Khan Bijarani and Asma Jahangir.

PIA, PSM, others: sell-off of white elephant likely before polls

The Privatization Commission (PC) plans to privatize Pakistan International Airlines (PIA) and Pakistan Steel Mills (PSM) before the completion of the government tenure amid strong resistance by opposition parties. Pakistan People''s Party (PPP) and Pakistan Tehrik-e-Insaf (PTI) have warned the government that they will oppose any privatization in the remaining little over three months of its tenure because it will create problems for the next government in implementation of the transactions.

Chemical manufacturers concerned at higher rates of RLNG

The higher rates of Re-gasified Liquid Natural Gas (RLNG) in Punjab as compared to the rates applicable in other three provinces of the country have threatened the survival of local chemical industries for increasing the cost of doing business to an alarming level. The Pakistan Chemical Manufacturers Association (PCMA), in view of the alarming situation, has decided to take a strong stand to stop this unjust treatment with the industries running in Punjab.

16 projects under PSDP Around Rs 11.8 billion budgetary proposals proposed

Ministry of Federal Education and Professional Training has proposed budgetary proposals amounting to around Rs 11.8 billion for 16 development projects under Public Sector Development Programme (PSDP) for upcoming budget-2018-19. The proposals were presented before the Senate Standing Committee on Federal Education and Professional Training which met here with Nuzhat Sadiq in the chair on Monday.

7.49pc increase in cotton production

The country managed to produce 7.49 per cent more cotton this season (2017-18) over the corresponding period last year. In total 11.485 million bales were produced up to Feb 15 as against 10.685m bales in last season.

Engro, Liberty join hands with PBIT

Engro Corporation and its power-sector partner Liberty Mills Ltd have signed a memorandum of understanding with the Punjab Board of Investments and Trade (PBIT).

Unclear policy on used cars import creating confusion: MPs

A parliamentary committee on Monday has taken notice of the government's policy of importing used cars that created confusion in the market, as thousands of cars are still stuck at the ports awaiting clearance.

Delay in DLTL claims refunds flayed

The All Pakistan Textile Mills Association (APTMA) Chairman Aamir Fayyaz has expressed his disappointment over inordinate delay in clearance of claims for drawback of local taxes and levies (DLTL), saying that the State Bank of Pakistan has paid just Rs18 billion duty drawback refunds .

Pakistan’s trade with China seen at $45bln on improving market access
Pakistan can increase trade volume with China by twofold to $45 billion – only one percent of China’s total trade – through connecting underdeveloped region with the ongoing corridor projects, a study said on Monday.


Active member
Apr 9, 2017
Economy News
21 FEBRUARY 2018

EU renews GSP+ scheme for two years Textiles | Positive
The Generalised System of Preferences Plus (GSP+) scheme has passed smoothly through European Parliament’s Committee on International Trade (CIT), enabling Pakistani exporters to enjoy preferential duties on exports for the next two years. Click for more info.

First-half fiscal deficit touches 2.2pc despite provincial cash surpluses Economy | Negative
Pakistan’s fiscal deficit touched 2.2 per cent of gross domestic product (GDP) in the first half of this fiscal year despite reasonable cash surpluses offered by the four provinces. As part of the budget 2017-18, the government had set a target of containing fiscal deficit below 4.1pc but the actual deficit in first half of the year has already moved past 2.2pc (almost 54pc of the limit), revealed fiscal operations data of the Ministry of Finance. With this pace, the deficit seems unlikely to stay lower than 4.8pc at the end of the fiscal year. Click for more info.

Govt aiming for pro-investment budget, ADB told Economy | Positive
Special Assistant to PM on Revenue/Federal Minister Haroon Akhtar Khan has said the government is aiming for pro-investment and business-friendly federal budget to boost the economy. | Click for more info.

Hi-Tech Lubricants to set up 160 retail outlets across Pakistan HTL | Negative
Hi-Tech Lubricants Limited (HTL), a leading oil distributor in the country, is considering entering the oil marketing space as the company plans to set up 160 retail outlets across the country by the end of 2020. | Click for more info.

Power tariff likely to be cut by Rs2.97/unit Economy | Neutral
Power tariff is likely to be scaled down by Rs 2.97 per unit. Central Power Purchasing Agency (CPPA) has filed application seeking reduction in power tariff by Rs 2.97 per unit under the head of fuel adjustment surcharge (FAS) for the month of January. |Click for more info.

Federal cabinet rejects Nepra proposal to raise power tariff Power | Neutral
The Federal Cabinet has rejected recommendation of National Electric Power Regulatory Authority (Nepra) for increasing of power tariff and decided to maintain the existing power tariff. | Click for more info.

Amreli Steels finalises Rs2bln expansion plan ASTL | Positive
Amreli Steels Limited, country’s leading steelmaker, on Tuesday announced its board had approved the second phase of expansion to increase its annual production capacity of reinforcement bars to 750,000 tons within the next two years. The total cost of the expansion is estimated at Rs2.0 billion. | Click for more info.

Govt asked to clear 10,600 imported vehicles stuck up at Karachi Port Autos | Neutral
The Senate Standing Committee on Finance on Tuesday recommended the government for clearing 10,600 imported vehicles stuck up at the Karachi Port with immediate effect. | Click for more info.

NBP’s China plans hit snags over capital requirements NBP | Neutral
National Bank of Pakistan said on Tuesday a planned opening of its first branch in China is facing delays due to tighter regulation and capital requirements set by the Chinese central bank. | Click for more info.

PTCL, Telenor sign fiber leasing deal PTCL | Positive
Pakistan Telecommunications Company Limited (PTCL) and Telenor Pakistan, for the third consecutive year, have entered into a fiber leasing agreement, under which PTCL will deliver fiber footprint to Telenor Pakistan, a statement said on Tuesday. | Click for more info.

PIA’s 51pc shares, management to remain with state PIAA | Positive
The government on Tuesday assured the parliament that the management of Pakistan International Airlines (PIA) will remain with the government, while 49 per cent shares will be sold by April 15, as stipulated under the PIAC Conversion Act of 2016 approved by the parliament. |Click for more info.

Pakistan Cables completes first-ever ACCC installation in NTDC system PCAL | Positive
Pakistan Cables Limited has successfully completed the installation of Pakistan's first ever Aluminum Conductor Composite Core ACCC in the National Transmission & Despatch Company's (NTDC) system. | Click for more info.

LHC directs CS to ensure crushing by sugar mills Sugars | Neutral
The Lahore High Court on Tuesday directed the Chief Secretary Punjab to ensure resumption of crushing by all sugar mills and payment of sugarcane to farmers on a price announced by the government and sought compliance report within 30 days. | Click for more info.

Pakistani exports to Spain up by 50 percent Exports | Positive
Pakistani exports to Spain increased by 50 percent after attaining the GSP-plus status and it could be increased to $3 billion from its present volume of $1 billion. | Click for more info.

Govt to pay Rs1231b interest on domestic loans Economy | Neutral
The government will pay around Rs1231 billion in terms of interest on domestic loans during 2017-18.According to official data, the government takes domestic loans for budgetary support as well as to pay off previous loans. |Click for more info.

Political News

US bid to put Pakistan on terror financing watch-list falls through
Pakistan won a last-minute reprieve at the Financial Action Task Force’s meeting in Paris on Tuesday after member states failed to reach consensus on placing the country on the global list of countries that finance terrorism.| Click for more info.

International News

Oil prices fall as U.S. dollar firms
Oil prices fell on Wednesday, weighed down as the U.S. dollar moved further away from three-year lows hit last week. U.S. West Texas Intermediate (WTI) crude futures were at $61.37 a barrel at 0144 GMT, down 42 cents, or 0.7 percent, from their last settlement. Brent crude futures had dropped 36 cents, or 0.6 percent, from their last close to $64.89 per barrel. |Click for more info.


Active member
Apr 9, 2017
News Pulse (February 21, 2018)

Pakistan given three-month reprieve over terrorist financing watch list: minister
Pakistan has been given a three-month reprieve by a global watchdog over a U.S.-led motion to put the South Asian country on a terrorist financing watch list, Pakistan’s Foreign Minister Khawaja Asif said late on Tuesday.

Pak-Russia commission on military co-op set u
Pakistan and russia agreed yesterday to form a new partnership amid Islamabad’s tension with the United States as the two countries paved for setting up a commission on militar cooperation.

EU renews GSP+ scheme for two years
The Generalised System of Preferences Plus (GSP+) scheme has passed smoothly through European Parliament’s Committee on International Trade (CIT),enabling Pakistani exporters to enjoy preferential duties on exports for the next two years.

Current account gap widens 48pc
Pakistan’s current account deficit widened by 48 per cent in the first seven months of the fiscal year, reflecting the mounting pressure of trade deficit which jumped by 24pc in the same period.

Hi-Tech Lubricants to set up 160 retail outlets across Pakistan
Hi-Tech Lubricants Limited (HTL), a leading oil distributor in the country, is considering entering the oil marketingspace as the company plans to set up 160 retail outlets across the country by the end of 2020.

Federal cabinet rejects Nepra proposal to raise power tariff
The Federal Cabinet has rejected recommendation of National Electric Power Regulatory Authority (Nepra) for increasing of power tariff and decided to maintain the existing power tariff. The cabinet as emphasised that the international community should also fulfill its obligations towards shouldering this responsibility to ensure smooth repatriation and rehabilitation of the refugees.

Amreli Steels finalises Rs2bln expansion plan
Amreli Steels Limited, country’s leading steelmaker, on Tuesday announced its board had approved the second phase of expansion to increase its annual production capacity of reinforcement bars to 750,000 tons within the next two years.

NBP’s China plans hit snags over capital requirements
National Bank of Pakistan said on Tuesday a planned opening of its first branch in China is facing delays due to tighter regulation and capital requirements set by the Chinese central bank.

PTCL, Telenor sign fiber leasing deal
Pakistan Telecommunications Company Limited (PTCL) and Telenor Pakistan, for the third consecutive year, have entered into a fiber leasing agreement, under which PTCL will deliver fiber footprint to Telenor Pakistan, a statement said on Tuesday.

Pakistani exports to Spain up by 50 percent
Pakistani exports to Spain increased by 50 percent after attaining the GSP-plus status and it could be increased to $3 billion from its present volume of $1 billion.

Oil dips as U.S. dollar firms, oil production is expected to rise
Oil prices fell on Wednesday, weighed down by the rebound of the U.S. dollar further away from three-year lows hit last week.
Apr 11, 2017
News Pulse (February 22, 2018)

SC declares Nawaz Sharif ineligible to head party

The Supreme Court on Wednesday declared former prime minister Nawaz Sharif ineligible to continue as president of the Pakistan Muslim League-Nawaz (PML-N) for being a disqualified person declared by a court of law and declared null and void all actions taken by the former prime minister in capacity of party leader. The apex court also ordered the Election Commission of Pakistan to denotify Nawaz Sharif as president of the PML-N.

Pakistan gives new plan to cope with terror financing

Pakistan has come up with new multi-pronged strategy to melt down international pressure of putting Islamabad back on the list of countries which have failed to prevent terrorist financing by introducing ‘terror financing risk action plan 2018’.

SC directs opening of Sharifs’ sugar mills in south Punjab

The Supreme Court has ordered to open the sugar mills owned by Sharif family in South Punjab in the larger interests of the farmers. A three-member bench of the apex court headed by Chief Justice Mian Saqib Nisar on Wednesday heard the case. The SC also directed all the other sugar mill owners to purchase sugarcane from the farmers.

Nepra issues licence for Matiari-Lahore line

The National Electric Power Regulatory Authority (Nepra) on Wednesday granted a 25-year special purpose transmission licence to Pak Matiari-Lahore Transmission Company Ltd (PMLTCPL) — a company owned by three Chinese firms — for the construction of 878-kilometre line.

Textile exports jump 13pc

The exports of value-added textile products posted a growth of 12.8 per cent year-on-year to $4.4 billion in the first seven months of 2017-18, the Pakistan Bureau of Statistics said on Wednesday. The export proceeds from the value-added sector rebounded after the textile division took some corrective measures for the speedy clearance of due refunds and early payments of cash export subsidies.

US gave only $111 million: $2.687 billion spent on war against terror in 10 years: Senate old

Pakistan has spent Rs 297.25 billion [$ 2.687 billion] in the war against terrorism during last 10 years, while out of total $132.00 million pledged by US, only $ 111 million were received during the said period. This was revealed by Minister of State for Finance Rana Mohammad Afzal Khan during question-hour in Senate Wednesday to update the house on the government expenditures on counter-terror efforts.

Provinces collect Rs93.28bln sales tax on services in first-half

Provincial tax authorities have collected Rs93.28 billion sales tax on services during the first-half (July-December) 2017 as compared to Rs76 billion in the corresponding period of the last fiscal year, showing a growth of 23 percent, statistics released by the ministry of finance revealed.

Rs 1.2 billion proposed in budget: FBR to establish customs checkposts along CPEC routes

The Federal Board of Revenue (FBR) will establish custom checkposts at the entire China-Pakistan Economic Corridor (CPEC) routes for which a project worth Rs 1.2 billion has been proposed in budget for the next fiscal year. This was disclosed by the officials of the FBR while briefing Senate standing committee on finance chaired by Senator Saleem Mandiviwala here on Wednesday. We are proposing a project in the public sector development programme (PSDP) for the next fiscal year to set up check posts at the entire CPEC route, stated FBR officials.

FBR proposes 44 projects costing over Rs 7.1 billion

Federal Board Revenue (FBR) has proposed 44 development projects of over Rs 7.1 billion for the next fiscal year Public Sector Development Programme (PSDP) with 25 approved projects of Rs 959 million and unapproved 19 projects of Rs 6.155 billion. Senate Standing committee presided over by Saleem Mandviwala was informed on Wednesday that out of the proposed projects for next fiscal year PSDP, 25 are approved and 19 projects are yet to get approval by the Central Development Working Party (CDWP).
Apr 11, 2017
News Pulse (February 23, 2018)

Terror-financing watchlist: Saudi Arabia joins Turkey, China to block US-led motion
Saudi Arabia joined Turkey and China in a move to block a US-led attempt this week to place Pakistan on an international terror-financing watch list. A US effort to reverse the decision on the motion was under way on Wednesday at a meeting in Paris of the Financial Action Task Force (FATF), a secretive international body that monitors countries' efforts to fight terror financing and money-laundering, officials involved in the process told the Wall Street Journal.

Agriculture to suffer as Mangla reaches dead level
The irrigation system has worsened as mangla Dam Thursday reached to its dead level prompting Indus River System Authority (IRSA) to equalise water inflow and outflow from the reservoir. The water supply to Punjab has reduced from mangla Dam and to meet the demand of Punjab from Indus River, Irsa members with the 3:1 has allowed the opening of Chasma Jhelum Link canal.

NFC Award: Centre transfers Rs1094b to provinces
The federal government has transferred Rs1093.8 billion to four provinces under the National Finance Commission award that enabled the federating units to present a surplus budget during the first half (July- December) of the current fiscal year. The centre has so far transferred 45 percent of the total estimated amount of Rs2, 384.2 billion under the federal divisible pool. In the first quarter, provinces were supposed to receive 50 percent (around Rs1192.1 billion) of the total estimated amount of Rs2, 384.2 billion, however, the government has transferred almost Rs100 billion less than the expected sum to the provinces despite healthy growth in tax collection.

Forex reserves down $139.4 million
The country's total liquid foreign exchange reserves fell by $139.4 million during last week owing to external debt payments. According to State Bank of Pakistan (SBP), the country's forex reserves declined to $18.829 billion as on February 16, 2018 compared to $18.968 billion on February 9, 2018. The decrease in reserves was due to external debt servicing and other official payments. As the SBP is responsible for the external debt payments, the major decline was witnessed in the reserves held by the central bank. During the period under review, the SBP's reserves declined by $130.2 million to $12.704 billion at the end of last week down from $12.834 billion. Reserves held by banks posted a decrease of $9.2 million to $6.125 billion at the end of last week.

Shocking spike in July-December external loans
The government''s reliance on external loans to finance the budget deficit increased by 826 percent in July-December 2017 to Rs 338.5 billion from Rs 36.5 billion during the first quarter of the current fiscal year, according to Finance Ministry. Finance Division in its consolidated budgetary operation revealed that net external financing increased to Rs 384 billion to finance 2.2 percent budget deficit in July-December 2017 as opposed to Rs 7.9 billion in the first quarter of the current fiscal year.

Foreign banks: $532.66 million commercial loans procured in January
The government has procured $532.66 million commercial loans from foreign banks in January, bringing the total to $1.78 billion in the current fiscal year (July-January) 2017-18. The government had budgeted $1 billion for the entire fiscal year 2017-18, however it surpassed the estimates in the first four months (July-November). Total external assistance for July-January (2017-18) amounted to $6.88 billion (including $1.78 billion commercial loans), revealed Economic Affairs Division (EAD). The government has signed short-term commercial loan agreements of $1.917 billion in the current fiscal year 2017-18 so far with different foreign banks of which $1.78 billion have been materialized so far.

Indonesia”s Pertamina to sign LNG deal
State-owned Indonesia energy firm Pertamina will discuss an agreement with Pakistan LNG Limited for supply of liquefied natural gas (LNG) to Pakistan for 10 years with an optional extension of five years, sources said. The Indonesian government has initiated cooperation in the energy sector with Pakistan since September 2017. Pakistan and Indonesia had signed four memoranda of understanding on cooperation in energy, trade, training and education on January 27, 2018. The first agreement deals with the import of LNG and POL products from Indonesia.

Nepra approves Rs 34 billion refund to consumers
National Electric Power Regulatory Authority (Nepra) on Thursday approved a refund of Rs 34 billion to the consumers of power Distribution Companies (Discos) under monthly fuel adjustment mechanism for January 2018. The decision was taken at a public hearing presided over by the Chairman Nepra, Brigadier Tariq Saddozai (retired) on a petition filed by the Central Power Purchasing Agency Guaranteed (CPPA-G) . Member Nepra, KPK, Hamayat Ullah Khan and Member Sindh Syed Masood ul Hasan Naqvi accompanied the Chairman.

SBP to ensure Islamic banks meet Basel III regulations
The State Bank of Pakistan (SBP) on Thursday said it was expediting its efforts to implement revised capital standards for the Islamic banks to ensure that Shariah-compliant lenders are well-placed to meet tough Basel III regulations.
Apr 11, 2017
News Pulse (February 26, 2018)

Govt to step up action against terror financing: Ahsan
Interior Minister Ahsan Iqbal on Saturday — a day after Pakistan avoided ending up on a terror watch list by a global task force — said that the government will expedite steps to curb terror financing and money laundering.

Trump not satisfied with Pakistan’s efforts, says White House
The White House has said that President Donald Trump is not satisfied with Pakistan’s efforts to combat terrorism and the US is holding Pakistan responsible for its actions.

Pakistan to be placed in FATF watchlist in June: MiftahAdviser to the Prime Minister, Miftah Ismail, has confirmed that Pakistan would be placed in grey list of Financial Action Task Force (FATF) in June

Govt on track to set new foreign borrowing record
Takes foreign loans of $6.9 billion in just seven months of current fiscal year, Govt holding negotiations with banks to procure more loans

IMF to consider post-programme monitoring report on March 5
The International Monetary Fund (IMF) Executive Board will meet on March 5, to consider Pakistan''s first post-program monitoring report.

Power crisis likely to intensify by mid-March
The power crisis in the country is likely to intensify in mid of March this year.The water and power department has warned the government that due to shortage of water in rivers, blockage of power plants, technical fault and price hikes of petroleum products, the demand of power will be increased and the situation could be worsened.

Power sector recovery losses go up by 11pc
Despite a substantial improvement in electricity supply side, the power sector is still not sustainable as the recovery losses have inflated by 11 percent to 92.8 percent in December 2017

Sundar Industrial Estate attracts over Rs40b investment
Around 740 industrial units from various sectors have been established in the Sundar Industrial Estate , bringing an investment of around Rs40 billion in the economic zone.

Federal budget to take Rs100bn hit
The federal budget is estimated to take an additional hit of Rs100 billion as political considerations take priority over economic decision making in the 100 days of the government’s tenure.

Saudi oil minister hopes Opec, allies can ease output curbs in 2019
Saudi Arabia hopes Opec and its allies will be able to relax production curbs next year and create a permanent framework to stabilise oil markets after the current supply cut deal ends this year, its oil minister said on Saturday.

Money Market: Bank deposits fall by 0.80pc
According to the weekly statement of position of all scheduled banks for the week ended Feb 09, 2018 deposits and other accounts of all scheduled banks stood at Rs11,852.218 billion after a 0.80 per cent decrease over the preceding week’s figure of Rs11,947.396bn

Lucky Cement administration denies closure of factory
The management of Lucky Cement factory has categorically denied the rumours regarding shutting down of its Pezu plant by local Excise and Taxation Department.In a statement issued on Friday, the management said that the company’s operations including cement production and dispatches continued to run smoothly
Apr 11, 2017
News Pulse (February 27, 2018)

Pakistan struggles to fend off FATF move
Authorities have sprung into action to fend off an international move to put Pakistan on a global terror financing watch list.Finance Minister Rana Afzal Khan told AFP that Islamabad would develop a strategy to evade Financial Action Task Force’s grey list in June. Interior Minister Ahsan Iqbal reiterated Pakistan’s resolve to follow the UN resolutions and ban the Jamaatud Dawa (JuD) and Falah-e-Insaniyat Foundation (FIF).

Delimitations to be completed by first week of May, says ECP
The Election Commission of Pakistan announced on Monday to complete the process of delimitation of constituencies and revision of electoral rolls in the first week of May this year.The announcement was made by the Chief Election Commissioner (CEC) Justice (Retd) Sardar Muhammad Raza Khan, while presiding over a high-level meeting.The meeting was attended by members of different Parliamentary parties and officials of the Election Commission.

Pakistan, UAE agree to further boost defence coop
Defence Minister Khurram Dastgir Khan Monday held a detailed meeting with UAE Minister of State for Defence Affairs Muhammad bin Ahmad Al Bowardi in Abu Dhabi. In the meeting, they discussed ways and means to further strengthen the existing cooperation in the field of defence between the two countries. Defence Minister Khurram Dastgir Khan visited Abu Dhabi on the invitation of the UAE government to attend the Third Session of the Unmanned Systems Exhibition and Conference.

Tarbela extension project starts power generation
Pakistan Water and Power Development Authority (WAPDA) achieved yet another landmark towards energy security of the country, as Tarbela 4th Extension Hydropower Project started electricity generation Monday. The first generating unit, put into operation has started providing electricity to the National Grid. To mark the significant development of electricity generation from the first unit, Wapda Chairman Muzammil Hussain visited Tarbela 4th Extension Hydropower Project .

Romania eyes $500m annual trade with Pakistan in near future
Ambassador of Romania Nicolae Goia Monday said that his country was aiming to take annual bilateral trade with Pakistan up to $500 million in near future as both countries had great potential to promote trade in many areas. The Romanian ambassador stated this while addressing business community during his visit to Islamabad Chamber of Commerce & Industry (ICCI) here on Monday. Mihai Stefan Dinu, Minister Counselor, and Deputy Head of Mission of Economic Affairs also accompanied him at the occasion.

Pakistan pitches for enhanced Japanese investment
Minister of State and Chairman Board of Investment, Naeem Y Zamindar, who is visiting Japan, Monday addressed a special meeting of the Keidanren on emerging business and investment opportunities in Pakistan . Keidanren is the premier institution representing business and industry in Japan. Kiyoshi Miyake, Chair, Policy Sub-Committee, Committee on South Asia, Keidanren, in his welcoming remarks, thanked Zamindar for visiting the Keidanren and giving a special briefing on Pakistan’s economy and investment framework.

NBP chief among three made accused in case against Dar
An accountability court has summoned the president of the National Bank of Pakistan (NBP) in a supplementary reference against defunct finance minister Ishaq Dar filed by the National Accountability Bureau on Monday. National Bank president Saeed Ahmed has been named as one of the three accused in addition to the minister in the supplementary reference after NAB detected transactions of millions of dollars to other countries through the bank accounts that he operated.

Auto policy drew $800m investments: Ahsan
The Auto Development Policy (ADP) 2016-21 has attracted significant investments of over $800 million, said Minister for Interior, Planning, Development and Reforms, Ahsan Iqbal.Addressing the unveiling ceremony of locally-assembled Daehan Shehzore pickup on Sunday, he said the government through the new policy is fully committed to extending full support to the local automotive industry.

Ibex Holdings seeks listing on Nasdaq
Ibex Holdings Limited, an indirect subsidiary of the PSX-listed TRG Pakistan Limited has filed a registration statement (prospectus) with the United States Securities and Exchange Commission for an initial Public Offering (IPO) of shares of Ibex Holdings. TRG Pakistan told the local bourse in a material statement that if the company decides to proceed with the listing, the offering can take place on Nasdaq during the first half of 2018.

SNGPL, SSGCL expand network by 1044kms
The two state companies, SNGPL and SSGCL , have increased their transmission network by 1,044 kilometers and distribution network by 7,460 km during the last fiscal year. "The Sui Southern Gas Company Limited (SSGCL) and Sui Northern Gas Pipelines Limited (SNGPL) have increased their transmission network by 337 km and 697 km and distribution network by 760 km and 6,700 km respectively for providing gas to distant localities and added more consumers to the gas network," Oil and Gas Regulatory Authority (Ogra) said in its annual report for the year 2016-17.

Petroleum products production up by 8.14pc
The production of petroleum products witnessed 8.14 percent increase during six months (July-Dec) of the current fiscal year as compared to the corresponding period of the last fiscal year. According to data of PBS, the petroleum products that contributed in positive growth included motor spirits, output of which grew by 11.61 percent during the period under review. The production of high speed diesel grew by 7.55 percent, diesel oil by 25.22pc while the output of furnace oil witnessed growth of 5.38 percent.
Apr 11, 2017
News Pulse (March 07, 2018)

Apex court may take up plea today for extension in Sharif’s trial
The Supreme Court is expected to take up a request on Wednesday for the extension of a deadline set for an accountability court to complete the trial in corruption references against former prime minister Nawaz Sharif and his family members.

Contempt notice to KP speaker: Constitution is being seemingly trampled, says Rabbani
The Senate Chairman, Mian Raza Rabbani, on Tuesday said the issuance of a contempt notice by the Peshawar High Court (PHC) to the KP Assembly Speaker conveyed an impression that attempts are being made to trample the Constitution. Rabbani said he wanted to quit without causing any further rancour among the institutions and departments.

Cases to be probed on time: NAB head
The National Accountability Bureau (NAB) Chairman, Justice (retd) Javed Iqbal, said on Tuesday that NAB has fixed 10 months for logical conclusion of any case which comprises two months for complaint verification, four months for inquiries and four months for investigations.

Pakistan mulls raising $1bln through Eurobond tap
Pakistan is mulling to place an additional one billion dollars to its dollar-denominated 10-year Eurobond the country sold in November last year in addition to raise another $1.5 billion through short-term loans to cushion its debt financing requirement of $10 billion till June-end, finance ministry’s officials said on Tuesday.

‘Kuwaiti investors can gain from opportunities in Pakistan’
Minister of State and Chairman Board of Investment (BoI) Naeem Y Zamindar has invited Kuwaiti investors to take advantage of the lucrative investment opportunities in Pakistan, according to a statement issued on Tuesday.

‘PIA to be revamped before privatisation’
Adviser to Prime Minister on Aviation Sardar Mehtab Abbasi has said that the restructuring process of the Pakistan International Airline (PIA) had started and would be completed before its privatisation. He was talking to reporters during a ceremony held to mark the national carrier’s business transformation journey on Tuesday.

China opposes use of finance as ‘political tool’ against Pakistan
China on Tuesday said it opposed the use of finance as a political measure to put pressure on Pakistan and asked the international community to objectively and justly treat the Pakistani anti-terrorist efforts, instead of simply blaming it. Pakistani government and people had made tremendous efforts and made great sacrifices for the international anti-terrorism cause.

Karachi needs $9-10 bn to keep it going: WB
The World Bank has estimated that Pakistan’s metropolitan city Karachi needs $9 to $10 billion financing over a period of 10 years to meet its infrastructure and service delivery requirements in urban transport, water supply and sanitation and municipal solid waste management.

Dawood Hercules to divest Hubco for Rs17bln investment in tower firm
Dawood Hercules Corporation, the country’s leading investment conglomerate, planned to acquire 45 percent stake in a cellular tower firm through proceeds of its divestment in an independent power producer Hub Power Company, a top official said on Tuesday.

Hydrogen peroxide shortage hits textile industry
Textile processors are facing an acute shortage of hydrogen peroxide (H2O2), a chemical widely used in processing, dying, bleaching and printing of grey fabric.
Apr 11, 2017
News Pulse (March 08, 2018)

LDs: PPIB for out-of-court settlement with IPPs
The Private Power & Infrastructure Board (PPIB) has reportedly proposed to the Cabinet Committee on Energy (CCoE) that an out of court settlement be agreed with Independent Power Producers (IPPs) on Liquidated Damages (LDs), well informed sources told Business Recorder. Giving the details, the sources said, the ECC while approving the summary of June 28, 2016 in respect of the interim gas supply agreement pertaining to M/s Fauji Kabirwala and Rousch Power (Pakistan) Limited, approved the principle that the period during which the power plant is not available due to non-availability of fuel be treated as Other Force Majeure Event (OFME).

NAB launches inquiry into BoP affairs
NAB Rawalpindi has started an inquiry against the authorities of the Bank of Punjab on the direction of Chairman NAB Justice Javed Iqbal for allegedly misusing authority and causing loss to national exchequer, said a press release issued here on Wednesday. In another case, National Accountability Bureau (NAB) Rawalpindi arrested proclaimed offender (PO) Abdul Hameed in case of Islamic Traders of Modarba on charges of corruption, corrupt practices and cheating public at large.

Investment schemes: SECP allows AMCs to charge management fee
The Securities and Exchange Commission of Pakistan (SECP) has allowed Asset Management Companies (AMCs) to charge management fee up to one percent of average annual net assets of money market component invested in saving accounts and term deposits. This is subject to the condition that management fee up to one percent would be applicable in case of a Constant Proportion Portfolio Insurance (CPPI) based principal preservation fund/plan in a fund of funds category, the SECP added.

First-ever container vessel MS Tiger arrives at Gwadar Port
The first ever container vessel MS TIGER under China Pakistan Economic Corridor (CPEC) project Wednesday arrived at Gwadar Port, said a press release issued here by directorate of public relations of Pakistan Navy. Pakistan Navy Ships PNS DEHSHAT and KARAR escorted MS TIGER to Gwadar Port.

IMF concerned at grave risks to outlook
The International Monetary Fund (IMF) has expressed concern over weakening macroeconomic situation, decline in foreign exchange reserves, and increased risks to Pakistan''s economic and financial outlook and its medium-term debt sustainability. The IMF Executive Board on March 5 concluded the first post-program monitoring discussions with Pakistan. The Fund released the statement almost one and a half day after the conclusion of its Executive Board meeting.

Used imported cars: no consensus on strategy
An inter-ministerial meeting held in Commerce Division has reportedly failed to evolve consensus on future strategy regarding enforcement of new requirement on import of used cars. The meeting was attended by the representatives of Commerce Division, Ministry of Industries and Production, Engineering Development Board (EDB), Ministry of Finance, Ministry of Overseas Pakistanis and Federal Board of Revenue (FBR). Secretary Commerce, Younus Dagha, who had submitted summary for release of stranded used vehicles on ports due to sudden change in policy, presided over the meeting.

Eight projects worth Rs 80.13 billion approved by Ecnec
A meeting of the Executive Committee of National Economic Council (Ecnec) approved Rs 80.13 billion for eight projects of power, communication and social sectors on Wednesday. The meeting presided over by Prime Minister Shahid Khaqan Abbasi was submitted proposals of these projects. The Ecnec considered and approved up-gradation/extension of National Transmission and Dispatch Company (NTDC) telecommunication and SCADA system with the total cost of Rs 11.638 billion. The meeting also approved establishment of 200-bed Center of Excellence for Obstetrics & Gynecology at Rawalpindi (revised) project of Rs 5.301 billion.

ECC decides to procure sugar from mills
The Economic Coordination Committee (ECC) of the Cabinet has decided to procure 0.3 million metric tons of sugar from mills and approved issuance of a government guarantee against financing facility of Rs 13.132 billion from local banks for 1,320MW imported coal power plant at Hub.

Court given two months to complete trial of Nawaz
The Supreme Court on Wednesday gave accountability court two months to complete the trial of former Prime Minister Nawaz Sharif and his children. It granted the accountability court three months for the conclusion of case against ex-Finance Minister Ishaq Dar. The apex court was assured that Accountability Court Judge Muhammad Bashir will be given another extension before March 12. Secretary Ministry of Law and Justice Karamat Niazi informed a three-member bench headed by Chief Justice Mian Saqib Nisar that another extension will be granted to Accountability Court Judge Muhammad Bashir before 12th March.

Avanceon Ltd partners with Dutch group
Avanceon Ltd stated that Avanceon FZE UAE, its wholly-owned subsidiary, has entered into a partnership agreement with LeekSeek Group BV of Netherlands, a leader in leakage detection and energy-savings solutions. Additionally, Avanceon would seek to incorporate the activities of LeekSeek within the territory of Middle East, the company said in a statement to the stock exchange on Wednesday. —Correspondent

Senate body says support price limbo may lead to sugar crisis
Senate standing committee on national food security and research on Wednesday feared a bitter sugar crisis was likely in the making as minimum sugarcane support price issue remains unresolved to this point.

“In view of the prevailing situation the sugarcane cultivation seems to take a hit as frustrated growers were highly likely to shift to other crops, which may lead to a serious slump of the commodity in the country,” the committee, which met under the chair of Senator Muzaffar Hussain Shah, said expressing its concerns. “It is disappointing to note that minimum support prices of sugarcane crop, which was notified by the respective provincial governments for the sugarcane growers during current season, have not been implemented yet.”

Senate passes bill to revive sick corporate units
The Senate has passed the amended Corporate Rehabilitation Bill, 2018 that would provide mechanism for rehabilitation of the distressed companies. Its salient features are: specification of the high court for rehabilitation of distressed companies, extensive plan of rehabilitation in relation to debtor, petition can be filed by qualified creditors and debtors for order of mediation, appointment of insolvency experts to mediation through sole mediators or joint mediators appointed by the court, notice of order of mediation shall be sent to all interested parties by the petitioner, appointment of administrator of the debtor and its responsibilities, plan of rehabilitation to be filed with the court, statement of affairs of debtor to be filed in court, confirmation and implementation of rehabilitation plan, dismissal of the case by the court.

Government plans to cut duties on solar batteries
The Government is working on a plan to slash duties on the import of lithium batteries in a bid to promote its usage in solar power plant.


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Apr 9, 2017
News Pulse (March 9, 2018)

Senate’s chairmanship: PPP’s ‘abandoned’ Rabbani now PML-N’s candidate
Former Prime Minister and Quaid of Pakistan Muslim League Nawaz (PML-N) Nawaz Sharif Thursday said that his party has nominated Pakistan Peoples Party's (PPP) Raza Rabbani as candidate for the slot of chairman Senate to curb horse-trading. Talking to reporters after appearing before the Accountability Court, he said someone who has 100 percent commitment to Constitution and does not have anti-democracy credentials should be the chairman of Senate.

Dual nationality: Law to be applied from 2012, says SC
The Supreme Court (SC) on Thursday, seeking affidavit from the senators-elect with regard to renunciation of dual nationality, ruled that the dual nationality law would be applicable from 2012. The SC adjourning the dual nationality suo motu case till March 10, directed four senators-elect, including Chaudhry Muhammad Sarwar, Sadia Abbasi, Nuzhat Sadiq and Haroon Akhtar, to submit an affidavit that they had surrendered their foreign nationalities.

IMF awaits Pakistan’s nod to release post program monitoring report
Pakistan is yet to give a go-ahead to the International Monetary Fund (IMF) to present the latest outlook on the country’s economy after the end of its three-year loan program, officials said on Thursday – a report that is crucial to guide external financing the country direly needs to keep up growth momentum. Officials said the government has not yet formally granted permission to the IMF to release its maiden post program monitoring (PPM) report.

Neutral expert on Baglihar dam appointed
The World Bank has selected Professor Raymond Lafitte as 'Neutral Expert' to look into the differences between Pakistan and India on Baglihar Dam being built upstream of Chenab River. The 'neutral expert', the Bank said, teaches at the Swiss Federal Institute of Technology in Lausanne and is acceptable to both countries. In an announcement made in Washington and here simultaneously, the World Bank said: "After consultation with the Governments of India and Pakistan, an agreement has been reached on the appointment of a Neutral Expert to address differences concerning a hydropower scheme under construction on the Chenab River in India.

Standard Chartered Bank downgrades Pakistan’s credit outlook
Standard Chartered Bank has downgraded credit outlook on Pakistan, citing concerns over widening twin-deficit and high external funding needs that could force the country to tap the international bond market soon. “We change our credit outlook on Pakistan to Negative from Stable currently,” said Standard Chartered Bank in a report tilted Pakistan—External financing blues, issued on Wednesday.

Change in economic merit order of power plants proposed
Commerce Division, in its summary, has stated that the country'' s exports have started following a high growth trajectory of more than 11% year-on-year basis, since June 2017 and are expected to continue on the track during 2018. Commerce Division expects a 15 per cent increase in exports in February 2018 which is considered a big achievement of incumbent team. Commerce Division has also proposed that the supply of imported LNG for captive power generation may be disallowed, at least till the time the imported fuel prices come down resulting in improvement in the current account position.

Forex reserves shrink to $18.329 billion
Pakistan’s total liquid foreign exchange reserves went down to $18.329 billion on March 2 from $18.413 billion a week ago, the central bank reported on Thursday. The foreign exchange reserves held by the State Bank of Pakistan (SBP) fell to $12.233 billion as compared to $12.346 billion in the previous week.

PPIB signs agreements for 990MW coal-fired projects
Private Power and Infrastructure Board (PPIB) on Thursday signed implementation agreements for two Thar coal-based power generation projects with a total capacity of 990 megawatts.

Auto assemblers shifting investments to Punjab
Investors at the Bin Qasim Industrial Park (BQIP) and Korangi Creek Industrial Park (KCIP) allege that bureaucratic hurdles of National Investment Park (NIP) are delaying the implementation of projects, thereby resulting in mountings costs and time overruns. Sources told on Thursday that Hyundai had originally planned to set up a plant at BQIP. However, NIP’s bureaucratic issues forced the Korean auto giant to shift investment to the Faisalabad Special Economic Zone (FIEDMC).


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Apr 9, 2017
News Pulse (March 12, 2018)

Gas cos unlikely to meet unbundling deadline
The timeframe for unbundling Sui gas companies is unrealistic and new five gas companies will not be able to meet their operational deadline of December 2018. In the Expression of Interest (EOI) document, it is mentioned that transaction to be done in six months but due to upcoming elections and volume of work it is unlikely that the process will be completed during the required time, said the potential Transaction Adviser Firms said in their queries regarding prequalification of transaction adviser on un-bundling of Sui companies, sources informed The Nation on Sunday.

Expansion: Byco Petroleum to set up two more refineries
Byco Petroleum Pakistan Limited, while re-commissioning its oil refinery, has announced that it will set up two more refineries to capitalise on domestic demand for petroleum products. Byco re-commissioned a catalytic reformer at its oil refinery, ORC-2, enabling the company to convert 24,000 barrels per day of heavy naphtha into motor gasoline, as per rated capacity.

Pakistan set for Rs7.5bln investment in oil storage infrastructure in 3 years
Pakistan is expecting at least seven billion rupees in investment from new oil marketing companies in building of storage infrastructure within the next three years, officials said, as growing demand of retail fuels is attracting investors to capitalise on the country’s low oil inventory capacity.

Govt set to release Rs6b
Central chairman of Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA), Shaikh Mohammad Shafiq has discussed the stuck up payments of PM package Duty Drawback of Taxes Order 2017-18 with Muhammad Pervaiz Malik, Commerce Minister, and Mohammad Younus Dagha, Federal Secretary Commerce. Shaikh Mohammad Shafiq said that the textile and clothing industry has been the main driver of the economy for the last 50 years in terms of foreign currency earnings and jobs creation. He also pointed out the severe cash flow crunch has squeezed the productivity resulting in reduced exports as billions of rupees are blocked.

‘Local furnace oil to be used for power generation’
Director General Oil of the Ministry of Petroleum and Natural Resources Abdul Jabbar Memon on Friday said that the government is not going to stop using furnace oil for energy generation but will only rely on local supplies and stop its import. He was presiding over a monthly product review meeting held at Byco oil refinery. This is being done, he said, in order to give sufficient time to oil refineries to upgrade and shift to new technologies.

Grey-listing by FATF does not affect Pakistan's ability to borrow money: IMF deputy director
The grey-listing of Pakistan by the global watchdog Financial Action Task Force (FATF) has no direct consequences for its ability to borrow from the International Monetary Fund (IMF), a top official from IMF has told Press Trust of India (PTI). The remarks comes days after the Paris-based 37-nation FATF placed Pakistan on the grey list last month. At the FATF meeting in Paris last month, JuD chief Hafiz Saeed and his charities were top on the list of the groups that the FATF wanted Pakistan to act against.

Govt to borrow heavily ahead of polls
The government will borrow massively from external as well as domestic sources ahead of general elections to finance the revised twin deficits during current fiscal year. The government has revised upwards the targets of twin deficits, budget and current account deficits, to 5.2 percent and 5 percent of the GDP respectively for the current fiscal year, according to the official of the ministry of finance. The government has once again revised the budget deficit target to 5.2 percent of the GDP (Rs1882.2 billion) for the ongoing financial year.

PM inaugurates Tarbela 4th Extension Hydropower Project
Prime Minister Shahid Khaqan Abbasi inaugurated Tarbela 4th Extension Hydropower Project at Tarbela today, reported Radio Pakistan. First unit of 470 MW is being commissioned today, while two more units will be online before the onset of summer this year. Commissioning of Tarbela 4th Extension Hydropower Project is another historic milestone achieved by the government to add 1410 MW to the National Grid.

Govt takes several steps for promotion of Pakistani products at int'l level
The Government has taken a number of steps for promotion of trade and marketing of Pakistani products at international level, reported Radio Pakistan. According to spokesperson of Commerce Ministry, Free Trade Agreements with Thailand and Tunisia, bilateral trade Agreement with Nigeria, and preferential trade agreement have been initiated.

Surcharges on power tariffs to continue
The federal government has decided to continue with about an average of Rs2.35 per unit surcharges on electricity imposed in 2014 on all the electricity consumers. The Ministry of Energy has made a formal request to the National Electric Power Regulatory Authority (Nepra) to allow three surcharges to continue in consumer tariff to ensure flow of more than Rs100 billion funds to meet debt servicing obligations of the power sector, subsidy to poor consumers to ensure countrywide uniform rate and investments required for expansion of power sector.

Investments picking up momentum: UN report
The economy of Pakistan needs to further lift its potential growth, and lay the foundation for more sustained and inclusive growth in the medium-term, a new report of the United Nations on the world economic situation and prospects says. A briefing paper issued by the UN Department of Economic and Social Affairs (DESA) says the investment demand in Pakistan has gained further momentum recently, supported by healthy economic activity, improvements in the energy system, and large infrastructure projects under the China-Pakistan Economic Corridor (CPEC) and other public initiatives.

Govt to now present budget on April 27
PML-N led government has decided to present record sixth budget of its tenure on April 27, a month ahead of schedule, keeping in view the upcoming general elections and holy month of Ramazan. “The government has decided to present the budget on April 27 after consulting with Pakistan Peoples Party, Pakistan Tehreek-i-Insaf and Muttahida Qaumi Movement,” said Adviser to Prime Minister on Finance Dr Miftah Ismail said at a news conference here on Friday.

Naveena Group to set up steel melting, re-rolling mill at Port Qasim
The Naveena Group has announced to enter into the business of steel production by establishing a 300,000 metric tons per annum steel melting and re-rolling mill at Port Qasim, Karachi. The project is being developed in view of the bright prospects of Pakistan's economy, rapid urbanization and industrialization in the country due to upcoming infrastructure projects like China Pakistan Economic Corridor (CPEC) which will increase the demand for steel in the country.

MoC too supports import of used cars
The Commerce Ministry has reportedly joined hands with the Federal Board of Revenue (FBR) in support of used cars'' import with a justification that higher demand will result in exponential rise in black market commission referred to as "on money." The Economic Coordination Committee (ECC) of the Cabinet while according approval to release of around 10,000 used cars stuck at ports, directed the Commerce Ministry to deliberate on the issue holistically in consultation with all stakeholders and submit a summary with viable recommendations to the ECC for consideration.


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Apr 9, 2017
News Pulse (March 13, 2018)

Govt to raise gas prices by 5-7pc
The government has decided in principle to increase gas prices by 5-7 per cent, involving additional revenue of Rs18 billion to cover losses of the two gas utilities — Sui Southern Gas Company Ltd (SSGCL) and Sui Northern Gas Pipeline Ltd (SNGPL) — with retrospective effect from 2012-13.

US renews GSP scheme for Pakistan
The US House of Representatives has passed a bill to renew the Generalised System of Preferences (GSP) scheme allowing duty free access for goods from 120 countries including Pakistan for the next three years. The scheme expired on December 31, 2017. The Bill now provides an extension up to December 2020.

Distribution companies: recoveries push up circular debt to over Rs 750 billion
The Ministry of Power Division said on Monday that power recoveries of distribution companies have increased the circular debt to over Rs 750 billion and consequently DISCOs have been unable to invest in power infrastructure. The acknowledgement came from the Ministry of Power Division first time in the backdrop of the discussion that lack of investment in transmission lines has been causing frequent tripping and loadshedding, especially in remote areas. The ministry admitted during a meeting of the Planning and Development Sub-Committee of the National Assembly, presided over by Sher Akbar Khan, that governance issues in the power sector have pushed up circular debt to an unsustainable level.

Sindh faces 32 percent water shortage in Oct-Mar
The Indus River System Authority (IRSA) said on Monday Punjab faced 31 percent water shortage, Sindh 32 percent, Balochistan 7 percent and Khyber Pakhtunkwa 21 percent during the period October 1, 2017 to March 10, 2018. As per IRSA account report, Punjab utilised 11.9 million acre feet (MAF) water against 17.3 MAF share, Sindh utilised 9.13 MAF against 13.4 MAF, Balochistan 1.05 MAF against 1.12 MAF and KPK 0.46 MAF against 0.56 MAF.

CPEC debt liabilities estimated to be around $3.3-4.5 billion per year by 2025
The debt liabilities of the China-Pakistan Economic Corridor (CPEC) are estimated to be around US$3.3 to US$4.5 billion per year by 2025, said the findings of 10th annual report on the state of economy titled "China-Pakistan Economic Corridor Review and Analysis" prepared by the Shahid Javed Burki Institute of Public Policy at Net Sol.The report was launched on Monday.

Pakistan seeks to increase trade with Iran to $5 billion by 2021: PM
Prime Minister Shahid Khaqan Abbasi said that Pakistan desires to increase bilateral trade with Iran to $5 billion by 2021 during a meeting with Iranian Foreign Minister Javad Zarif on Monday. Zarif met with the Prime Minister and the two leaders discussed efforts for strengthening bilateral relations and issues related to peace and security in the region, said a press release. The Prime Minister reaffirmed Pakistan''s desire to enhance mutually beneficial economic cooperation with Iran including bilateral trade, investments and commercial interaction. He added that in order to meet the bilateral trade target of $5 billion by 2021, the two sides should work together in all earnest. The Prime Minister emphasized the need to deepen connectivity to harness benefits from regional economic integration.

Sales of passenger cars maintain double-digit growth in February
Sales of passenger cars has maintained double digit growth in February 2018 as compared to corresponding month of last year. The auto data released by Pakistan Automotive Manufacturers Association (PAMA) for the month of February 2018 revealed that total car sales clocking-in at 22,654 units (including LCVs + 4x4s), depicting a growth of 15 percent year on year (YoY) and down by 4 percent on month on month (MoM) basis, respectively. Analysts said that once again car sales during the month kept its momentum as 4 percent on MoM basis decline was on account of less days in a month compared to January and added that if we assumed normalized working days then car sales improved by 6.5 per cent MoM, while posting tremendous growth on yearly basis.

Budget 2018-2019: government urged to raise incentives for local manufacturing units Speakers at the meeting of Shura Hamdard Karachi chapter urged the government to increase the budget of education and health and give incentives to manufacturing companies in order to reduce bill of imports and make Pakistan a manufacturing nation, in coming national budget of 2018-19. The meeting was held on the theme: "National budget 2018-19, foreign loans and self-reliance", presided over by former Justice Haziqul Khairi at a local club. Hamdard Foundation Pakistan's president Sadia Rashid was also present at the meeting. Speaking on the occasion, Small and Medium Enterprises Alliance (SAMEA) president Zafar Iqbal said small and medium enterprises were the back bone of a country and engine of its economy, involving 80 percent labour force and having a share of 40 percent of GDP. So it was advisable to give special incentives to this sector for the overall development of the nation, he added.

SsangYong Motors keen to introduce premium SUVs in Pakistan
Within weeks of launching Daehan SHEHZORE, the senior management of SsangYong Motor Company (SYMC), a well-known premier SUV manufacturer from South Korea visited Pakistan to deliberate and finalize plans with the top management of Daehan Dewan Motor Company (DDMC) for introducing SsangYong's premier sports utility vehicles (SUVs) early next year. The SsangYong team also visited Dewan Farooque Motors Limited (DFML) auto assembly plant located at Sujawal Sindh.


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Apr 9, 2017
News Pulse (March 14, 2018)

Setting up of mini-industrial estates on the cards
The Punjab government is actively considering establishing mini-industrial estates in remote and less developed areas of the Province. The objectives of the proposed programme were to promote small-scale agro based and other industries in the province. The work on the proposed programme will be carried out in next fiscal year sources added.

Public debt surges 8.82 percent to Rs15.796 trillion in January
Pakistan’s domestic debt rose 8.82 percent to Rs15.796 trillion in January 2018, higher than the debt recorded a year earlier, the central bank data showed on Tuesday. Major contribution in the domestic debt came from bank and non-bank borrowings. The government continued to rely on domestic sources - central bank and commercial banks - over the past few years to meet its budget deficit financing requirement.

Tricom Wind seeks licence for 50MW power project
Tricom Wind Power, a joint venture between Adamjee Group and Yunus Brothers Group, on Tuesday applied for a wind power generation licence for 50 megawatts project estimated to cost $88 million as the government is encouraging private investment in renewable energy sector.

SBP develops new method of measuring core inflation
The State Bank of Pakistan (SBP) has developed a new method "RSC-CPI" for measurement of core inflation by permanently excluding relatively volatile commodities from Consumer Price Index (CPI) basket. The State Bank in its "Inflation Monitor for the month of January 2018", issued Tuesday has revealed that Relatively Stable Component of CPI (RSC-CPI) developed by the State Bank is a hybrid method based on permanent exclusion criteria.

Line losses slightly reduced in last 3 years
The line losses of power sector have shown a slight reduction during the last three years, reveals the data submitted to the National Assembly on Tuesday. The overall line losses of ten Discos stood at 17.9 per cent by the end of the fiscal year 2016-17. In 2014-15, the losses were calculated at 18.7 per cent. The Sukkur Electric Power Company (Sepco) suffered 37.9 per cent transmission and line losses during the year 2016-17. Its losses during 2014-15 were 38.3 per cent. Insiders believe the improvement was occurred due to the Rangers’ role in bill recovery and electricity theft prevention operations.

Rs558b released for development projects
The government has released over Rs 558 billion under its PSDP 2017-18 for various ongoing and new schemes against the total allocations of Rs1,001 billion. The Planning Commission has been following a proper mechanism for the release of funds and accordingly funds are released as per given mechanism. The commission releases 20% of funds in first quarter (July-Sept), 20% in second quarter (Oct-Dec), 25% in third quarter (Jan-March) and 35% in fourth quarter (April-June).–APP

Chinese Alipay makes inroads into Pakistan with Rs20bln investment plan
Ant Financial Services Group, an affiliate of Chinese e-commerce giant Alibaba, on Tuesday agreed to acquire 45 percent stake worth around Rs20 billion in a subsidiary of Norwegian Telenor to broaden access to financial services through digital payment solutions in Pakistan. “Telenor Group has reached a strategic partnership agreement with Ant Financial Services Group in Pakistan, where Ant Financial will invest $184.5m for a 45 percent stake in Telenor Microfinance Bank (TMB), a subsidiary of Telenor Group, to further develop TMB’s mobile payment and digital financial services,” a statement said.

Foreign investors call for tax cuts, consistency in policies
Pakistan is on the radar of foreign investors who rate the country positively for investment but there is a dire need for consistent and transparent policies along with affordable taxes, Overseas Investors Chamber of Commerce and Industry (OICCI) President Bruno Olierhoek said on Tuesday. Talking to journalists at the Overseas Investors Chamber, Mr Olierhoek said that Pakistan – with a consumers market of 220 million people and a GDP growth rate of over 5 per cent – offered great attractions for potential foreign investors.

Power surcharges run into challenges
With the circular debt stock rising beyond Rs1 trillion, private stakeholders have challenged the government move to impose Rs1.55 surcharges on electricity tariff for covering Rs110 billion losses allegedly caused by inefficiencies of power companies. At a public hearing that was challenged by two interveners for having been arranged on very short notice, a senior officer representing the Power Division — Zargham Ishaq Khan — pleaded that three surcharges worth an average Rs1.55 per unit be notified as part of the consumer tariff to reduce the burden on federal budget.


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Apr 9, 2017
News Pulse (March 15, 2018)

Bank deposits up 11.63pc to Rs11.880 trillion in February
Deposits with banks grew 11.63 percent to Rs11.880 trillion at the end of February 2018 in a sign that the sector is enjoying the benefits of economic expansion, according to the figures released by the State bank of Pakistan on Wednesday. Analysts said banks have succeeded in attracting a decent inflow of deposits because of improving economic activity. “The main driver for strong bank deposits is economic growth,” said an analyst.

Engro Polymer plans Rs7.6bln investment for expansion
Engro Polymer and Chemicals on Wednesday unveiled Rs7.6 billion investment plan to increase production of pipes and fittings to capitalise on growth in construction activities in the country and tap regional demand. “The board of directors has resolved that the company intends, in the near future, to carry out a right issue of ordinary shares at a premium,” the company said in a notice to Pakistan Stock Exchange. “However, the share price to be determined in the future for the proposed right issue will not exceed Rs30/share.”

Amnesty scheme this month, govt tells SC
The Chief Justice of Pakistan (CJP) said on Wednesday that the government was sleeping as it had done nothing in the Panama, Paradise Leaks cases. The government at this responded that an amnesty scheme was being introduced during the current month (March). The Supreme Court (SC) on Wednesday observed that transfer of money abroad without justification was disastrous for the country and hinted at banning the practice.

Saudi Arabia to keep April crude oil exports under 7 million bpd
OPEC raised its forecast for oil supply from non-member countries in 2018 as higher prices encourage U.S. shale drillers to pump more, offsetting an OPEC-led deal to clear a supply glut and a collapse in Venezuelan production. In a monthly report on Wednesday, the Organization of the Petroleum Exporting Countries said non-OPEC producers would boost supply by 1.66 million barrels per day (bpd) this year.

ThalNova signs agreement with CMEC ThalNova Power Investments
ThalNova is pleased to announce that it has entered into a subscription agreement with CMEC ThalNova Power Investments Limited pursuant to which it will subscribe for 10% shareholding in ThalNova, subject to all the regulatory approvals of Pakistan. CMEC ThalNova Power Investments Limited has also executed a Novation Agreement with the existing shareholders of ThalNova.

ADB’s $140 million loan for improvement of KP roads
Asian Development Bank (ADB) and the government of Pakistan on Wednesday signed a $140 million loan to improve the provincial roads in Khyber Pakhtunkhwa (KP) province of Pakistan, said a press release. The loan agreement was signed by Xiaohong Yang, ADB Country Director for Pakistan and Syed Ghazanfar Abbas Jilani, Secretary of the Economic Affairs Division (EAD) in Islamabad. Muhammad Shahab Khattak, Secretary, Communication and Works Department and Ahmed Nabi Sultan, Managing Director of the Pakhtunkhwa Highway Authority signed the project agreement on behalf of the Government of KP.

PBS faces challenges in finalising FY18 economic data
Pakistan Bureau of Statistics (PBS) is facing an uphill task to get growth figure and other important economic indicators ready for the current fiscal of 2017/18 in absence of the two key financial wizards for almost a year: chief statistician PBS and member National Accounts Committee.

Pakistan expected to harvest bumper wheat crop of 26mln tons this season
The country is expected to harvest a bumper wheat crop of around 26 million tons during the current season – a figure, albeit a little short of annual target, is the highest ever – as increased fertiliser offtakes offset the low acreage impact. The News surveys with farmers and agriculture experts across Punjab found that this year’s crop output may be close to 26 million tons against the target of 26.46 million tons despite lower acreage, water shortage and late sowing associated with marketing-related issues of sugarcane and cotton crops.

Registration condition relaxed to facilitate software exporters
The State Bank of Pakistan (SBP) on Wednesday announced that the registration requirement for software houses/companies with the respective area office of Foreign Exchange Operations Department, SBP Banking Services Corporation is being dispensed with. However, the SBP has further elaborated that in pursuance of AML (Anti-money Laundering)/CFT (Combating the Financing of Terrorism) regulations, authorised dealers (AD), which are banks, are responsible to conduct customer due diligence, maintain customers profile, monitor remittances and authenticate source of funds or modes of transactions etc, in line with the applicable rules and regulations

NTDCL financial woes deepen after accounts attachment
National Transmission and Despatch Company Ltd (NTDCL) is passing through a severe financial crisis and it has stopped payments to all of its vendors, contractors, consultants and other people. The company has even stopped routine payments to its employees and pensioners, a senior company official, requesting anonymity, told Dawn on Wednesday.

Online service for company, NTN enrolment launched
The Securities and Exchange Commission of Pakistan (SECP) and the Federal Board of Revenue (FBR) have launched a one-window facility for company and national tax number (NTN) registration. The move is part of ‘Doing Business Reforms’ and the one-window facility is based on back-end integration between SECP and FBR systems.

Gwadar to have 300mw coal-fired plant: official
Gwadar Port has been made operational with weekly arrival of ships, as the first ship visited the port on March 7 and another one on March 14, said Director General Gwadar Port Authority Dostain Jamali Wednesday. While briefing the National Assembly Standing Committee on Planning, Development and Reform meeting chaired by Abdul Majeed Khan Khanankhail, Dostain Jamali said that two liners (COSO and Sino-Trans) start arriving at the port with the first one on March 7 and another one on March 14, 2018.

FTA-II with China: sensitive list of items to be finalised today
The Ministry of Commerce and Textile has convened a meeting of all key chambers and associations on Thursday (today) to finalise sensitive list of items to be placed before Chinese officials during 10th round of FTA-II, to be held in Islamabad during the last week of current month, official sources told Business Recorder. Prime Minister''s Advisor on Finance, Revenue and Economic Affairs Dr Miftah Ismail will preside over the meeting to be held in the Commerce Division.

Matiari, other power projects: PPIB board approves extension in financial close deadlines
The Board of Directors (BoD) of Private Power and Infrastructure Board (PPIB) Wednesday approved extension in financial close deadlines of +660 kV HVDC Matiari-Lahore transmission line and other Thar coal-fired projects. The Board meeting presided over by Minister for Power Division, Sardar Awais Ahmad Khan Leghari, also accorded approval to start the process for hiring of new Managing Director of PPIB as the scope of organisation will be widened after merging of PPIB and AEDB.


Active member
Apr 9, 2017
News Pulse (March 16, 2018)

ECP to select caretaker PM
After the stormy but contentious election to the top Senate slots, all eyes are now set on the next caretaker prime minister/chief ministers and the anticipated sweeping measures

IMF projects gross external financing needs at $24.464 billion in FY2018
International Monetary Fund (IMF) on Thursday projected Pakistan’s gross external financing needs at $24.464 billion for the current fiscal year of 2017/18 – a projection that brushed aside the finance ministry’s claim of $18 billion by a wide margin..

Widening GDP, fiscal, external deficits pose serious risk to repay foreign debt
While extending warnings about eroding macroeconomic stability amid widening fiscal and external deficits, the International Monetary Fund (IMF) has highlighted that Pakistan’s Net International Reserves (NIR) have declined from $7.476 billion in September 2016 to negative $0.724 billion till mid Feb 2018

Loss-making public sector enterprises incur Rs1.2 trillion in losses
Loss-making public sector enterprises (PSEs) have so far raked in more than Rs1.2 trillion in losses, equivalent to four percent of GDP, IMF said on Thursday, underscoring an ‘urgency’ for their restructuring to ease burden on budgetary resources

Chinese firms ink 41 CPEC-linked accords in 2018
Chinese companies have signed 41 different understandings for major undertakings related to China-Pakistan Economic Corridor (CPEC) during 2018, an official said on Thursday.

Forex reserves fall to $18.240bln
Pakistan’s foreign exchange reserves fell to $18.240 billion on March 9 from $18.329 billion a week earlier, the central bank said on Thursday.

C/A, budget deficits major challenges: adjustment in exchange rate starts bearing fruit: Miftah
Advisor to Prime Ministry on Finance Miftah Ismail Thursday termed current account deficit and budget deficit as major challenges to national economy. Speaking at a seminar on national economy, he said five percent adjustment in exchange rate made in December 2017 has started bearing fruit with decrease in trade deficit and increase in exports, with encouraging number of exports for February 2018

ISLAMABAD: The government has given an undertaking to the
The government has given an undertaking to the International Monetary Fund (IMF) to immediately increase natural gas and electricity tariffs and conduct deeper scrutiny of foreign-funded projects to reduce increasing risks to fiscal and external accounts.

Budget fiscal year 2019: relief for stock market on the cards
The government will announce relief for stock market and may also consider withdrawal of super tax/tax on bonus shares in budget for next fiscal year after achieving comfortable position during the last four years with growth and revenue collection on the rise and subdued inflation, said Special Advisor to Prime Minister on Finance Miftah Ismail stated.

Fertiliser sector demands abolition of GIDC
Fertiliser sector on Thursday said abolition of gas infrastructure development cess (GIDC) on feedstock would make soil enriching chemicals affordable for farmers without any cash subsidy, easing the burden on national exchequer

Hubco, Fauji Fertilizer to set up 330MW coal power project
Fauji Fertilizer Company Limited (FFC) and Hub Power Company Limited (Hubco) signed an agreement to set up a 330-megawatt local coal-based power project in Thar, a statement said on Thursday.

Miftah stresses need to rationalise agri policies
Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Miftah Ismail said that rationalised agriculture policies could double the value of its products in five years, reducing the burden of import by billions of dollars..



New member
Apr 8, 2018
Education Level
High School
News Pulse (March 19, 2018)

PM’s package: ministry releases Rs 5 billion to SBP against textile exporters’ claims
The government has released Rs 5 billion for implementation of the Prime Minister's package of incentives for exporters, bringing the total amount to Rs 21.5 billion, it was learnt. Official sources revealed to the Business Recorder that exporters have submitted claims of about Rs 37 billion to the State Bank of Pakistan (SBP) so far. However, exporters' claims are under verification process and would be released after verification.

‘Demand for automobiles may cross 0.5 million mark by 2022’
Following progressive macroeconomic indicators, the demand for automobiles is expected to cross 500,000 mark by 2022. This was anticipated by speakers at an annual Auto Industry Workshop organized by Indus Motor Company (IMC) in collaboration with Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) at a hotel in AJK's capital city Muzaffarabad. The theme was "Potential of Pakistan's Auto Industry" keeping in view the country's future economic outlook amidst all the infrastructure/capital investments being made under CPEC and improvement in law and order situation.

Indus Motors' Rs4b new plant by year-end
The Indus Motors Company (INDU) sales increased by 25 percent YoY during 2QFY18, where higher priced variants contributed more towards sales mix. According to the data, the company sold a total of 15,047 units during 2QFY18, up by 7 percent YoY and flat sequentially. Gross profits increased 21 percent YoY while gross margins decreased by 60bps to 17.7 percent from 18.3 percent YoY in the outgoing quarter. This was largely due to rupee deprecation against Japanese Yen and US dollar, which was not fully passed on in outgoing quarter.

Govt plan of raising gas price rejected
Pakistan Industrial and Traders Associations Front (PIAF) has rejected the government’s plan of increasing gas prices by 5-7 per cent. PIAF chairman Irfan Iqbal Sheikh in a joint statement along with senior vice chairman Tanveer Ahmed Sufi and vice chairman Khawaja Shazeb Akram stated that 7pc gas tariff hike will put the additional burden of around Rs18 billion on the consumers, increasing cost of production of the industry. He said that instead of covering losses and enhancing the efficiencies the two gas utilities Sui Southern Gas Company Ltd (SSGC) and Sui Northern Gas Pipeline Ltd (SNGPL) are shifting their burden to the consumers.

LSM records 9.44pc growth in Jan
Large-Scale Manufacturing (LSM) sector has recorded 9.44 percent growth in January 2018 after shrinking in two consecutive months of December and November. Industrial production in the two months was mainly led by delay in cane crushing particularly in Sindh and Khyber Pakhtunkhwa. However, the LSM has once again recorded healthy growth in January this year. The LSM , which constitutes 80 percent share within manufacturing and 10.7pc in overall GDP, recorded growth of 6.33 percent during seven months (July to January) of the current fiscal year over a year ago.

Pakistan one of biggest markets for investors, says Swiss CG
Pakistan has improved the confidence of foreign investors through actions taken for betterment of security and continuous economic growth, Philippe Crevoisier, Consul General of Switzerland in Karachi, said on Friday. “I see progress in law and order situation in Pakistan . Besides commercial and economic activities in the country are very impressive,” he said while inaugurating the 14th International Plastic, Printing and Packaging Exhibition held at Expo Center Karachi.
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New member
Apr 8, 2018
Education Level
High School
SECP notifies regulations on selection of independent directors
The Securities and Exchange Commission of Pakistan (SECP) has notified draft regulations regarding manner and selection of independent directors of companies. Independent directors play a key role in good governance and efficient functioning of the board. The Companies Act, 2017, defines qualifying criteria of an independent director and such directors be chosen from databank maintained by an institute/body authorized by the SECP .

Automation to help Pakistani firms get better growth: Japanese experts
A delegation of experts of Japan International Cooperation Agency (JICA) working for various government organizations in Pakistan
visited Islamabad Chamber of Commerce & Industry to discuss reforms in key sectors of the economy. Yuko Tanaka JICA Export for Board of Investment, Mei Saito JICA Expert for Trade Development Authority of Pakistan, Shunichi Uchida JICA Expert for Engineering Development Board and Hiroko Hayashi of Asia Engineering Consultant Co Ltd were in the delegation.

Government to obtain $6.891 billion from development partners, NA told
Pakistan will obtain $6.891 billion from various bilateral and multilateral development partners along with economic assistance/loans this year. Minister of State for Finance and Economic Affairs, Rana Muhammad Afzal Khan informed this to the National Assembly in a written response to a question during the Question Hour. As per the break-up, the country intends to obtain $1.824 billion from Asian Development Bank; $1.22 billion from World Bank; $1 billion from International Islamic Trade Financing Corporation (ITFC); $1.803 billion from Asian Infrastructure Investment Bank (AIIB); $827.98 million from EXIM Bank China; $67.6 million from Saudi Development Fund; $60.03 million from EXIM Bank Korea; $53.39 million from Islamic Development Bank; $20.71 million from Japan International Corporation Agency and $15 million from Kuwait Fund.

Cement makers for reducing FED to zero
The All Pakistan Cement Manufacturers Association (APCMA) has urged the government to keep its promise and gradually reduce federal excise duty (FED) to ‘zero’ to encourage cement off-take, saying it would support housing and infrastructural development of the country and create more employment. The spokesman of APCMA said that cement industry is among the highest contributors to the national exchequer over the last few years. The contribution has increased to Rs 117 billion in 2016-17 from Rs 39 billion in 2012-13. During the year 2016-17, per ton impact of duties & taxes was Rs 3,082/- i.e. Rs 154 per bag. This incidence of high taxation negatively affects domestic consumption. Presently, FED on cement is Rs 1,250 per ton i.e. Rs 62.5 per bag.

FDI jumps 15.6 percent on massive Chinese inflows
Pakistan’s foreign direct investment (FDI) surged 15.6 percent in the eight months of current fiscal year largely drawing strength from massive Chinese inflows under China-Pakistan Economic Corridor projects, data released by State Bank of Pakistan showed on Friday. The FDI in the July-February period of FY18 increased to $1.941 billion from $1.678 billion a year earlier. In February alone, the FDI inflows were recorded at $340.8 million, compared to $146.7 million in the corresponding month of last fiscal year.

Rains bring further improvement in water shares of Punjab, Sindh
The Indus River System Authority (IRSA) on Saturday further increased the supplies of water to Punjab and Sindh after rains in different parts of the country. The inflows of water in rivers are continuously increasing due to rains which are reducing the shortage of water in different provinces. On Saturday, the share of Punjab was increased from 26,700 cusecs to Rs30, 300 cusecs. The Punjab’s share on Friday was increased from 20,300 cusecs to 26,700 cusecs, said spokesman of IRSA, Khalid Rana. He further said that Sindh’s share had also been enhanced to 20,000 cusecs on Saturday from 17000 cusecs of Friday. However, shares of Balochistan and Khyber Pakhtunkhwa will remain the same and Balochistan will get 3000 cusecs and KP 2400 cusecs respectively.

Govt plans modest hike in tax target for 2018-19
The PML-N government is set to propose nearly Rs4.5 trillion revenue collection target for its sixth and final budget with several measures to facilitate its realisation. Top tax men have been tasked to prepare the first draft of tax relief and revenue measures in the next couple of weeks. The government has already set April 27 for the announcement of the Federal Budget 2018-19 to be followed by provincial ones. An official source in the Ministry of Finance, who is privy to the budget-making process, told Dawn that the Federal Board of Revenue (FBR) is working on various proposals to support 15pc growth in revenue collection in 2018-19. These measures will also take into consideration impact of GDP growth and inflation as well.

Textile exporters oppose further rupee depreciation
Value-added textile sector on Saturday opposed a government’s plan to let rupee depreciate further, saying it will push up cost of imports rather than boost exports. “Devaluation of currency can help only one-time while foreign buyers demand discounts,” said Jawed Bilwani, chairman of Pakistan Apparel Forum, which represents Pakistan Hosiery Manufacturers and Exporters Association, Pakistan Readymade Garments Manufacturers and Exporters Association, Pakistan Knitwear and Sweater Exporters Association and Pakistan Cotton Fashion Apparel Manufacturers and Exporters Association. Bilwani said rupee depreciation increased cost of imported raw materials used in manufacturing of exportable goods, which are made of imported raw materials, including dyes and chemicals.

K-Electric upgrades power infrastructure
Following the installation of 8 PMTs and associated power infrastructure by K-Electric in Baber Market, the area has been exempted from loadshedding. The market comprises over 1,800 shops and is considered the commercial hub of Landhi. The upgradation of power infrastructure also included installation of ‘kunda’-resistant Aerial Bundled Cables and digital meters. According to KE spokesperson, “We are committed to enhance the reliability of power supply across our network and glad to observe that exemption has increased the commercial activities in Babar Market. We will continue to extend all possible support to trade and industries, enabling them to operate to their full potential and contribute towards the socioeconomic development of the country.”

IMC plans second price hike shortly

Indus Motor Company (IMC) will shortly increase car prices by five per cent following devaluation of the rupee against dollar and the rising cost of production. In the last week of December 2017 the company had raised car prices by Rs50,000-Rs60,000 in 1300cc to 1,600cc segments. “Price will go up soon,” IMC CEO Ali Asghar Jamali on Friday told annual industry workshop, organised by IMC in collaboration with Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam).


New member
Apr 8, 2018
Education Level
High School
News Pulse (March 20, 2018)

FPCCI demands five-year tax exemption for exports sector
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) advised the government to consider exempting export-oriented sectors from all the taxes in the upcoming five-year trade policy framework, industry officials said on Monday.

Prgmea demands early implementation of revised PM’s package
Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) has called for speedy implementation of revised PM’s package for exporters for 2017/18 along with an aggressive marketing plan to enhance exports and get the maximum benefit of GSP Plus status.

Govt plans ministry’s division for Islamic finance industry
Government is mulling a dedicated division at the finance ministry to deal with the affairs of fast-growing Islamic banking industry in Pakistan, Adviser to Prime Minister on Finance Miftah Ismail said on Monday.

Fiscal year 2019 PSDP: financial inclusion project proposed
Finance Division has proposed a financial inclusion project in the next fiscal year's Public Sector Development Program (PSDP) with an allocation of Rs 4.463 billion to increase digital transaction accounts and thereby access to financing in the country. Sources said that the project will be funded through a World Bank (WB) financing facility; however, financing agreement is pending for signature between Economic Affairs Division (EAD) and the World Bank and hopefully it will be signed before the end of the current fiscal year.

Faysal Bank, Honda Atlas collaborate
Faysal Bank Limited (FBL), one of the leading banks in Pakistan, joins hands with Honda Atlas Cars Pakistan Ltd to offer exclusive rewards and value-added services to their customers, a statement said on Monday. Customers can now avail fast-track vehicle delivery along with complimentary vehicle maintenance and accessories, it added. Further, customers will also receive priority treatment at Faysal Bank and Honda Atlas authorised dealership premises.

Karandaaz sign agreement to assist SBP on digital banks
Not-for-profit financial institution Karandaaz Pakistan on Monday agreed to provide technical assistance to the central bank for formulating legal and regulatory framework for digital banks in the country.

Power Division seeks amendment to Wheeling Electric Regulations, 2016
Ministry of Power Division has submitted reference with National Electric Power Regulatory Authority (NEPRA) to bring amendment in Wheeling of Electric Power Regulations, 2016 aimed at removing existing hurdles in sale and purchase of at least 1 MW or more electricity in the country. According to the reference sent to the power regulator on March 16, hurdles were identified in sale and purchase of the electricity by the all stakeholders after consultation.

Unilever announces $120 million investment in Pakistan
Unilever has announced an investment of USD 120 million (PKR 11 Billion) in Pakistan acknowledging the country''s high potential for long-term growth. The announcement was made by a delegation of Unilever Pakistan that called on Miftah Ismail, Adviser to Prime Minister on Finance.

Miftah very optimistic about growth
Advisor to Prime Minister on Finance, Dr Miftah Ismail Monday said the government is set to achieve a 6.0 GDP growth, the highest rate in last 10 years. He was speaking at the two-day World Islamic Finance Forum (WIFE) 2018 that began here. The forum has been organized by IBA Centre for Excellence in Islamic Finance (CIEF) in collaboration with key partners. The theme is "Expanding the Footprint of Islamic Finance: Innovation, Fintech & Regulations." The keynote speakers include local and international academia and industry leaders.

34 projects worth Rs 365 billion approved by CDWP
Central Development Working Party (CDWP) approved as many as 34 projects at cost of Rs 365.5 billion out of which five projects valuing Rs 333.18 billion were referred to Executive Committee of National Economic Council (ECNEC) for final approval.

Govt monitoring market to issue Eurobond
Pakistan is closely monitoring international capital market before issuing Eurobond to raise at least one billion dollars to sustain its depleting foreign exchange reserves. The government would issue the Eurobond if investors show interest in investing in bond. "The total amount Pakistan will have to pay on its external debt is $3billion before June this year," a top official of the ministry of finance said. He further said that major part of the amount would be raised by tapping the international market. "We are expecting to generate at least one billion dollar. However, exact amount will be decided after a response from the international market," he added.

Pakistan hopes to sign FTA-II with China in April
Pakistan on Monday hoped to sign Free Trade Agreement (FTA) phase II with China in next month (April) during the visit of Prime Minister Shahid Khaqan Abbasi to China that would increase the bilateral trade. Secretary Commerce Mohammad Younus Dagha Monday expressed satisfaction over the progress on the FTA phase II. "I hoped that both sides can meet at an early date for the 10th rounds to finalize the remaining issues so that a formal announcement can be made during the prime minister's visit to China in April, 2018," the secretary said in a meeting with China's Ambassador to Pakistan Yao Jing.

Govt seeks wheeling regulations restricted to dedicated feeders
The Power Division has asked the National Electric Power Regulatory Authority (Nepra) to restrict wheeling (sale and purchase) of electricity into the national grid through dedicated feeders of 132 kilovolt (kV) and 11kV lines.

Engro Foods, Greenland Zone ink MoU

Engro Foods Limited has signed a memorandum of understanding (MoU) with Greenland Zone, a leading provider of farming machinery and financial assistance, for boosting its dairy business, an announcement said on Monday.

LCCI urges PSQCA to stop raids
The Lahore Chamber of Commerce and Industry (LCCI) has demanded the Pakistan Standard and Quality Control Authority (PSQCA) to stop crackdown against cosmetics and food sector, as government should aim at standardisation registration, but not at a cost to business commodity, a statement said on Monday.

PCJCCI identifies sectors for JVs
Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) has identified seven high potential sectors for joint ventures and investment between the two countries. These sectors included handicrafts, textile, leather, gemstone, sportswear, surgical instruments, technology-based agriculture along with reclamation and salinity control. PCJCCI Office-bearers presented a research paper to Teng Shaung, deputy minister China, counsel for the Promotion of International Trade Jinan, during a meeting here at the Expo Centre, according to the chamber's spokesperson on Monday.


New member
Apr 8, 2018
Education Level
High School
News Pulse (March 21, 2018)

Exports of textile group soar by 7.14 percent in February
Exports of textile group increased by 7.14 percent in February 2018 and reached US $1.066 billion from US $995.223 million for the same month a year ago, according to Pakistan Bureau of Statistics (PBS). Provisional trade data of selected commodities uploaded by the PBS on its website on Tuesday stated that there was growth of 28.04 percent in export of cotton yarn in February 2018, which reached $120.397 million from $94.029 million for the same month of the last fiscal year.

Foreign asset declaration scheme: arrival of $5 billion likely
Special Assistant to Prime Minister on Revenue/Federal Minister, Haroon Akhtar Khan said on Tuesday that proposed Foreign Asset Declaration Scheme (FADS) would be a big success even if it fetches US $4-5 billion from non-resident Pakistanis, as the scheme would have a very low tax rate and give full guarantee, confidentially and maximum immunity to persons intending to avail the scheme.

Power consumers: new surcharge of 70 paisa/unit to be imposed
The government is all set to impose new surcharge of 70 paisa per unit on all categories of Disco consumers aimed at servicing of Rs 80 billion debt to be taken by Power Holding (Private) Limited (PHPL) from commercial banks, well informed sources told Business Recorder. According to Power Division, the ECC last year had approved the proposal for re-financing of syndicated term finance facilities aggregating to Rs 80 billion for the purpose of rolling over existing facilities of (i) Rs 15.00 billion, (ii) Rs 40.00 billion and (iii) Rs 25.00 billion respectively. The Power Division has claimed that power sector has improved its performance during the last two years which is evident from the fact that the recoveries which remained in the range of 88%-89%, crossed 93% consecutively in 2015 and 2016, the highest in the history of the power sector. The T&D losses which were around 19% in 2014 came down to 17.8% in December 2016.

July-February C/A deficit up over 50 percent YoY
The country's current account deficit rose by over 50 percent in the first eight months of current fiscal year. According to the State Bank of Pakistan (SBP) data released on Tuesday, the country's current account deficit increased to $10.826 billion during the period from July 2017 to February 2018 as compared to $7.216 billion in the corresponding period in FY17. On month-on-month basis, the country''s current account deficit however reduced by 23 percent to $1.241 billion in February 2018 as compared to $1.617 billion in January 2018.

IMC intends to invest more in Pakistan: CEO
Indus Motor Company (IMC), manufacturers of Toyota cars in Pakistan is planning further investment in the country to expand its assembly/manufacturing facilities. This was stated by Chief Executive Officer (CEO) IMC, Ali Asghar Jamali during chitchat with Business Recorder in Muzaffarabad (AJK). Jamali, however, did not disclose actual volume of investment, the company intends to make, within the next five years, saying "IMC intends to invest much, much more for expansion as they have been investing billions of rupees in Pakistan in the past". Replying to a question, he said that for the past 27 years, IMC is involved in satisfying its customers by providing vehicles that prioritize safety and quality, adding that during this journey, IMC has been able to achieve the milestone of manufacturing 750,000 vehicles last year in November 2017.

RAIL sets up auto assembly plant in Lahore
Regal Automobile Industries Limited (RAIL), country's third-largest bike assembler, has set up an assembly plant in Lahore with an investment over Rs 800 million to produce light commercial vehicles and vans from April 2018. The company has signed a technical collaboration agreement with China's DFSK Group to assemble vehicles under the name Prince. This was disclosed by Tanveer Ahmed, chief executive officer of Road Prince automobile industries. The Ministry of Industries (MoI) earlier in February had awarded a manufacturing license to RAIL.

Budget deficit to reach 6pc in 2017-18: IMF
Pakistan’s budget deficit for the current fiscal year is likely to reach around 6 per cent of GDP — almost 2pc higher than the 3.9pc budgetary limit — based on varying projections of the government and the International Monetary Fund (IMF).

Canada withdraws 5.5pc duty on PET resin
The Canadian government has withdrawn a preliminary anti-dumping duty of 5.5 per cent imposed on the import of polyethylene terephthalate (PET) from Pakistan.

$260m ADB loan to revamp power transmission network
The Asian Development Bank and the Government of Pakistan on Tuesday signed a $260 million loan agreement to improve the power transmission network in Sindh and Balochistan. The agreement is part of the second power transmission enhancement investment programme aimed to improve coverage, reliability, transparency, and quality of the power transmission service in Pakistan by expanding the 220-kilovolt transmission network in Sindh and Balochistan and upgrading the supervisory control and data acquisition (SCADA) and revenue metering systems (RMS) in the country.

Pakistan offers zero duty on 6,000 items from China
Without sharing the exact draft of proposed second phase of Pak-China Free Trade Agreement (FTA) with major stakeholders, including the FBR, Pakistan has offered zero duty on almost 6,000 tariff lines out of the total 7,000 that might jeopardise many major industries in Pakistan. The FBR has sternly opposed the revised FTA with China, arguing that Pakistan does not possess exportable surplus so Islamabad’s exports could not get a boost in a big way even if it gets reciprocal incentives from China.

Pakistan to export 100 tons hybrid rice seeds for first time in April
Pakistan is all set to export the first ever consignment of 100 tons heat-tolerant rice seeds to the Philippines next month, a senior industry official said – a shipment that is long-awaited since the country begun experimenting hybrid technology over a decade back.


New member
Apr 8, 2018
Education Level
High School
News Pulse (March 22, 2018)

Moody’s warns Pakistan on downgrade risks amid political uncertainty
Moody’s Investors Service on Wednesday warned Pakistan of downgrade risks to its credit outlook on fragile external account position, higher debt burden, weak infrastructure and political instability. “Continued material widening of the fiscal deficit, ongoing weakening of the external payments position, loss of multilateral/bilateral financial support, or significant escalation in political tensions would weigh on Pakistan’s credit profile,” US credit rating agency Moody’s said in an opinion.

Pakistan FDI seen surging, but some Western investors fret over Chinese influence
Pakistan expects net foreign direct investment (FDI) to jump about 60 percent in 2017/2018, the chairman of Pakistan´s Board of Investment said, but some Western investors appear to be put off by China´s growing influence in the South Asian nation.

Russia evinces interest in IT sector
The Russian desire to cooperate in IT sector of Pakistan will open up new avenues of bilateral relations in the field of technological interventions, which will also further strengthen and promote the interaction between the experts of two countries. Dr Umar Saif Chairman Punjab Information Technology Board (PITB) said this while addressing the visiting Russian IT delegation here on Wednesday. Dr Saif said that Russian IT solutions for our public and private sectors would be beneficial in terms of expertise and technology transfer, which was needed to be result-oriented. In order to start activity, education, health and revenue areas should be targeted by working on one Danish school, one university, one hospital and some online tax payment solutions for the Punjab Revenue Authority, he added.

SNGPL to give 1m fresh connections before polls
The Oil and Gas Regulatory Authority (Ogra) has allowed Sui Northern Gas Pipelines Ltd (SNGPL) to spend Rs20 billion to provide a record one million fresh connections within the remaining three months of this fiscal year. In its determination, Ogra noted that it had already allowed about Rs4.22bn for 300,000 fresh connections and the SNGPL requested increase in the target for fresh connections to one million with an addition of 700,000 connections during the same year.

Severe water shortage ahead, Kharif crops likely to suffer
With estimates of up to 40 per cent water shortage in April, the upcoming Kharif crops face a serious challenge and may need delayed sowing. The technical committee of the Indus River System Authority (Irsa) has been called on Thursday to finalise water availability estimates for the Kharif season to enable the provinces to plan sowing of crops accordingly.

PIA’s Rs324 billion liabilities in 2015 may now be touching Rs480 bn: minister
The liabilities of the state-run Pakistan International Airlines (PIA) might have touched Rs480 billion-mark. The government is compiling its fresh losses and liabilities figure which were earlier at Rs324 billion by end December 2015, Federal Minister for Privatisation Daniyal Aziz said.

Advisers being rehired for PIA sell-off
The Privatisation Commission is in the process of re-engaging the services of the consortium of financial advisers on the same terms and conditions to proceed ahead with the privatisation of Pakistan International Airlines Corporation (PIAC). The service agreement of the advisers had expired early October 2017. The commission appointed the consortium of Dubai Islamic Bank, IATA Consulting, Deloitte, HaidermotaBNR, Freshfields Bruckhaus, Deringer, Abacus Consulting, APCO, and Prestige as advisers for the transaction.

Compliance with oil supply cuts hits record
Compliance with a global deal to cut oil supply hit a new high in February, a joint OPEC and non-OPEC committee estimated, suggesting a rise in the price of crude has not weakened commitment. Producers in the pact achieved 138 percent of pledged output reductions last month, OPEC said in a statement, a record since the deal among OPEC and non-member countries aimed at clearing a glut and bolstering prices began in January 2017.The previous high was reached in January, at 133 percent.

Duty, tax revision: five big telecom companies approach MoF
Five leading telecom companies have collectively approached the Ministry of Finance for massive rationalization of duties and taxes on tele com industry at import as well as domestic stages in the coming budget (2018-19). According to the combined budget proposals of five leading telecom companies for 2018-19 submitted to the Finance Ministry, telecom sector in Pakistan is a significant source of revenue generation for the national exchequer. Telecom industry revenues stood at Rs 369 billion for the 2016-17 as per Pakistan Telecom Authority (PTA) annual report for the year 2016-17 while the industry made a significant contribution of Rs 161.4 billion to the national exchequer in terms of advance income tax, sales tax, import duties and PTA levies. Telecom investment remained US $635 million during 2016-17, embarked to total investment at US $15 billion from 2004 to 2017.

Three surcharges re-imposed on power consumers
In line with a commitment it made with the International Monetary Fund (IMF), the National Electric Power Regulatory Authority (Nepra) on Wednesday allowed the federal government to re-impose three surcharges on electricity consumers. The three surcharges amounting to Rs1.55 per unit would be charged to consumers paying their bills regularly to finance Rs110 billion worth of theft, system losses and non-recovery of power companies.

Project to improve tax system faces delay
The implementation of a World Bank-assisted project aimed at strengthening tax systems and building tax policy analysis capacity has been delayed for months. The delay is attributed to the fact that the project was initially not included in the public sector development programme (PSDP) 2017-18 at the time of budget approval in June 2017.

Sindh okays 23 development schemes
The Sindh Provincial Development Working Party (PDWP) on Wednesday approved 23 schemes and uplift projects worth Rs5.487 billion. The schemes — related to work and services, health, local government, irrigation, culture, tourism, fisheries and livestock, etc — were approved in a PDWP meeting for the current fiscal year presided by Chairman Planning and Development Board Muhammad Waseem.

Sugarcane growers likely to suffer Rs 133 billion loss
Ministry of National Food Security and Research (MoNFS&R) has estimated that sugarcane growers in Sindh, Punjab and KP are expected to suffer a financial loss of upto Rs 133 billion due to less payment by mill owners, well-informed sources told Business Recorder. Secretary, MoNFS&R, Fazal Abbas Makan recently informed the Council of Common Interests (CCI) that Article 16 and 16-A of the Sugar Factories Control Act, 1950 authorizes Provincial Governments to fix indicative price and premium of sugarcane and contravention of orders made under the Act punishable with imprisonment and/or fine.

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