Pakistan Economy

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xResearch

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Apr 9, 2017
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PSEs’ debt surges 45 percent to Rs823 billion in FY17
Debt of public sector enterprises (PSEs) climbed 44.8 percent to Rs822.8 billion during the last fiscal year of 2016/17, the central bank’s data showed on Friday. PSEs’ debt amounted to Rs568.1 billion during the fiscal 2015/16, the State Bank of Pakistan’s (SBP) figures revealed. Such debts were equal to 2.6 percent of gross domestic product (GDP) in FY2017.
https://www.thenews.com.pk/print/231841-PSEs-debt-surges-45-percent-to-Rs823-billion-in-FY17

LNG imports from Qatar reach 500mmcfd/year
Pakistan is importing around 500 mmcfd Liquefied Natural Gas (LNG) from Qatar every month to meet its energy requirements, sources said on Friday. “Presently, five cargoes with a capacity of around 140,000 cubic meters LNG, which translates into 500 million cubic feet per day (mmcfd) gas, are being imported from Qatar on a monthly basis,” officials in the petroleum division of ministry of energy told Associated Press of Pakistan (APP).
https://www.thenews.com.pk/print/231843-LNG-imports-from-Qatar-reach-500mmcfdyear

Money Market: Bank borrowings decrease by 4.81pc
ACCORDING to the weekly statement of position of all scheduled banks for the week ended September 08, 2017 deposits and other accounts of all scheduled banks stood at Rs11,593.328 billion after a 0.60 per cent decrease over the preceding week’s figure of Rs11,661.904bn. Compared with last year’s corresponding figure of Rs10,144.515bn, the current week’s figure was higher by 14.28pc.
https://www.dawn.com/news/1359912/money-market-bank-borrowings-decrease-by-481pc

Package for textile sector soon: Minister
The federal government on Saturday said that it would announce an incentives package for the textile sector to boost tumbling exports. “A new package will soon be announced to enhance the country's exports,” said Minister for Commerce and Textile Pervaiz Malik while talking to media after inaugurating an office of All Pakistan Textile Mills Association (APTMA) in Islamabad. He further said that was an important sector and it will be fully supported. “The government is reviewing the Prime Minister’s incentives package, which had not yielded positive results for enhancing exports of the country,” the minister said. The government would give incentives and reduce the cost of production to boost the tumbling exports of the country. The minister said efforts are also afoot to enhance the cotton production by focusing on cotton research in collaboration with All Pakistan Textile Mills Association.
http://nation.com.pk/business/24-Sep-2017/package-for-textile-sector-soon-minister

Power tariff hike to hit KP industries hard
Sarhad Chamber of Commerce and Industry (SCCI) has termed the proposed increase in electricity tariff by the National Electric Power Regulatory Authority (NEPRA) as unjust decision, which would hit inflation-hit people and business community hard, and demanded to withdraw this decision forthwith. In a statement issued here on Saturday, SCCI president Haji Afzal said that there was no justification of increase in electricity tariff due to prolonged power suspension, outages, and voltage issue. He said the electricity is being supplied on high rate in province, while electricity was produced at low cost.
http://nation.com.pk/business/24-Sep-2017/power-tariff-hike-to-hit-kp-industries-hard

Govt plans regulatory body for upstream petroleum sector
Amid strong opposition from three smaller provinces, the federal government is planning to establish an independent upstream petroleum-sector regulator to regulate oil and gas exploration and production across the country. The move comes on the advice of the World Bank that believes a centralised upstream regulator for the countrywide standardised exploration and production principles and practices will help avoid duplicity and contradictory approaches. It will act as a specialised department of the federal government through the Directorate General of Petroleum Concessions (DGPC).
https://www.dawn.com/news/1359491/govt-plans-regulatory-body-for-upstream-petroleum-sector

Share of short-term public debt rises to mammoth Rs6.6tr
The share of short-term public debt in total domestic debt has spiked to 44.2% or Rs6.6 trillion by the end of June, increasing rollover and re-financing risks for Pakistan. The development comes as commercial banks discourage the federal government from seeking long-term loans due to uncertain economic conditions in the future.
https://tribune.com.pk/story/1514761/share-short-term-public-debt-rises-mammoth-rs6-6tr/

As economy weakens, govt mulls cutting tax for agri sector
As the country faces major economic challenges, the government has decided to prioritise the agriculture sector by cutting taxes on agricultural products and increasing access to bank loans, officials said on Friday. They said that the cabinet, after a meeting, has directed the Ministry of National Food Security and Research to come up with a plan in this regard.
https://tribune.com.pk/story/1513902/economy-weakens-govt-mulls-cutting-tax-agri-sector/

Government injects Rs 64 billion into PDFL
The government has injected Rs 64 billion into Pakistan Development Fund Limited (PDFL), previously known as Infrastructure Project Financing Facility, in 2016-17 for acquiring shares of the government-owned companies. The amount was transferred to the PDFL from $ 1.5 billion grant provided by Saudi Arabia in 2013-14, according to the Finance Ministry brief presented to the Senate Standing Committee on Finance on Thursday last. The Finance Division stated that the government received a grant of $ 1.5 billion from a friendly country (Saudi Arabia) in two tranches of $750 million each.
http://fp.brecorder.com/2017/09/20170924220883/
 

xResearch

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Apr 9, 2017
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#72
Nawaz to appear before court today
Leaders of Pakistan Muslim League-Nawaz (PML-N) Mushahidu-llah Khan and Asif Kirmani Monday said former prime minister Nawaz Sharif will appear before accountability court in Islamabad on Tuesday (today). Talking to mediapersons, Khan and Kirmani lambasted Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan saying that Imran is an immature and a non-serious person and, therefore, no one is taking his statements seriously.
http://fp.brecorder.com/2017/09/20170926221229/

Second LNG terminal delayed for third time
Pakistan LNG Terminal Limited (PLTL) is presently under alleged government pressure to waive $50 million penalty it has imposed on the contractor for delaying the completion of the country’s second LNG terminal at Port Qasim. The PLTL—a public sector entity being run under control of the Ministry of Energy (Petroleum Division)—is supervising the LNG terminal project being client while the Pakistan GasPort Consortium Limited (PGPC) is executing this as contractor.
https://www.dawn.com/news/1360061/second-lng-terminal-delayed-for-third-time

Pakistan guns to complete China FTA by December
Delegations from both countries met in Beijing on Sept 14 for the eighth round of negotiations on the FTA. Pakistan now hopes to have a final agreement to sign before the end of the year. “We have asked for 70 exportable items to be zero-rated immediately,” said the official, who did not wish to speak for attribution due to the sensitivity of the negotiations. The items include textiles, particularly cotton yarn and readymade garments, as well as leather, food and fisheries items.
https://www.dawn.com/news/1360060/pakistan-guns-to-complete-china-fta-by-december

Oil imports surge 35pc to $2bn
The country’s oil import bill rose nearly 35 per cent year-on-year to $2.03 billion in the first two months of this fiscal year. The share of oil in Pakistan’s total import bill in the July-Aug period was 21pc, which is putting more pressure on the country’s balance of payments. Official figures compiled by the Pakistan Bureau of Statistics (PBS) show that import of petroleum products went up 19pc in value. However, 58pc growth was recorded in terms of quantity of petroleum products.
https://www.dawn.com/news/1360058/oil-imports-surge-35pc-to-2bn

OGDCL discovers gas in Sindh
Oil and Gas Development Company Ltd (OGDCL) has discovered gas and condensate from its exploratory well Tando Allah Yar South West 1, which is located in Hyderabad district. In a press release on Monday, the company said it is the operator in this joint venture having 95 per cent working interest. The remaining 5pc rests with Government Holdings Ltd.
https://www.dawn.com/news/1360051/ogdcl-discovers-gas-in-sindh

Oil hits highest since July 2015
Oil prices hit a more than two-year high on Monday after major producers said the global market was on its way towards rebalancing, while Turkey threatened to cut oil flows from Iraq’s Kurdistan region toward its ports. The November Brent crude futures contract was up $1.51, or 2.5 per cent, at $58.37 a barrel by 11:33 am EDT (1533 GMT), its highest since July, 2015.
https://www.dawn.com/news/1360045/oil-hits-highest-since-july-2015

Sugar export: subsidy to be shared by governments
The Economic Co-ordination Committee (ECC) of the Cabinet has decided that subsidy of Rs 5 billion on export of 0.5 million tons of sugar will be shared by federal and provincial governments on a 50:50 basis. Giving the background, the sources in Commerce Ministry told Business Recorder that ECC on December 28, 2016, March 28, 2017 and July 18, 2017 had allowed sugar exports of 0.225 million metric tons (MMT) with April 30, 2017 as deadline, 0.200 MMT with July 31, 2017 as deadline and 0.300 MMT without any deadline subject to a common condition that "in case domestic sugar price stability as compared to December 15, 2016, was not maintained the committee would immediately recommend to the ECC for stoppage or further exports"
http://fp.brecorder.com/2017/09/20170926221242/

Rs141.17b released for uplift projects under PSDP
The government has released over Rs 141.17 billion under its Public Sector Development Programme (PSDP) for the fiscal year 2017-18 for various ongoing and new schemes against their total allocations of Rs.1001 billion. The released funds include Rs 37.638 billion for federal ministries and Rs 15.316 billion for special areas, according to latest data of Ministry of Planning, Development and Reform. Out of these allocations, Rs 2.6 billion have been released for Communication Division (other than National Highway Authority) for which the government has earmarked Rs 13.66 billion under PSDP 2017-18.
http://nation.com.pk/business/26-Sep-2017/rs14117b-released-for-uplift-projects-under-psdp
 

ACA

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Apr 9, 2017
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#73
ECC takes sweeping measures to tackle growing deficits Tiles | Tyres | Positive
The government decided on Friday to impose regulatory duties on up to 250 items. The official said that about 230-240 items, like shampoos, second-hand cars, tyres, mobile phones, electronic goods other than computers, tiles and garments, would attract additional duties. Click here for more

Fertiliser makers for export deadline extension Fertilizer| Neutral
Manufacturers on Friday urged the government to extend the deadline for fertiliser export from Oct 31 to Dec 31 and release subsidies announced in the budget 2015. Click here for more

PNSC eyes marine services business PNSC| Positive
Pakistan National Shipping Corporation (PNSC) is looking to enter the marine services business, official sources told Dawn on Saturday. Click here for more

PM Abbasi says 100 percent gas replenishment ratio achieved E&P| Positive
Prime Minister Shahid Khaqan Abbasi on Saturday said the present government has managed to attain over 100 percent gas replenishment ratio to ensure energy security in the country. Click here for more

PM inaugurates project to up gas production at Kandhkot gas field PPL| Positive
Prime Minister Shahid Khaqan Abbasi Saturday inaugurated a project to enhance the production of gas from Kandhkot Gas Field as another step forward to overcome the energy shortage in the country. Click here for more

Euro Oil to open 300 retail stations in Pakistan Oil| Positive
The logo and pump design of Euro Oil, a new oil marketing company venturing into Pakistan market, was unveiled in a graceful event held at a local hotel. The company announced to open 300 retail stations in Pakistan over the next three years and also to open up stand-alone lubricant stations in collaboration with Gazprom, one of the world’s largest oil companies. Click here for more

ECC deregulates margins on HSD for OMCs, dealers OMCs| Positive
ECC of the Cabinet on Friday approved a proposal to deregulate the margins on High-Speed Diesel (HSD) for the OMC and dealers under the policy of liberalisation and deregulation. Click here for more

Weekly inflation up by 0.28pc Economy| Neutral
The weekly inflation for the week ended on October 05 for the combined income groups increased by 0.28 percent as compared to the previous week. Click here for more

ECC takes major decision on PM”s export package Textiles| Positive
A meeting of the ECC chaired by Prime Minister Shahid Khaqan Abbasi on Friday considered the proposal of Commerce Ministry with respect to Prime Minister''s Export Package and decided that the remaining 50 percent of the rate of incentive would be provided if the exporter achieves an increase of 10 percent or more in exports as compared to the corresponding period of the last year. Click here for more

6052 megawatts furnace oil-fired plants: Conversion into LNG still quite far away FO| Negative
Ministry of Energy (Power Division and Petroleum Division) has reportedly prepared an interim plan on conversion of 6052MW power plants-Gencos and IPPs-from furnace oil into Liquefied Natural Gas (LNG) by the end of 2019. However, the CCoE deferred the plan on the request of Petroleum Division as an additional analysis was required to finalise figures, the sources added. According to an estimate, Pakistan could save $6-8 billion in four years by running Bhikki-type plant on RLNG in comparison to the current furnace oil-based power generation. Click here for more

Political News

Maryam returns today to face court
After about 20 days' stay in London, Maryam Safdar, the daughter of disqualified prime minister Nawaz Sharif, is set to return home today (Sunday) to appear before an accountability court in graft cases. Maryam, who left for London on September 18 Click here for more

Justice Iqbal made NAB chairman
Former Justice Javed Iqbal has been appointed as Chairman of the National Accountability Bureau (NAB) for four years and the federal government issued a notification in this connection on Sunday. The appointment has been made in consensus of the federal government and the Leader of Opposition in National Assembly Syed Khursheed Shah. The incumbent chairman NAB, Qamar Zaman Chaudhry, is retiring on October 10 after the completion of his four-year tenure. Click here for more

Nawaz’s son-in-law Safdar arrested on return to Pakistan
Former Prime Minister Nawaz Sharif’s son-in-law Muhammad Safdar have been arrested from Benazir International Airport by a special six-member NAB team. Click here for more

International News

Asian Markets Mostly Higher
Asian stock markets are mostly higher on Monday, with Chinese shares rising more than 1 percent as mainland markets resumed trade after the week-long "Golden Week" holidays. Click here for more
 

xResearch

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Apr 9, 2017
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#74
ECC for reversing widening trade deficit trend
The Economic Co-ordination Committee (ECC) of the Cabinet has directed Federal Board of Revenue (FBR) to impose and increase Regulatory Duty (RD) on around 300 non-essential items aimed at reversing the widening trade deficit trend, well informed sources told Business Recorder.
https://fp.brecorder.com/2017/10/20171017226763/

PM for expediting efforts for 2 mega dams construction
Prime Minister Shahid Khaqan Abbasi on Monday directed the Ministry of Water Resources to expedite efforts for construction of Diamer-Bhasha and Mohmand dams. He also directed that financing strategy for Diamer-Bhasha dam should be brought before the Council of Common Interests (CCI) for approval.
http://nation.com.pk/business/17-Oct-2017/pm-for-expediting-efforts-for-2-mega-dams-construction

Railways revenue increased to Rs40b in 2016-17
Pakistan Railways (PR) income increased to Rs40 billion in 2016-17, (Rs4.53 billion more than the target), which was only Rs18 billion in 2012-13, said Railways Minister Khawaja Saad Rafique.
http://nation.com.pk/business/17-Oct-2017/railways-revenue-increased-to-rs40b-in-2016-17

No plans to go to IMF for bailout package: Dar
Finance Minister Senator Ishaq Dar Monday said that government was making all out efforts to achieve six per cent growth rate target, and assured that the government had no plan to go to the International Monetary Fund (IMF) for any bailout package.
http://nation.com.pk/business/16-Oct-2017/no-plans-to-go-to-imf-for-bailout-package-dar

WB lowers Pakistan’s external financing needs
The World Bank said on Monday that Pakistan’s external financing needs in 2017-18 were $17 billion and not $31bn, which was wrongly deduced from one of its previous reports
https://www.dawn.com/news/1364333/wb-lowers-pakistans-external-financing-needs

CPEC embarks on second phase of industrial cooperation
Pakistan and China are venturing into a second phase of industrial cooperation under the multibillion dollars-CPEC as energy projects near completion, a Chinese emissary said on Monday.
https://www.thenews.com.pk/print/237412-CPEC-embarks-on-second-phase-of-industrial-cooperation

SNGPL”s losses stand at eight percent, Senate panel told
The Managing Director of Sui Northern Gas Pipelines Limited (SNGPL) claimed Monday that the company''s overall losses, including technical losses and theft, are around 8 percent. While briefing a meeting of the Senate Standing Committee on Energy, chaired by Senator Nisar Muhammad, SNGPL MD Amjad Latif maintained that there are 4 percent technical losses while 4 percent losses are on account of theft.
https://fp.brecorder.com/2017/10/20171017226781/
 

xResearch

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Apr 9, 2017
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AHL Research
18 October 2017


As per the notification released by Federal Board of Revenue (FBR), the gov’t has notified regulatory duty (RD) on 731 items via S.R.O (I) 2017 in line with the directive of the Economic Coordination Committee (ECC) meeting held last week. According to our findings, a total of 201 items have been newly included in the list of RD by an average duty imposed in the range of 2.0% – 60.0%. Moreover, on 163 items, RD has been revised upwards within the bracket of 5.0% to 45.0%.

In broader view, to curtail imports, reduce current account deficit (CAD) and protect local industry, the gov’t emphasized on the following major sectors:
  1. Food including wheat, fruits, vegetables, nuts, juices and aerated water
  2. Fast moving consumer goods (FMCGs) including shampoo, toothpaste and toothbrush
  3. Cosmetics
  4. Electronics including home appliances and mobile phones
  5. Automobiles
  6. Textile and apparel including leather garments
  7. Footwear
  8. Furniture
We believe that imposition of RD on above mentioned items will not only generate additional revenue for the gov’t but will also discourage imports and enhance domestic production. Our initial estimates suggest that gov’t is expected to generate an additional revenue to the tune of PKR 25-30bn. We highlight the incremental and new RD alongside key listed beneficiaries over the next few pages.
 

xResearch

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Apr 9, 2017
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October 17, 2017

US drone kills five near Afghan border

A US drone killed five people in an attack on a compound in northwestern tribal region Monday, officials said. At least four missiles were fired during the strike in the Kurram tribal district close to the Afghan border, according to officials.
https://fp.brecorder.com/2017/10/20171017226775/

PTI chief decides to appear before ECP
After over a year-long reluctance to appear before the Election Commission of Pakistan (ECP) in a contempt case, Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan has finally decided to voluntarily appear before the Commission on October 26
https://fp.brecorder.com/2017/10/20171017226746/

Army chief has right to comment on economy: PM
Prime Minister Shahid Khaqan Abbasi said a military chief has the right to discuss or comment on the economic condition of the country. He was commenting on the recent controversy which started following Gen Qamar Bajwa's remarks during a seminar on economy.
http://nation.com.pk/national/17-Oct-2017/army-chief-has-right-to-comment-on-economy-pm

ECP to scrutinize PTI’s funding details
Election Commission of Pakistan (ECP) Monday decided to scrutinize party funding documents submitted by Pakistan Tehreek-e-Insaf (PTI) until Islamabad High Court gives a verdict in the case. PTI's lawyer Saqlain Haider informed Chief Election Commissioner former Justice Sardar Raza Khan during hearing of the foreign funding case that Islamabad High Court will hear the same case on December 5.
https://fp.brecorder.com/2017/10/20171017226788/

QCG discusses Afghan peace efforts
Representatives from four nations - Pakistan, Afghanistan, the United States and China on Monday met in Muscat, the capital of Oman, after 16 months to discuss the Afghan peace process.
https://fp.brecorder.com/2017/10/20171017226798/

KP initiates work on several hydel projects of 4000 megawatt capacity
Several hydel power projects of generation capacity of 4000MW had been initiated in Khyber Pakhtunkhwa. The completion of these ongoing energy projects, besides, earning billions of rupees' revenue and strengthening of provincial economy will also generate new employment opportunities and usher a new era of progress and development in the province. https://fp.brecorder.com/2017/10/20171017226845/

ECC for reversing widening trade deficit trend
The Economic Co-ordination Committee (ECC) of the Cabinet has directed Federal Board of Revenue (FBR) to impose and increase Regulatory Duty (RD) on around 300 non-essential items aimed at reversing the widening trade deficit trend, well informed sources told Business Recorder.
https://fp.brecorder.com/2017/10/20171017226763/

PM for expediting efforts for 2 mega dams construction
Prime Minister Shahid Khaqan Abbasi on Monday directed the Ministry of Water Resources to expedite efforts for construction of Diamer-Bhasha and Mohmand dams. He also directed that financing strategy for Diamer-Bhasha dam should be brought before the Council of Common Interests (CCI) for approval.
http://nation.com.pk/business/17-Oct-2017/pm-for-expediting-efforts-for-2-mega-dams-construction

Railways revenue increased to Rs40b in 2016-17
Pakistan Railways (PR) income increased to Rs40 billion in 2016-17, (Rs4.53 billion more than the target), which was only Rs18 billion in 2012-13, said Railways Minister Khawaja Saad Rafique.
http://nation.com.pk/business/17-Oct-2017/railways-revenue-increased-to-rs40b-in-2016-17

No plans to go to IMF for bailout package: Dar
Finance Minister Senator Ishaq Dar Monday said that government was making all out efforts to achieve six per cent growth rate target, and assured that the government had no plan to go to the International Monetary Fund (IMF) for any bailout package.
http://nation.com.pk/business/16-Oct-2017/no-plans-to-go-to-imf-for-bailout-package-dar

WB lowers Pakistan’s external financing needs
The World Bank said on Monday that Pakistan’s external financing needs in 2017-18 were $17 billion and not $31bn, which was wrongly deduced from one of its previous reports
https://www.dawn.com/news/1364333/wb-lowers-pakistans-external-financing-needs

CPEC embarks on second phase of industrial cooperation
Pakistan and China are venturing into a second phase of industrial cooperation under the multibillion dollars-CPEC as energy projects near completion, a Chinese emissary said on Monday.
https://www.thenews.com.pk/print/237412-CPEC-embarks-on-second-phase-of-industrial-cooperation

SNGPLs losses stand at eight percent, Senate panel told
The Managing Director of Sui Northern Gas Pipelines Limited (SNGPL) claimed Monday that the company''s overall losses, including technical losses and theft, are around 8 percent. While briefing a meeting of the Senate Standing Committee on Energy, chaired by Senator Nisar Muhammad, SNGPL MD Amjad Latif maintained that there are 4 percent technical losses while 4 percent losses are on account of theft.
https://fp.brecorder.com/2017/10/20171017226781/
 

xResearch

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October 18, 2017

‘Subsidy on DAP fertilizer being provided to 5.2 millions farmers in Punjab’

A spokesman for Agriculture Department has said that under Khadam-E- Punjab Kissan package, the government is providing subsidy on DAP fertilizer to 5.2 million farmers in the province in the form of vouchers which will be sealed in the bag of DAP fertilizer.

https://fp.brecorder.com/2017/10/20171018227099/

Oil market nervous on Iraq-Kurdistan crisis

An escalating crisis between the Iraqi government and Kurdish separatists is threatening the supply of oil and could push up prices, analysts warned on Tuesday. Conflict would hit oil exports from Iraqi Kurdistan, currently estimated at around 650,000 barrels per day

https://www.dawn.com/news/1364437/oil-market-nervous-on-iraq-kurdistan-crisis

Borrowing for budgetary support goes up 27pc

Borrowing by the government for budgetary support increased 27 per cent year-on-year in the first 98 days of 2017-18, the State Bank of Pakistan (SBP) reported on Tuesday.

https://www.dawn.com/news/1364444/borrowing-for-budgetary-support-goes-up-27pc

Neelum Jhelum Hydropower's water filling reservoir starts

The strategically important 969 MW-Neelum Jhelum Hydropower Project (NJHP) achieved a major milestone, as water filling has been started today in the reservoir subsequent to the substantial completion of the dam.

http://nation.com.pk/national/17-Oct-2017/milestone-achieved-water-filling-in-neelum-jhelum-hydropower-project-s-reservoir-commences

Pak-Thailand FTA to be signed in January 2018

A free trade agreement (FTA) between Pakistan and Thailand will be signed on January 15, to focus on enhancing bilateral trade between the two countries.

https://www.thenews.com.pk/print/237730-Pak-Thailand-FTA-to-be-signed-in-January-2018

Cotton exports reach 145,886 bales in October

The country exported around 145,886 cotton bales during the first week of the current month compared to 67,391 bales sold overseas in the same period last year, data released by the Pakistan Cotton Ginners Association (PCGA) showed on Tuesday.

https://www.thenews.com.pk/print/237714-Cotton-exports-reach-145886-bales-in-October

EU expands list of Pakistan’s products eligible for tax concessions

European Union (EU) conferred a couple of more Pakistani products with a duty-free access under the generalised scheme of preferences (GSP) Plus status after the government took measures to improve its compliance with human rights standards, officials said on Tuesday.

https://www.thenews.com.pk/print/237709-EU-expands-list-of-Pakistans-products-eligible-for-tax-concessions

Disputed penalty on LNG terminal goes to arbitration

The Ministry of Law and Justice has appointed arbitrators to resolve the issue of $30 million penalty imposed on the Pakistan GasPort Consortium Limited (PGPC) by Pakistan LNG Terminal Limited (PLTL) for allegedly delaying completion of the country’s second LNG terminal at Port Qasim.

https://www.dawn.com/news/1364445/disputed-penalty-on-lng-terminal-goes-to-arbitration

Maryam meets Shahbaz, Hamza amid rumours of differences

The Sharif family scions — Maryam Nawaz and Hamza Shahbaz — sat on Tuesday face to face for the first time since the Panama Papers case rocked the country’s political landscape and led to the disqualification as parliamentarian of former prime minister Nawaz Sharif, according to sources.

https://www.dawn.com/news/1364505/maryam-meets-shahbaz-hamza-amid-rumours-of-differences

CPEC project: Pakistan, China agree to fast-track industrial Cooperation

Pakistan and China on Tuesday agreed to fast track the industrial cooperation under China-Pakistan Economic Corridor (CPEC) project to accrue maximum benefits of this important phase and ensure win-win situation for the both countries.

https://fp.brecorder.com/2017/10/20171018227076/

PM reviews impact of GSP Plus regime on trade

Prime Minister Shahid Khaqan Abbasi on Tuesday chaired a meeting to review the impact of GSP Plus regime on Pakistan''s trade. Various issues relating to further strengthening of Pak-EU trade partnership and securing greater market access for Pakistani products also came under discussion.

https://fp.brecorder.com/2017/10/20171018227062/

Government step to yield Rs 30 billion revenue

The revenue and expenditure imbalance of around Rs 17 billion that export incentive and import disincentive packages would create would be met by diverting funds from ''elsewhere'' in order to ensure that it does not have any impact on the budget deficit for the current fiscal year..

https://fp.brecorder.com/2017/10/20171018227059/

RD on import of telecom equipment increased

The government has increased regulatory duty (RD) on the import of wide range of telecom items/equipment including cellular set which would increase its prices. According to the SRO 1035 (I)/2017 issued by the Federal Board of Revenue (FBR), RD has been imposed on cellular mobile phone at the rate of Rs 250 per set.

https://fp.brecorder.com/2017/10/20171018227054/
 

xResearch

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October 20, 2017

United Bank posts Rs6.2 billion profit in July-September

United Bank Limited (UBL) posted a profit of Rs6.161 billion with earnings per share (EPS) of Rs4.99 for the quarter ended September 30, down 13.8 percent year-on-year, a bourse filing said on Thursday

https://www.thenews.com.pk/print/238193-United-Bank-posts-Rs62-billion-profit-in-July-September

Pakistan may offer RLNG power plants’ stakes to NRPs

Pakistan is considering offering significant stakes of its wholly owned regasified liquid natural gas (RLNG) plants to overseas Pakistanis to attract additional foreign exchange inflows, a senior industry official said on Thursday.

https://www.thenews.com.pk/print/238189-Pakistan-may-offer-RLNG-power-plants-stakes-to-NRPs

Pakistan sees improvement in ties with US

Pakistan notes “positive developments” in its often troubled relationship with the United States as its eyes the next week’s visit of US Secretary of State Rex Tillerson to the country with a hope for improvement in understanding between the two countries.

https://www.dawn.com/trends/pak-us-relations

Pak-US confidence level optimistically high: FO

Pakistan on Thursday said that the Pak-US relationship was gaining strength and the confidence level between the uneasy allies was optimistically high. Addressing a weekly news briefing here, Foreign Office spokesperson Nafees Zakaria said there had been many positive developments “in our relations with the United States, which resulted in better understanding and increasing cooperation.”

http://nation.com.pk/national/20-Oct-2017/pak-us-confidence-level-optimistically-high-fo

Reserves rise

Pakistan’s total liquid foreign exchange reserves rose to $20.05 billion on Oct 13 from $19.6bn a week ago, the State Bank of Pakistan (SBP) said on Thursday.

https://www.dawn.com/news/1364854/reserves-rise

Conditions notified for availing export package

The Ministry of Commerce on Thursday notified conditions for availing Prime Minister’s Export Enhancement Package for the year 2017-18.

https://www.dawn.com/news/1364861/conditions-notified-for-availing-export-package

31 projects worth Rs360bn approved

The Central Development Working Party (CDWP) on Thursday approved 31 development projects worth Rs360 billion, including 12 mega projects costing Rs342bn, which have been referred to the Executive Committee of National Economic Council (Ecnec) for its final approval.

https://www.dawn.com/news/1364860/31-projects-worth-rs360bn-approved

Court indicts Sharif family for corruption

An accountability court on Thursday indicted former prime minister Nawaz Sharif, his daughter and son-in-law in the London properties reference. The same court will indict Mr Sharif in another reference, related to Flagship Investments and other offshore companies, on Friday (today).

https://www.dawn.com/news/1364934/court-indicts-sharif-family-for-corruption

Govt relaxes condition for exporters to avail duty drawback

Ministry of commerce on Thursday implemented a government’s decision to ease condition for exporters to avail incentives under the PM’s trade enhancement initiative.

https://www.thenews.com.pk/print/238188-Govt-relaxes-condition-for-exporters-to-avail-duty-drawback

Consumer credit increases 4.71pc

Consumer lending at the end of September 2017 rose 4.71 percent from June, the State Bank of Pakistan (SBP) figures showed on Thursday, helped by expansion in auto, housing and personal loans.

https://www.thenews.com.pk/print/238192-Consumer-credit-increases-471pc

Pakistan Oilfields earns Rs2.53bn

Pakistan Oilfields Limited (POL) earned a profit-after-tax of Rs2.53 billion and earnings per share (EPS) of Rs10.71 for the first quarter of this fiscal year ending Sept 30, up 9pc over the PAT at Rs2.32bn and EPS at Rs9.80 2.53bn.

https://www.dawn.com/news/1364859/pakistan-oilfields-earns-rs253bn
 

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Apr 9, 2017
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October 23, 2017

Current account deficit widens to $3.557 billion in July-Sept

The country’s current account deficit more than doubled to $3.557 billion for the first three months of the fiscal 2017/18 as imports-fuelled trade deficit offset a positive impact of foreign inflows, the central bank's data revealed on Friday. Current account deficit amounted to $1.637 billion during the corresponding period a year earlier, the State Bank of Pakistan's (SBP) data showed. In September, current account deficit rose to $956 million from $550 million in August.

https://www.thenews.com.pk/print/238472-Current-account-deficit-widens-to-3557-billion-in-July-Sept


Revised package for textile sector notified

The Ministry of Textile Industry Friday notified revised Prime Minister's Package of Incentives for Exporters (textile sector) under which 50 percent of the rate of drawback of local taxes and levies shall be provided without condition of increment. The Textile Division has notified that duty drawbacks under this order shall be allowed for exports goods declaration (GDs) filed on or after July 1, 2017 to 30th June 2018 @ 7 percent for garments, 6 percent for made-ups, 5 percent for processed fabrics and 4 percent for greige fabric and yarn.

https://fp.brecorder.com/2017/10/20171021228224/


Debt servicing shrinks by 10pc

The Ministry of Finance on Friday said that the country’s debt servicing dropped by 10pc to $5.8 billion from last year’s liability of $6.44bn. A spokesperson of the ministry in a statement said that the commercial financing is a normal activity and part of overall financing plan for the current fiscal year. Commercial financing has been planned in terms of budgetary outlay for 2017-18 to bridge resource gap and supplement external buffers.

https://www.dawn.com/news/1365132/debt-servicing-shrinks


Nishat Chunian expands into power and cinema

The thought of the rupee’s impending depreciation against the US dollar sends shivers across financial markets and stock exchanges where foreign portfolio investors have been pulling out, fearing a loss. But the event may be a celebratory one for export-oriented industries. Major exporters, such as the textile sector, see themselves on the winning side. Shahzad Saleem, the CEO of Nishat Chunian, was not available for comments at the writing of this report.

https://www.dawn.com/news/1365645/nishat-chunian-expands-into-power-and-cinema



World Bank to give $425m for power sector

The government has decided to modernise the national power transmission to provide an immediate relief to the overall national transmission and dispatch system, which is under stress due to inadequate transformation capacity, and to facilitate evacuation of electricity from new generation facilities and from the regional power trading, it was learnt on Saturday. The modernisation will begin with the first phase of the project, for which the government is seeking financing from the World Bank. The first phase will involve up-gradation and extensions to existing substations, modification to transmissions towers and lines, and the construction of new substation sites across the country.

https://www.dawn.com/news/1365358/world-bank-to-give-425m-for-power-sector


World Bank rates Pakistan among top private investment countries

Pakistan has been grouped in top five highest private participation investment (PPI) countries owing to a few multi-billion-dollar power projects, with two hydropower plants worth $3.6 billion during the first half of 2017. A half year update on private participation in infrastructure (PPI) published by the World Bank on Friday says that Indonesia was the destination for the highest amount of PPI investment, while Pakistan and Jordan were new entrants to the top five countries, joining Indonesia, Brazil and China. Indonesia, Pakistan and Jordan are amongst the top five highest PPI investment countries.

https://www.dawn.com/news/1365128/wb-rates-pakistan-among-top-private-investment-countries


Work on Diamer-Bhasha Dam to begin in 2018

Pakistan Water and Power Development Authority (Wapda) Chairman Muzammil Hussain said on Friday that water and energy security were key components of national security. “For these, we need to make critical development plans in both water and energy sectors and there has to be a strategy that turns words into action,” Hussain said while speaking to participants of the National Security and War Course of National Security College, Islamabad.

https://tribune.com.pk/story/1537188/2-work-diamer-bhasha-dam-begin-2018/



Textile exports up 8pc to $3.26 billion in July-Sept

Textile exports rose around eight percent to $3.26 billion in the first three months of the current fiscal year as key value-added sector’s exports improved. Pakistan Bureau of Statistics (PBS) data on Saturday showed that textile industry fetched $3.02 billion in exports revenue during the corresponding period a year ago. Exports of knitwear increased 9.4 percent year-on-year to $647.65 million in the July-September quarter. Bed wear exports jumped 7.2 percent to $566.96 million, exports of readymade garments climbed 16 percent to $608.07 million and towel exports edged up one percent to $180.22 million during the quarter under review.

https://www.thenews.com.pk/print/238816-Textile-exports-up-8pc-to-326-billion-in-July-Sept



Dollar set to lose value in the open market

The US dollar is set to become weaker in the open market as expectations of a central bank intervention became more likely, suggested currency dealers on Saturday. Dealers closed selling the dollar at Rs107.55 and buying it at Rs107.25 on Saturday, according to forex.pk.

https://tribune.com.pk/story/1538183/2-dollar-set-lose-value-open-market/


Rs176.25bn released for various PSDP projects

The government has released Rs 176.25 billion (17.61 percent) including Rs 21.9 billion foreign aid for different development projects under the Public Sector Development Programme (PSDP) 2017-18 against the total budgeted allocation of Rs 1,001 billion. According to the latest data released by the Ministry of Planning, Development and Reform, the government has released Rs 41.99 billion (13.7 percent of total budgeted amount) for development projects of various federal ministries against the total budgeted allocation of Rs 305.6 billion. The government has not released funds for development projects of various ministries, divisions and their departments including Establishment Division, Foreign Affairs Division, Religious Affairs & Interfaith Harmony Division, Textile Industry Division, Special Federal Development Programme, Energy for All, Clean Drinking Water for All, Special Provision for Completion of CPEC Project and Gas Infrastructure Development Cess.

https://epaper.brecorder.com/2017/10/22/1-page/677692-news.html


Work started on Rs15b power transmission lines project

National Transmission and Despatch Company (NTDC) has taken up Rs 15 billion project of transmission lines for shifting electricity to national grid to be produced from Thar Coal Block-II. A spokesman of Sindh Engro Coal Mining Company (SECMC) informed a team of visiting journalists at the project site in Thar that the coal based power plant will start producing electricity from 2019. He said that the NTDC has started laying 235 km long parallel transmission lines of 500 KV each, to transfer the electricity from the plant to Mityari grid-station.

http://nation.com.pk/business/22-Oct-2017/work-started-on-rs15b-power-transmission-lines-project



Weekly inflation increases 0.46pc

The sensitive price indicator (SPI)-based inflation for the week ended October 19 for the combined income groups increased 0.46 percent as compared to the previous week, according to the latest data released by the Pakistan Bureau of Statistics (PBS) on Friday. SPI for the week under review in the abovementioned group was recorded at 225.23 points against 224.20 points last week. SPI for the combined group witnessed an increase of 2.21 percent.

https://www.thenews.com.pk/print/238477-Weekly-inflation-increases-046pc
 

xResearch

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October 24, 2017


Oil, machinery, food import bill swells by 17pc


Pakistan’s combined import bill of food, oil and machinery swelled by over 17 percent during first quarter (July-September) of the ongoing financial year increasing overall imports bill of the country. The import bill of these three groups had cost $7.57 billion during July-September of the FY2018 as against $6.45 billion of the corresponding period of the last year, according to Pakistan Bureau of Statistics (PBS). The country’s overall import had ballooned to $14.26 billion mainly due to heavy imports of food, oil and machinery goods during July-September of the FY2018 as against $11.67 billion of the same period last year.

http://nation.com.pk/business/24-Oct-2017/oil-machinery-food-import-bill-swells-by-17pc



Textile and leather: FBR reduces ST on imported finished goods/articles

The Federal Board of Revenue (FBR) has reduced sales tax on imported finished goods/articles of textile and leather from 17% along with 2% value addition sales tax to 6 percent sales tax along with 2% value addition tax on both at import and its subsequent supplies stage. In this regard, the FBR has issued SRO 1070(I)/2017 here on Monday. Under the SRO, the imported finished goods of carpets, sports and surgical sectors would remain at 17 percent sales tax and 2 percent value addition tax. According to details, a tax expert said that SRO 1070(I)/2017 was issued in order to rationalize the rates of finished article of imported textile and leather goods. Prior to this amendment there was a disparity of sale tax rates on locally manufactured finished articles with imported finished articles of textile and leather made-ups. This disparity has been seriously confronted by European Union and other counterpart countries for the last couple of years.

https://fp.brecorder.com/2017/10/20171024228925/



$2 billion commercial loans: cabinet grants tax exemption on interest payments

The federal cabinet has granted tax exemption on interest payments on $ 1.965 billion commercial loans recently raised by the Finance Ministry aimed at meeting the resource gap, well-informed sources in Finance Ministry told Business Recorder. The federal cabinet headed by Shahid Khaqan Abbasi was apprised in one of its recent meetings that under the rules of business 1973, the Finance Division was responsible for arranging finance to meet current and development expenditure needs of the country. One of the ways to meet the resource gap was by raising finance on commercial terms from the international financial market. Foreign commercial loans were offered with the condition that taxes applicable in Pakistan would not be borne by lenders. The option available with GoP was then to either bear the cost of these taxes or to grant exemption from such taxes.

https://fp.brecorder.com/2017/10/20171024228911/


NTC slaps 19.15pc anti-dumping duty on Chinese steel imports

National Tariff Commission (NTC) on Monday slapped a 19.15 percent anti-dumping duty for five years on Chinese steel imports after an investigation found that re-bar was imported from China at “dumped prices”. NTC initiated an antidumping investigation on November 26, 2016 related to dumping of deformed concrete reinforcing steel bars (re-bars) from China into Pakistan and material injury caused by such dumped imports to the domestic industry manufacturing re-bars.

https://www.thenews.com.pk/print/239160-NTC-slaps-1915pc-anti-dumping-duty-on-Chinese-steel-imports



Pakistan, EFTA states agree to explore bilateral trade, investment

Pakistan and European Free Trade Association (EFTA) states agreed to explore future bilateral trade and investment opportunities. The first meeting of the Joint Committee of Pakistan and EFTA member states was held in Geneva on 23rd October, 2017, according to a press release. The talks were held in a positive and constructive environment. Both sides highlighted economic developments in their countries and discussed the status of bilateral trade and investment. Special note was made of suggestions to increase bilateral trade and investment between the two parties. The EFTA is free trade association of four member states comprising Iceland, Liechtenstein, Norway and Switzerland. Bilateral trade and investment between the two sides hold enormous potential and the existing figures of US$ 588 million bilateral trade do not reflect this potential.

https://fp.brecorder.com/2017/10/20171024228989/


Prices of imported goods stay the same after RD’s imposition

Prices of imported goods have not witnessed an increase yet in the retail market after the imposition of regulatory duty on 731 imported products, revealed a survey conducted by Business Recorder here on Monday. Traders of electronics, car, paper and eatable items told this correspondent that the regulatory duties imposed on various items will have an impact with the start of new month, saying that as yet most of the imported items being sold in the markets were purchased prior to the issuance of the notification from the Federal Board of Revenue (FBR). Imported shampoos like Dove, Nido Powdered milk, television sets, papers, generators, air conditioners and all other items are being sold at old prices, and once fresh orders started arriving in the market, new prices will take effect, said Shahzad Mughal, a trader of electrodes at Imperial Market, Rawalpindi.

https://fp.brecorder.com/2017/10/20171024228952/


Ghani bans Pak trucks

Afghan President Ashraf Ghani has issued a decree banning Pakistani trucks from crossing into the country which means Afghan trucking companies could get more work. The Transport Ministry said the trucks will only be allowed up to the border crossing. According to the ministry, Pakistani trucks will have to offload their goods and transfer them to Afghan trucks. Pakistani trucks have until now crossed into Afghanistan at Torkham and Spin Boldak borders and many transport their goods on through the borders into other Central Asian countries.

http://nation.com.pk/national/24-Oct-2017/ghani-bans-pak-trucks


KP CM welcomes Rs1.74tr Chinese investment in power sector

Khyber Pakhtunkhwa Chief Minister Pervez Khattak has welcomed the Rs1.74 trillion Chinese investment in the power sector of the province. The investment will be utilised to construct three hydel power generation projects with the capacity to generate 674 megawatt of electricity concentrated in Chitral, the establishment of grid stations at two sites after the laying down of high power 500 KVA transmission line to link the power stations right from Chitral to Chakdara. The investment offer was made by executives of the Chinese company, Sichuan CNNC Southwest New Energy Ltd, during a meeting with the KP chief minister at Chief Minister House Peshawar. Head of Strategic Support Unit Sahibzada Saeed, Secretary Energy Naeem Khan, CM’s Principal Secretary, Special Secretary to CM and other officials concerned attended the meeting.

http://nation.com.pk/business/24-Oct-2017/kp-cm-welcomes-rs174tr-chinese-investment-in-power-sector


Oil tankers association announce strike

The Oil Tankers Association declared a strike on Monday in an attempt to force the government to cede to their demands, sparking fears of a petrol crisis across the country. The demands made by the Oil Tankers Association include increasing the transportation fare. They also demanded a ban on oil tankers that transport oil up to 40,000, 50,000 and 60,000 liters of oil. They demanded all tankers be allowed to transport only 36,000 liters. The fresh demands made by the Oil Tankers Association and their strike has sparked rumours and concerns of a petrol crisis across the country.

http://nation.com.pk/business/24-Oct-2017/oil-tankers-association-announce-strike