Pakistan Economy

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Apr 9, 2017
Three alarm bells

Trade deficit: For the first time ever in Pakistan’s history, our imports are projected to hit $50 billion. For the first time ever in Pakistan’s history, our trade deficit is projected to hit a colossal $30 billion. (Trade deficit is the “amount by which the cost of a country’s imports exceeds the value of its exports”).


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Apr 9, 2017
Govt ought to repay $1bln on Eurobond maturity in May, June

Pakistan needs to repay at least one billion dollars on account of its foreign debt liabilities during the upcoming May and June and so the government is exploring various options of borrowings to ensure the timely repayments without creating pressure on the country’s foreign exchange reserves, sources said on Tuesday. “Two major repayments on external fronts will be due in May and June 2017 – including $750 million on account of Eurobond and another $250 million within this period,” a source, privy to the development.

July-March: Trade deficit rises 38.8 percent to $23.38 billion

Pakistan's trade deficit rose to $23.38 billion during the first nine months (July-March 2017) of the current fiscal year, up by 38.80 per cent from $16.84 billion for the same period a year before, according to Pakistan Bureau of Statistics (PBS). Provisional trade data released by the PBS on Tuesday showed a decline of 3.6 per cent in exports during July-March 2017 with exports contracting to $15.119 billion in the first nine months of the current fiscal year as compared to $15.597 billion for the same period of the last fiscal year.

ECNEC may approve evacuation of power from two plants today

A meeting of the Executive Committee of the National Economic Council (ECNEC) scheduled today (Wednesday) is likely to approve evacuation of power from two 660MW Thar coal based Sino-Sindh Resources and Sindh Engro Coal Limited (SSRL/SECL) power plants at Thar (PC-I). Sources said that a meeting of the ECNEC to be presided over by the Finance Minister Ishaq Dar is expected to take up around 16 projects for water, energy and transport sectors.

UAE allows transportation of halal products through sea

Punjab Halal Development Agency (PHDA) Chairman Justice Khalilur Reman Khan has said that the UAE authority has allowed transportation of halal products through sea that would bring down the cost of freight by one third.

Govt releases Rs2.979bln for uplift projects

The government has so far released Rs2.979 billion for various projects of the Finance Division of its total allocations of Rs9.433 billion earmarked under the Public Sector Development Programme (PSDP) for the fiscal year 2016/17. Of the total funds released, Rs700 million have been released for Gwadar Development Authority of its total allocations of Rs1,000 million.

Car sales up 1.7 percent in July-March

Sales of passenger cars posted an increase of 1.7 percent in the first nine months of the current fiscal year 0f 2016/17, while tractor sales rose 74 percent during the period, manufactures said on Tuesday. Pakistan Automotive Manufacturers Association (PAMA) said total car sales rose 1.72 percent, whereas trucks-buses sales increased 38.7 percent. According to PAMA data, a total of 139,570 cars were sold during the nine-month period, higher than 137,206 cars in the corresponding period of last year. A total of 72,095 cars of 1300cc or above category were sold during July-March period against 64,882 units sold during the same period of last year. In March 2017, a total of 18,295 cars were sold.

A total of 6,174 buses and trucks were sold during July-March period against 4,451 units last year. Farm tractors recorded a growth of 74 percent in sales to 38,620 units, compared to 22,169 units during the same period of last year.

Askari Bank, Pak Oman sign deal

Askari Bank Limited has entered into a share purchase agreement with Pak Oman Asset Management Company for the sale of its wholly-owned subsidiary Askari Investment Management Limited, a bourse filing said on Tuesday.

Wapda hires contractor for Warsak hydropower station

The Water and Power Development Authority (Wapda) has awarded the Rs868 million contract of consultancy services for Warsak hydroelectric power station to a Turkish-led joint venture, a statement said on Tuesday. The contract was awarded through an international competitive bidding for the 2nd rehabilitation of the power station – on River Kabul at about 30-kilometre from Peshawar – to a joint venture, comprising of four firms led by Dolsar, an engineering firm from Turkey.


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Apr 9, 2017
Economy News

Ministry told to release funds to provinces Economy| Positive

The Ministry of Finance on Wednesday was directed to promptly release funds for federal projects in provinces to avoid friction. The Senate Standing Committee on Finance noted the delay in funds disbursement for projects in Balochistan and Sindh. Click here for more

Ecnec approves 15 projects worth Rs261.2bn Economy | Positive

Ecnec on Wednesday approved 15 development projects, mostly in the power sector, at an estimated cost of Rs261.2 billion. The meeting also approved Green Line Bus Rapid Transit System for Karachi, from KESC Powerhouse Chowrangi (Abdullah Chowk) in Surjani to the central business district of the city at a revised total cost of Rs24.604bn. Click here for more

Pak economy to grow 5pc over next two years due to CPEC: Moody’s Economy | Neutral

Pakistan’s economy has strengthened following successful completion of its three-year programme with International Monetary Fund (IMF) where the economy is expected to grow by 5 percent over the next two years because of CPEC projects as infrastructure gaps may reduce through increased investment in transportation and power. Click here for more

Long term funds’ assets to GDP ratio crawls to 1.44 percent PSX | Funds | Positive

The mutual fund industry’s assets to GDP ratio surged by a nominal 33 basis points in four years to 1.44 percent in 2016 opening up opportunities for growth if right policies were put in place. Click here for more

Retail sector’s bank deposits down 17 percent Banks| Negative

The bank deposits of retail sector have declined over 17 percent owing to the government’s move to document the transactions made by traders. Click here for more

KP attracts investment proposals worth USD 30 bn Economy| Positive

The Khyber Pakhtunkhwa province is rapidly emerging as a prospective hot investment hub following introduction of business-friendly policies and development of infrastructure for rapid industrialization. At present, the KP government has successfully attracted $30 billion in investment proposals in the shape of letter of interests (LOIs) for development of infrastructure and industrial sectors. Click here for more

PSO inks two LNG deals PSO| Positive

Pakistan State Oil (PSO) has signed two agreements with two different companies for import of the Liquefied Natural Gas (LNG) at a price of 13.37 per cent of Brent for supply of 4.5 million tons per annum (MTPA) LNG. Click here for more

Gas connections: Cabinet accords approval to CCoE recommendations SNGP | SSGC | Positive

Premier Cement Company, a wholly owned subsidiary of Sapphire Fibres Limited (SFL) has been approved mining lease licenses by the Mines and Minerals department Khyber Pakhtunkhwa. Click here for more

SECP to hold awareness sessions to address In-house Financing PSX| Positive

In the recent notice sent to clearing members / settling banks, Pakistan Stock exchange (PSX) will be joining hands with National Clearing Company of Pakistan Limited (NCCPL) and Central Depository Company of Pakistan Limited (CDC) to conduct awareness sessions to review In-house Financing. The first session is scheduled to be held on Thursday, 13th April, 2017 at PSX Auditorium, Karachi. Click here for more


Apr 9, 2017
Pak economy to grow 5pc over next two years due to CPEC: Moody’s

KARACHI: Pakistan’s economy has strengthened following successful completion of its three-year programme with International Monetary Fund (IMF) where the economy is expected to grow by 5 percent over the next two years because of China Pakistan Economic Corridor (CPEC) projects as infrastructure gaps may reduce through increased investment in transportation and power.

Willam Foster, analyst for Pakistan at Moody’s, said in an exclusive interview that fiscal deficits had narrowed, foreign exchange reserves had improved and there was advancement in some structural reforms.

Real GDP growth picked up to 4.7 percent in FY-2016 from 3.7 percent at the onset of the IMF programme in 2013. However, Pakistan’s growth potential is limited by the supply-constrained nature of the economy. Moving forward, we expect growth to increase to about 5.0 percent over the next two years as the China Pakistan Economic Corridor (CPEC) project begins to reduce infrastructure gaps through increased investment in transportation and power.

“One of the key weaknesses of Pakistan’s sovereign credit profile is the relatively high level of government debt and exposure to foreign currency risk,” Foster said. At about 67 percent of Gross Domestic Product (GDP) in FY-2016, Pakistan’s general government debt level is materially higher than that of B3-rated peers (which have a median debt level of about 50 percent of GDP).

Meanwhile, the foreign currency portion of outstanding government debt, at about 30 percent of total debt, exposes the government’s balance sheet to foreign exchange rate risk. Pakistan’s limited tax base restricts its ability to narrow fiscal deficits, while low savings and shallow capital markets hinder stable domestic financing of sizable budget deficits. Successful efforts by the government to address these issues would help strengthen the country’s sovereign credit profile.

Implementation of CPEC will, over time, address supply-side constraints through investment in transportation and power generation infrastructure, thereby bolstering Pakistan’s growth potential. However, security concerns and challenges to project coordination and government effectiveness will continue to present project implementation risks.

“We expect the general government debt-to-GDP ratio to remain near current levels over the next two years” Foster pointed. However, external debt interest payments will likely rise as a result of the financial inflows that will accompany CPEC projects. The near $50 billion China-funded investment deal to boost transportation and power infrastructure should gradually bolster Pakistan’s growth potential by reducing supply-side bottlenecks.

However, in addition to foreign direct investment inflows, project capital expenditure and imports will also be financed through external loans. As a result, debt levels may rise and interest payments on such debt would contribute to a steady increase in income outflows, thereby exacerbating the current account deficit.



Apr 7, 2017
Pakistan banks’ profits grow due to deposits, lending rise
April 16, 2017

ISLAMABAD, Apr 16 (APP): Commercial bank profits are rising in Pakistan on bigger volumes, enlarging transactions and growing businesses. Overall deposits of all commercial banks stood at Rs10,726.66 billion on March 3 according to the latest report by the State Bank of Pakistan (SBP), the central bank while deposits and other accounts of specialised banks stood at Rs71.07 billion.

Total assets of banks were at Rs14,941.67 billion, according to a report by Khaleej Times. Lending by banks rose, too, the SBP said. The gross advances of all scheduled banks stood at Rs5,502.81 billion in the first quarter of fiscal year 2017. Lending by banks in the same period was Rs4,835.19 billion, which was 13.8 per cent higher than the same period of fiscal year 2016.

Borrowing by all scheduled banks rose 2.8 per cent to Rs2,025.84 billion in fiscal year 2017, compared to Rs1,990.44 billion in fiscal year 2016. The central bank reports a much-awaited rise to Rs7,525.10 billion in investments by banks in fiscal year 2017, up from Rs7,039.33 billion in the past year. It shows a rise of 6.9 per cent.

The approved foreign exchange reserves with banks were Rs996.45 billion in March, compared to Rs923.4 billion, a year ago, which is higher by 7.9 per cent. All these statistics of the banking sector confirm a definite growth in all these sectors.

The report said that the economy is moving up at a good pace as stated by Finance Minister Ishaq Dar. During three-and-a-half years of the government of pro-business Prime Minister Nawaz Sharif the index has moved from around 35,000 to the current level – nearly a whopping one-third up.

The improving health of the Pakistani economy is also testified by international rating agencies and global stock market operators who have described the Pakistan Stock Exchange as “one of the top 10 emerging markets worldwide”. Besides other big foreign businessmen and financiers flocking to buy PSX shares, there is a growing interest of the investors from the UAE and China – part of which is related to the ongoing implementation of the $56 billion China-Pakistan Economic Corridor (CPEC).


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Apr 9, 2017
Rs9bn credit for Sialkot-Lahore motorway approved Economy| Neutral

ECC of the Cabinet on Friday approved the issuance of PKR9bn standby credit for the Sialkot-Lahore motorway, one-month salary to PSM employees and extension in incentives for exporters. In a meeting presided over by Finance Minister Ishaq Dar, the ECC also approved the allocation of a small gas field to Sui Northern Gas Pipelines Ltd (SNGPL) and transportation of crude from an oilfield. Click here for more

Weekly inflation eases 0.82pc Economy | Positive

The weekly inflation, measured through the Sensitive Price Index (SPI), dipped for the second consecutive week. Food items whose prices rose included potatoes 4.04%, chicken 1.72%, curd 0.38%, gur 0.28%, and pulse masoor 0.23%. Click here for more

Domestic debt servicing edges up to Rs792bn Economy | Negative

Despite a low interest rate, the government paid as much as Rs792 billion in servicing domestic debt in the 7MFY17 compared to Rs764bn in the SPLY. Click here for more

Reserves increase $193m Economy | Positive

Pakistan’s total liquid foreign exchange reserves amounted to $21.7 billion on April 7, up $193.6 million or 0.9 per cent from a week ago Click here for more

Govt plans to boost POL storage capacity Economy| Positive

The government is planning to increase the storage capacity for petroleum, oil and lubricants (POL) at the Keamari installation area to meet growing demand. The meeting, held at the PNSC building, was attended by officials of the Ministry of Defence, Pakistan Navy, oil marketing companies and refineries. Click here for more

Large scale manufacturing expands 8.04pc in Feb LSM| Positive

LSM sector posted a staggering 8.04% YoY growth for February, official data showed on Saturday, as the key industries, including automobiles, cement and steel, are showing recovery on soft interest rate, improved energy supplies and trade incentives. Automobile sector recorded the highest 34.1% growth in February over SPLY, followed by engineering products (23.81%), food, beverages and tobacco (15.5%), pharmaceutical (12.23%), iron and steel products (8.88%), coke and petroleum products (4.56%), non-metallic mineral products (2.05%) and textile sector (1.91%) Click here for more

Budget to be announced on May 26 Economy| Positive

The government has decided to announce the budget for FY18 on May 26. Click here for more

Rupee strengthens against euro Exports| Negative

In the local currency market last week, experts said the rupee may come under pressure due to a widening trade deficit. The rupee turned positive against the euro and posted 25paisa gain before closing the week at Rs112.00 and Rs113.50. Click here for more

Bank deposits increase Banks| Positive

Total assets of all scheduled banks stood at Rs15,378.98bn, higher by 2.30pc over preceding week’s figure of Rs15,034.64bn Click here for more

PM”s package for exporters: scope of DLTL expanded Leather| Positive

For export shipments until 31st March 2017 under the package, the ECC approved extension in deadline for submission of claims from 90 days to 120 days after every shipment. The ECC also approved inclusion of certain finished leather projects in the DLTL order under the package. Click here for more

ECC approves allocation of 10 mmcfd gas from Tolang field to SNGPL SNGPL| Positive

ECC) on Friday approved to allocate 10 mmcfd gas from Tolang Gas field to SNGPL, which would improve gas supply to all sectors including the power plants. Click here for more


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Apr 9, 2017
Raddul Fasaad has turned tables

Pakistan Army said yesterday that country has made considerable progress in the betterment of the security situation and announced surrender of a high-profile Taliban leader. A key leader of the defunct Tehreek-e-Taliban Pakistan (TTP) Ehsanullah Ehsan has voluntarily surrendered to the security forces of Pakistan, said Inter-Services Public Relations (ISPR) chief Maj-Gen Asif Ghafoor. The director general of military’s media wing told a press conference that the people of Pakistan and the state institutions have turned the tables on the terrorists.

Dialogue with India only option for peace

Pakistan on Monday told the United States that dialogue with India was the only option for regional peace. In a meeting with the US National Security Adviser Lt General H R McMaster here, Prime Minister Nawaz Sharif said that Pakistan was convinced that all issues with India could be resolved through talks. Sharif reiterated his firm conviction on sustained dialogue and meaningful engagement “as the only way forward to resolve all outstanding issues between India and Pakistan including the Kashmir dispute,” said a statement released by the PM’s office after the meeting.

FDI inflows grow 12.4pc in nine months

The net foreign direct investment (FDI) to Pakistan has increased by 12.4 percent to $1.6 billion during the first nine months of the current fiscal year, owing to improved confidence of foreign investors, which resulted in significant fall in repatriation of funds during the period. According to foreign investment data released by the State Bank of Pakistan (SBP) on Monday, the total FDI was at $1.6 billion during July-March 2016/17 as against $1.425 billion during the corresponding period of the last fiscal year.

Govt’s planned tax amnesty scheme to benefit growth: governor

The planned tax amnesty scheme for all sectors of the economy would encourage documentation and ensure growth in tax revenue, provincial governor said on Monday. Governor Sindh Muhammad Zubair said it is a wrong impression that the tax amnesty has only been announced for the capital market. “A tax amnesty scheme is under consideration, which will be growth oriented and for all sectors,” Zubair said at the Karachi Chamber of Commerce and Industry (KCCI). “A committee is considering all the aspects before finalising the incentive scheme. The scheme will (benefit) manufacturing and industrial (sectors) as well as the capital market.”

Total domestic debt Rs54tr since 2012, NA told

Since 2012, Pakistan’s total domestic debt is Rs54,325 billion, while Rs5,397 billion have been paid in terms of interest on domestic loans, the National Assembly was told on Monday. In a written reply, Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization Muhammad Ishaq Dar said that the total domestic debt was Rs54,325 billion, since January 1, 2012, however, it was constantly refinanced through new issuance in domestic debt market upon maturity.

Pakistan will miss growth target: WB

After the International Monetary Fund (IMF) and the Asian Development Bank (ADB), the World Bank too has projected that Pakistan will miss the economic growth target of 5.7 percent during the current fiscal year (FY2017). “The economy is projected to grow by 5.2 percent in FY2017,” the WB noted in its latest report “South Asia Economic Focus, Globalization Backlash”. On the demand side, the near-term growth outlook will primarily be supported by public and private consumption. Investment to GDP ratio will improve marginally due to CPEC and other public investment. On the supply side, impetus to growth is projected to come from services and the industrial sector. The services sector is expected to grow by 5.6 percent and the industrial sector is expected to grow by 6.1 percent in FY2017. After a weak performance in FY2016, the agriculture sector is expected to grow at 3.4 percent in FY2017.

Budgetary proposals Rs 1.8 trillion demands submitted under PSDP: Ahsan

Federal Minister for Planning, Development and Reform Ahsan Iqbal has said that various federal ministries and divisions have submitted Rs1.8 trillion demands as budgetary proposals for various development schemes under the Public Sector Development Programme for 2017-18 budgets. Addressing a press conference here on Monday Ahsan Iqbal expressed the confidence that Pakistan will be amongst the top 20 leading economies of the world by 2030 and the government is making all-out efforts to achieve the milestone. The minister said energy shortage has reasonably been overcome and 10,000 megawatt of additional electricity will be added to the national grid by May next year. He said availability of additional electricity will certainly give an impetus to Pakistan's economy and industrialisation in the country. Iqbal said projects in energy, infrastructure and port development would provide a base to industrialization in the country.

3,600MW electricity will be added to grid by next month, says Ahsan Iqbal

Minister for Planning, Development and Reforms Ahsan Iqbal on Monday said some 3,600MW of electricity would be added to the national grid by next month, which would help reduce energy shortfall in the country. Addressing a press conference, he said a total of 10,000 MW of electricity would be added to the grid by May 2018, bridging the entire gap in demand and supply. He said the PML-N government had made a record investment in the energy sector. Such investment had not been seen in the sector for the last 15 years and production of only 16,000 megawatt of electricity was made possible during 66 years, he noted. After completion of projects, uninterrupted power supply would be available, which would start a new of era of development in industry, agriculture and services sectors, he added.

CPEC is at take-off stage: Chinese envoy

China’s Deputy Chief of Mission Zhao Lijian said on Monday that the China Pakistan Economic Corridor (CPEC) was at the take-off stage under which several projects including Sahiwal power project, Port Qasim power project and four wind power projects would be completed this year under the Early Harvest Programme (EHP). “China has elevated 700 million out of poverty by achieving higher growth for 30 years and now we will share our experience with Pakistan for lifting out people from poverty. The CPEC is under implementation at accelerated pace out of six corridors being built by China in different parts of the country,” China’s Deputy Chief of Mission in Pakistan Zhao Lijian said while addressing a seminar organised by the Center for Global & Strategic Studies (CGSS), Islamabad, here at the National Library Auditorium on Monday.

PSX plans crowdfunding platform for tech start-ups

Pakistan Stock Exchange (PSX) on Monday signed an agreement with the Punjab Information Technology Board (PITB) to develop an online platform, enabling technology start-ups to raise capital from the bourse. Under the memorandum of understanding (MoU), PITB will share its database of registered start-ups with PSX so that the tech start-ups can sign up online on the ‘PSX Private Market’ aimed at bringing together start-ups and investors.

KP govt seals 11 deals with Chinese firms

The Khyber Pakhtunkhwa (KP) government on Monday signed 11 memorandums of understanding (MOUs) with different Chinese companies for the construction of various projects under the China-Pakistan Economic Corridor (CPEC) framework. "We have set the stage to begin the journey of industrialisation in the KP and we need support of our "Iron Brothers" to put the province on the path of development and economic growth," Pervez Khattak, chief minister KP, said while addressing the signing ceremony.


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Apr 9, 2017
KP, Chinese firms sign 11 agreements Economy | Positive

KPK government on Monday signed 11 MoUs with Chinese companies for development projects in the province under the CPEC. These projects are related to CPEC Tower, construction of a new bus terminal at Chamkani, Ring Road missing link, Health City at Regi Model Town, and Commercial and Residential Reconstruction Centre. Click here for more

FDI registers 12pc growth Economy| Positive

FDI increased 12.4% YoY in the first three quarters of 2016-17 mainly because of heavy inflows from China. Click here for more

APL’s profit rises 83pc APL | Positive

APL logged in an after-tax profit of Rs4.36 billion for the nine months ended March 31, a year-on-year growth of 83 per cent. Earnings per share (eps) rose to Rs52.56 from Rs28.65. Click here for more

Electricity shortfall widens to 6,000MW Economy | Negative

The electricity shortfall surged once again to about 6,000 megawatts on Monday as temperatures rose to 46-47 degrees Celsius in most of the southern region, resulting in unscheduled load shedding of 12-16 hours. Click here for more

Rs1.8tr sought for next year’s development budget Economy | Positive

The Planning Commission has received a demand of Rs1.8 trillion from various ministries and agencies for next year’s development schemes, but the commission was proposing Rs1tr for the public sector development programme (PSDP) of 2017-18 Click here for more

SC reserves verdict in Orange Line Train project Economy| Neutral

SC on Monday reserved the judgment in the Orange Line Metro Train project case and directed the counsel for NESPAK to file a rejoinder to an architect’s report. Click here for more

PSX plans crowdfunding platform for tech start-ups PSX| Positive

PSX on Monday signed an agreement with the Punjab Information Technology Board (PITB) to develop an online platform, enabling technology start-ups to raise capital from the bourse. Click here for more

Pakistan will miss growth target: WB Economy| Negative

After the International Monetary Fund (IMF) and the Asian Development Bank (ADB), the World Bank too has projected that Pakistan will miss the economic growth target of 5.7 percent during the current fiscal year (FY2017). The IMF in its latest report had observed Pakistan’s GDP growth at 5 percent for the FY2017. The Asian Development Bank (ADB) had also projected Pakistan’s economic growth at 5.2 percent for the current fiscal year. Click here for more

Govt’s planned tax amnesty scheme to benefit growth: governor Economy| Positive

The planned tax amnesty scheme for all sectors of the economy would encourage documentation and ensure growth in tax revenue Click here for more

SBP bans recreational trips of bankers Banks| Neutral

SBP has banned recreational trips of bankers and directed the banks to formulate foreign travel policy for their staff. Click here for more

State Bank suggests amendments to policy on used cars’ import, WHT Banks | Autos | Positive

SBP has proposed amendments to policy on import of used cars to stop misuse of the scheme, waiver of advance tax on cash withdrawals/online transfers and exemption to vulnerable groups, ie, widows, pensioners, retirees, farmers and students, etc, from payment of withholding tax on cash withdrawal from banks or increase in threshold up to Rs 100,000. Click here for more

Domestic debt: Rs 5,397 billion interest on loans paid: Dar Economy| Neutral

The government paid Rs 5,397 billion interest on the total domestic debt amounting to Rs 54,325 billion matured since January 2012 while the domestic debt of around Rs 11,075 billion will mature over the next three years based on outstanding as at end-December 2016. Click here for more



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Apr 9, 2017
IMF projects stable growth in Pakistan Economy | Positive

The IMF projected on Tuesday that Pakistan’s economy will continue to grow at a healthy pace in 2017 and 2018. In Pakistan, a broad-based recovery is expected to continue at a healthy pace, with growth forecast at 5pc in 2017 and 5.2pc in 2018, supported by ramped-up infrastructure investment,” Click here for more

WHT rates to go further up for non-filers Economy| Positive

The government is set to increase the rates of 56 WHTs for non-filers of income tax returns in the next fiscal year. The PML-N government has imposed 20 new WHTs since June 2013 while increasing the rates for non-filers on the pretext of improving tax compliance. Click here for more

Housing finance regulations amended Economy | Neutral

SBP amended prudential regulations for housing finance on Tuesday. Housing finance surpassed Rs10 billion in the first half of the current fiscal year, which is indicative of significant growth. Housing finance up to Rs10 million should be subject to the assessment of the property by at least one valuator listed on the PBA-approved panel. Housing finance of more than Rs10m should be subject to the assessment of the property by at least two valuators listed on the PBA-approved panel. However, properties valuing up to Rs3m should not be subject to the assessment by a valuator. Click here for more

NHA awards Rs9bn contract under CPEC Economy | Neutral

NHA on Wednesday awarded a contract of over Rs9 billion for the fifth and last section of the CPEC western route. Click here for more

Sahiwal coal plant to start generation in May Power| Positive

Sahiwal coal-fired power plant would start its generation in the third week of May 2017, the Punjab Power Development Board spokesman said here on Tuesday. The first unit of the plant would start generating 660 MW electricity next month while the plant would be fully operational with total capacity of 1320 MW in June 2017 Click here for more

NA body asks govt to cut GST by 2pc Economy| Positive

National Assembly’s Standing Committee on Finance and Revenue on Tuesday recommended the government to reduce the standard rate of GST by two percent to facilitate people and also to impose 0.5 percent wealth tax. Click here for more

Engro Polymer posts profit EPCL| Positive

EPCL has announced a net profit of Rs845.886 million for the nine months period ended March 30, 2017, a mammoth surge against the profit of Rs17.828 million in the SPLY. Click here for more

SECP moves court against Darson Securities Economy| Negative

SECP has yet again moved a court against another brokerage and its clients for manipulating share prices and volume involving at least Rs14 million. Click here for more

GoP considering withdrawing bank's special tax regime Economy| Positive

The GoP is considering withdrawing its special income tax regime in the new budget , aimed at drawing an additional PKR 40bn from the next fiscal year. Click here for more

Ministry aims for USD 6bn software exports by 2020 IT exports| Positive

Govt has target upto USD 6bn per annum in Pakistan’s exports by 2020. At present exports amount to USD 2.7bn. Click here for more

Political News

Panamagate case: verdict tomorrow at 2pm

Supreme Court of Pakistan will announce its verdict on the Panamagate case on Thursday (tomorrow) at 2:00pm. A five-member larger bench of the Justice Asif Saeed Khan Khosa reserved the judgement in the matter on February 23, announcement of which after 57 days is supposed to have far-reaching consequences being a historic decision. Petitioner parties and Pakistan Muslim League (Nawaz) have signalled confidence in the apex court in the matter by accepting the upcoming court decision. Click here for more


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Apr 9, 2017
21 April 2017

Economy News

Amreli Steels eyes major boost in production capacity ASTL | Positive

Amreli Steels Limited, a country’s leading steelmaker, on Thursday unveiled its plan to increase its annual production capacity of reinforcement bars to 750,000 tonnes within the next two years. The phase-II expansion plan is in addition to the current phase-I expansion, already being carried out by the company and is expected to come online later this year. Click here for more

Forex reserves down to $21.568bln Economy| Negative

The foreign exchange reserves of the country declined $176 million to $21.568 billion by the week ended April 14 as against $21.744 billion in the preceding week Click here for more

Package for rapid industrialisation finalised Economy | Neutral

The Board of Investment (BoI) has finalized an incentive package to promote rapid industrialization. The government will provide subsidy on inland freight from port to destination and mark up support will also be provided, the official said. The policy will also encourage and facilitate transfer of technology, he added. Click here for more

Govt, FPCCI negotiating two percent cut in sales tax Economy | Positive

The government and business community are discussing to reduce sales tax by two percent to 15 percent from the existing 17% to provide relief to the masses and bring more industrial units into the tax net Click here for more

‘Pakistan, China sign 40-year deal for Gwadar Port operations’ Economy| Neutral

Pakistan has signed a 40-year agreement with China for the Gwadar Port operations. As per the concession agreement, China Overseas Port Holding Company (COPHC) has 91 percent share of revenue collection from the gross revenue of the terminal and marine operations and 85percent share from gross revenue of free zone operation Click here for more

Haleeb wants government to withdraw ST, RD on dairy industry Dairy| Positive

COO Haleeb Foods MK Lodhi termed addition of sales tax to the cost of packaged milk and imposition of 25 percent regulatory duty on import of skimmed milk products (SMP) announced in the budget 2016-17 as a big burden on the industry and urged the government to withdraw it to bring down the increasing cost of doing business in this sector. Click here for more

PIA to start daily flight for London from 25th PIAA| Positive

PIA is going to start daily flight for London from Pakistan from April 25. Two of these flights, on Wednesdays and Sundays, would be operated directly from Karachi. Click here for more

Pakistan can export ‘€20b dairy products’ to Europe Dairy| Positive

Pakistan’s dairy sector has the potential to promote €20 billion exports of dairy products to Europe and other countries if the country develops this sector on modern lines. Click here for more

Plastic expo starts today at Karachi Expo Dairy| Positive

Three-day Pak Plas - The International Exhibition of Plastic Machinery, Equipment, Raw Material & Technology having participation of around 80 national and international leading brands will commence today (Friday) April 21st at Karachi Expo Centre. Click here for more

Super-tax could be extended for another year Businesses| Negative

The Super-Tax enacted in 2015 to meet the expenditures of the Armed forces during the Operation Zarb-e-Azb is poised to be extended for another year, according to FBR officials. Back then, it was supposed to generate funds for the rehabilitation of the population displaced by the operation and was implemented for only a year in the budget of the fiscal year 2014-15. The incumbent authorities have no plans to withdraw the Super-Tax for the upcoming financial year 2017-18. Click here for more