Pakistan Economy

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Active Member
Apr 9, 2017
October 25, 2017

Imposition of RD to help increase exports: FBR chief

Senate Standing Committee on Finance was informed that imposition of regulatory duty (RD) on import of new items as well as raise in duty of existing ones would help increase country's exports by $500 million. A meeting of the committee presided over by Senator Saleem Mandviwalla was given a briefing by Chairman Federal Board of Revenue (FBR) Tariq Pasha and officials of Commerce Ministry here on Tuesday. Pasha stated that purpose of RD on import of non-essential commodities was to discourage imports. He said it was meant to reduce trade deficit and not to mobilize revenue. He added that increase in import of non-essential items during the first quarter of the current fiscal year led to widening of trade deficit and an alarming increase in imports necessitated imposition of a regulatory duty.

Government releases Rs 2 billion fertilizer subsidy

The federal government has released Rs 2 billion fertilizer subsidy to different fertilizer manufacturing companies. According to Fertilizer Manufacturers of Pakistan Advisory Council (FMPAC), the subsidy amounts have been excessively delayed over the past two years, hence the intervention of Prime Minister's Office. The government had pledged to expedite the release of 80 percent of these amounts by July 2017, while the remaining 20 percent amounts were to be paid by October 2017 after third-party validation. However, the subsidy amounts are being released slower than promised.

‘Twin deficits’ major challenges, says Miftah

The government has acknowledged that twin deficits - budget and current account - are major challenges to the economy. Prime Minister's Special Assistant Miftah Ismail stated this during an informal interaction with a select group of mediapersons here Tuesday. He added that an alarming increase in current account deficit due to manifold increase in imports necessitated imposition of Regulatory Duty (RD); while on the other hand, he said the government provided incentives to exporters.

We will never sell Pakistan Steel Mills’ land: Murad

The land of Pakistan Steel Mills (PSM) belongs to the people of Sindh and we would never sell it to settle the liabilities of the mill, Sindh Chief Minister Syed Murad Ali Shah said on Tuesday. The chief minister was reacting to press reports last week that the federal government has begun negotiations for settling PSM’s liabilities worth Rs100 billion and offered to clear dues of banks and a gas utility company by giving them the land owned by the entity.

Cotton market: panic buying pushes rates at season’s high

Panic buying by mills and spinners pushed the rates at season's high on the cotton market on Tuesday, dealers said. The official spot rate posted fresh gain of Rs 150 to Rs 6300, they said. In the ready session, over 35,000 bales of cotton changed hands between Rs 5600-6500, they said. In Sindh seed cotton prices were at Rs 2700-3100, in the Punjab rates were up by Rs 50 to Rs 2950-3250, as per 40 kg, they said. Cotton analyst, Naseem Usman observed that persistent demand for lint cotton helping the rates touched new highs of the season, but now it looks that rising tempo may not continue for the short-run.

PPL signs Gas Sales Agreement for Kandhkot

Pakistan Petroleum Limited (PPL) executed a Gas Sales Agreement with Central Power Generation Company Limited (CPGCL), also known as GENCO II, for sale of up to 200 MMscfd gas with 72.5 percent ‘Take or Pay’ commitment, from its solely owned and operated Kandhkot Gas Field (KGF) to GENCO II’s Guddu Thermal Power Station (GTPS), District Kashmore, Sindh. PPL Managing Director and Chief Executive Officer Syed Wamiq Bokhari and CPGCL Chief Executive Officer Muhammad Ayub Ansari signed the agreement on October 23 in Islamabad.

Old case returns to haunt cement makers

Cement manufacturers have begun receiving notices from the Competition Appellate Tribunal (CAT) regarding their penalty case dating back to 2009, sources told Dawn. Fines of about Rs6-7 billion were imposed on 22 cement companies for alleged cartelisation and price fixing. A high-ranking source from a major cement company said the notices for the resumption of the penalty case started arriving on Oct 18. After the imposition of heavy fines in 2009, many companies moved the court to obtain a stay order against the decision by the Competition Commission of Pakistan (CCP). Some companies also approached the Supreme Court directly.

PAC informed: Neelum Jhelum Hydel Power Project’s cost jumps from Rs 15 billion to Rs 404 billion

The Public Accounts Committee (PAC) was informed on Tuesday that Neelum Jhelum Hydel Power Project cost was escalated from Rs 15 billion to Rs 404 billion due to delay in execution of the project. Secretary Planning, Development and Reforms, Shoaib Siddique briefing the panel which held under the chairmanship of Syed Khurasheed Ahmad Shah, said that the project was the oldest Public Sector Development Program (PSDP) pending, approved in 1989 with a cost of Rs 15 billion but its cost was escalated to Rs 404 billion due delay in execution. He informed the body there were a total of 573 on-going PSDP projects and Rs 534 billion were allocated for these schemes for 2017-18. He said that Rs 62 billion are allocated for special areas and Rs 119 for special programme, adding that there are 429 new schemes in PSDP 2017-18.

Govt borrowed massive $1.5b in three months

Pakistan has massively borrowed $1.5 billion from external sources only in three months (July-September) to sustain its depleting foreign exchange reserves. The government, which is already facing criticism over rising foreign debt, has once again secured borrowed massively from international financial institutions and countries. The government is borrowing to maintain its reserves, which dropped by $4.4 billion in the past one year due to fast drying up of foreign currency inflows. Pakistan’s official foreign exchange reserves of the State Bank of Pakistan (SBP) are $14.158 billion. The reserves would remain under pressure, as the government would have to pay $5.8 billion for foreign debt servicing in the current fiscal year 2017-18.

Nepra approves Rs1.50 per unit hike in tariff

The National Electric Power Regulatory Authority (Nepra) on Tuesday allowed Rs1.50 per unit increase in electricity tariff for all the Ex-Wapda Distribution Companies (XWDISCOs) for the fiscal year 2016-17. As per the Nepra’s decisions, after accounting for prior year adjustments etc under various heads, the tariff for various Discos has been increased ranging from Rs3.38 per unit to 13 paisa per unit or an average of Rs1.50 per unit. The Nepra’s decision will have a revenue impact of Rs115 billion. A public hearing, in this regard held on October 10, was presided over by Nepra Chairman Brig (R) Tariq Sadozai and attended by all its members. Nepra was informed that Rs19 billion Net Hydle Profit (NHP) was payable by the distribution companies for financial year 2016-17 and another Rs40 billion as its arrears to Khyber Pakhtunkhwa (KP).

Pakistan awaits Japan’s response to pave way for FTA

Pakistan awaits a response from Japan to finalise an early harvest programme to pave the way for a free trade agreement (FTA) between the two countries, a minister said on Tuesday. Federal commerce minister Mohammad Pervaiz Malik held a meeting with Japanese ambassador Takashi Kurai on Tuesday, and said Japan being the 6th largest import destination was an important trading partner of Pakistan. “There exists tremendous potential between the two countries to increase bilateral trade.”

Gunvor, Gas Natural Fenosa submit lowest bids in LNG tender

Commodities trader Gunvor and Spain's Gas Natural Fenosa put in the lowest bids in a tender to supply Pakistan with four liquefied natural gas (LNG) cargoes in January, a document posted on Pakistan LNG Ltd's website show. The state-run importer launched the tender last month, setting out four delivery windows across January for the country's second floating import terminal in Port Qasim, which has faced lengthy operational delays. The terminal, called the BW Integrity, is currently moored offshore, waiting until a sub-sea and on-shore section of pipeline is built to feed the regasified LNG into the country's gas grid. The project was initially due to start around May but was since delayed to mid-November. As a result of start-up uncertainty, Pakistan LNG Ltd delayed awarding a tender for four cargoes due to be delivered in December by Trafigura , B.B. Energy and Gunvor.

Pakistan lures investment from Italy

Pakistan on Tuesday sought investment from Italy in infrastructure developments and industrial setups as the country offers incentives and tax relaxation to foreign companies. “Pakistan with an investment-friendly atmosphere offers attractive opportunities for foreign investment, including joint ventures and there is a tremendous potential for foreign investments,” Murtaza Jatoi, minister for industries and production said in a meeting with Giuseppe Zampini, president of Ansaldo Energia, the largest power engineering company in Italy and fourth largest in the world.


Active Member
Apr 9, 2017
October 26, 2017

1,250MW RLNG-based power project for Jhang approved

The Private Power and Infrastructure Board (PPIB) on Wednesday approved 1,250-megawatt RLNG-based power project near Jhang and decided to advertise 132MW hydropower project in Azad Kashmir for bidding.

Large-scale manufacturing expands by 8.5pc

Large-scale manufacturing (LSM) recorded a growth of 8.5 per cent year-on-year in the second month of 2017-18, the Pakistan Bureau of Statistics reported on Wednesday. In July, LSM posted a year-on-year growth of 13pc. The LSM target for 2017-18 is 6.3pc. It grew 5.6pc in 2016-17.

Worldwide debt more than triple economic output

Worldwide debt has risen to a record $226 trillion – more than three times global annual economic output – and firms in more countries are struggling to service loans, a study shows, just as key central banks prepare to end super-cheap credit policies.

‘Top brands procuring goods from Sialkot’

Almost 100 top international sports and leisurewear brands procure their products from the highly industrialised city of Sialkot, allowing the country to earn $2 billion foreign exchange annually, President Sialkot Chamber of Commerce and Industry (SCCI) Zahid Latif Malik said on Wednesday.

Intra-Asian FDI reached $272bn in 2016

The Asian Development Bank says that foreign direct investment (FDI) within Asia rose in absolute value to reach $272 billion in 2016, despite a 6 per cent decline in global FDI flows into the region.

Govt focus on solar, biomass can reduce burden on national grid

Solar and biomass energies are environment friendly and cheaper. Sweden that is an oil rich country runs its entire public transport on gas produced from biomass. Germany having mild sun density leads world in solar power.

APCMA rejects meeting on pricing

All Pakistan Cement Manufacturers Association (APCMA) has rejected the announcement that a meeting of the association with the industry on pricing and input cost matters has been convened on October 26.

Oil surges

Oil prices were largely steady in early Asian trade on Wednesday, hovering near a four-week high hit a day earlier after top exporter Saudi Arabia said it was determined to end a supply glut.

Ogra ‘incurred’ loss of Rs370m on exchequer

Public Accounts Committee (PAC) was Wednesday informed that OGRA awarded yearly inspection contract of over three thousand CNG stations to a third party contractor, which caused a loss of Rs370 million to national exchequer.

Minister inaugurates 220 KV grid station

Minister of State for Power Chaudhry Abid Sher Ali on Wednesday inaugurated 220 kV grid station at Gujrat. On the occasion, the minister said that the government is committed to eliminate loadshedding from the country. Power projects of over 10,000MW capacity are being completed on fast track.

Businessmen reject mini budget imposed through RD

The business community has rejected the imposition of additional regulatory duty (RD) on import, saying the government neither can impose any duty nor enhance taxes without the approval of the parliament.

HUBCO signs 1.5 billion loan contract with Chinese banks

A joint China-Pakistan coal-fired power plant signed a loan contract with banks in southwest China's Sichuan Province. Hubco Coal Power Plant raised 1.5 billion U.S. dollars from a consortium of banks led by China Development Bank .


Active Member
Apr 9, 2017
October 27, 2017

Arrest warrants issued against Nawaz

The Accountability Court on Thursday issued bailable arrest warrants for ousted prime minister Nawaz Sharif in two corruption references and issued notice to his surety guarantor in another graft reference for not appearing before the court. The Accountability Court's judge issued arrest warrants for Sharif in two references - Flagship Investment and the Al-Azizia Steel Mills and Hill Metal Establishment reference and issued notice to his surety guarantor in another reference related to the Avenfield Properties.

Govt expects positive outcomeof GSP Plus review in December

Pakistan is likely to succeed in the mid-term review of the Generalized Systems of Preferences Plus (GSP-Plus) negotiations with the European Union in December, an official said on Thursday.

US firms keen to increase investment in Pakistan

US firms operating in Pakistan are bullish on the country’s bright economic prospect, expressing their eagerness to make further investment in an annual survey report released on Thursday.

Asian Development Bank to fund IT park in Karachi

The Asian Development Bank (ADB) will provide financing for setting up of a benchmark model information technology park in Karachi as well as help in developing a strategy for national IT parks, it was learnt here.

RPOs issued up to August 31st: FBR told to make refund payments

Finance Minister Ishaq Dar at a meeting held in the Ministry of Finance Thursday directed the Federal Board of Revenue (FBR) to issue sales tax refunds by October 31, 2017, against Refund Payment Orders (RPOs) issued up to 31st August, 2017.

MNCs’ profit repatriation jumps 25pc

The outflow of profits and dividends on foreign investments from the country increased more than 25 per cent in the first quarter of 2017-18, the State Bank of Pakistan reported on Thursday.

Reserves decline further

The country's total liquid foreign reserves fell $151 million during the last week owing to external debt payment. According to State Bank of Pakistan (SBP), the country's total foreign exchange reserves declined to $ 19.902 billion as on October 13, 2017 compared to $ 20.053 billion as on October 20, 2017.

Cabinet forms body to determine LPG prices

The federal cabinet has constituted an eight-member committee to determine LPG prices and the Petroleum Division would intimate the price to Ogra for notification, official sources told Business Recorder.

Jhelum hydel power project: cost soars to Rs 500 billion from Rs 88 billion, NA body told

The chairman water and power development authority (WAPDA) on Thursday stated that Neelum Jhelum Hydel Power Project''s cost has gone to Rs 500 billion from Rs 88 billion, will start producing electricity by February 2018

Iran willing to supply 3,000MW electricity

Iranian Ambassador Mehdi Honardoost on Thursday said that Iran is ready to supply 1000-3000 megawatt electricity to Pakistan if Islamabad signs an agreement with Tehran.

Plea to introduce ‘zero-rate regime’ for five exports sectors

Pakistan Hosiery Manufacturers and Exporters Association (PHMA) blames the delay in restoring zero-rate regime as per the law for holding back the textile makers from modernizing their industrial units.

‘Saudi Aramco IPO on track for 2018’

Saudi Aramco´s initial public offering is on track for next year and the national oil giant could be valued at more than $2 trillion, Saudi Arabia´s Crown Prince Mohammad bin Salman told Reuters in an interview.


Active Member
Apr 9, 2017
October 30, 2017

Shahbaz approves Rs19bn for Punjab's rural development plan

Chief Minister Shahbaz Sharif on Saturday approved the launch of a village cleanliness and development programme at the union council level at a cost of Rs19 billion.

Construction cost to rise by 12-15pc

The 20 per cent increase in import duty coupled with 10-37pc anti-dumping duties on sanitary wares and tiles will push up construction cost by 12-15pc per square metre

PM Abbasi orders retirement of old power plants

Putting upfront electricity surplus at around 3,400 megawatts, Prime Minister Shahid Khaqan Abbasi on Friday ordered gradual retirement of older power plants to check additional financial burden of a looming ‘capacity trap

Telecom imports grow to $333.701 million in Q1

Pakistan's overall telecom imports grew to $333.701 million in the first quarter of the current fiscal year, up by 22 percent as compared to the corresponding period of last year, official figures say.

Avoidance of Double Taxation: Pakistan, Latvia sign agreement

Pakistan and Latvia initialed an agreement for Avoidance of Double Taxation with respect to Taxes on Income and Prevention of Tax Evasion and Avoidance (ADTA) after the conclusion of second round of negotiations.

Italy agrees to grant duty free access to Pakistani products

Italy has agreed to grant duty free access to Pakistani products for stimulating an impressive growth in bilateral trade. In a statement Ministry of Commerce has said that this was agreed during two days visit of Secretary Commerce Muhammad Younas Dhaga to Italy.

Pak-Tunisia PTA to be signed soon: envoy

Ambassador of Tunisia, Adel Elarbi on Saturday said that Pakistan and Tunisia were negotiating for a Preferential Trade Agreement (PTA) that would hopefully be signed this year and it would unleash huge opportunities for improving bilateral trade between the two countries.

ADB approves $800 million for CAREC road corridor in Pakistan

The Asian Development Bank (ADB) has approved $800 million Multi-Tranche Financing Facility for Central Asia Regional Economic Cooperation (CAREC) road corridor development in Pakistan.

Armed drones: FO expresses reservations over US-India deal

The Foreign Office Friday voiced Pakistan's reservations over the Indo-US deal to transfer armed drones to India and warned that it can encourage military misadventures, especially in the backdrop of irresponsible discourse about limited military operations below the strategic threshold.

First quarter service trade deficit soars to $1.2 billion

The country''s services trade posted a deficit of $1.2 billion during the first quarter of this fiscal year (FY18), mainly due to higher imports. Economists said rising import bill and slow growth in exports have resulted in a massive surge in services trade deficit during the initial months of this fiscal year.

CPEC to enter its second phase soon: Ahsan

Federal Minister for Interior, Planning, Development and Reforms Ahsan Iqbal said on Saturday that the China-Pakistan Economic Corridor (CPEC) will soon enter its second phase which will enhance industrial cooperation and regional connectivity between the Asian countries.

ADB says possible slowdown in remittances pose economicrisks

Asian Development Bank (ADB) said an expected downward trend in remittances to Pakistan from overseas workers pose risks to external sector and household income.

Non-tariff barriers hinder exports between China and Pakistan

CHINA and Pakistan have redefined regional trade patterns after explicit bilateral contracts under the China-Pakistan Economic Corridor (CPEC). At present, trade between the two countries stands at $18.9 billion, but it is expected to rise under the multibillion-dollar initiative.

Petroleum Division invites E&P cos to tap oil, gas potential

The Petroleum and Natural Resources Division has invited local and international Exploration and Production (E&P) companies to tap massive shale gas and oil reserves identified in a study carried out in collaboration with USAID.

Pakistan seeks $1.5b credit line from Turkey

A credit line of $1.5 billion from the Turkish government for manufacturing parts of T129 Turkish attack helicopters in Pakistan was a key attraction for Pakistani negotiators in recent days in sealing the crucial deal.

Rice exports surge 32 percent in July-September

Rice exports increased 32 percent to $320.24 million during the first three months of the current fiscal year, Pakistan Bureau of Statistics (PBS) data showed.

POL prices might go up by Re1 to Rs2 per litre

Rising crude oil price in global markets might prompt the government to increase prices of domestic petroleum products by Re 1 to Rs 2.50 per liter from November 1.

Country to have 3,400MW surplus power from Nov

Prime Minister Shahid Khaqan Abbasi was informed on Friday that the country will have 2400 to 3400 megawatts (MW) surplus electricity for the next four months starting from November to February 2018

Sick PIA to get Rs13 billion bailout package

The government is set to allow another bailout package worth Rs13 billion to the embattled national flag carrier, and will allocate around Rs230bn for the procurement of more than seven million tonnes of wheat during the current season.


Active Member
Apr 9, 2017
October 31, 2017

PML-N rejects minus Nawaz formula

The top leadership of Pakistan Muslim League-Nawaz (PML-N) has reiterated that former prime minister Nawaz Sharif did not get a fair trial in the Panama case from the Supreme Court and that no minus-Nawaz formula would be accepted at any level and under any circumstances.

Chinese want to invest in KP automobile and transport sector

A two-member delegation of Chinese investors met business community of Khyber Pakhtunkhwa and FATA on Monday and expressed their interest for investment in auto-mobile, tourism and infrastructure sectors of the province.

Ogra recommends increase in POL prices

Oil and Gas Regulatory Authority (Ogra) has recommended the government to increase price of motor spirit (petrol) by Rs 2.49 per liter and high speed diesel (HSD) by Rs 5.19 per liter for November 2017.

Aviation Division asked to formulate PIA debt retirement plan

Ministry of Finance has directed Aviation Division to formulate a comprehensive debt retirement plan on long term basis for Pakistan International Airlines (PIA) rather than seeking more loans to pay off existing debts, since continuous borrowing is not only unsustainable but may even affect PIA as a going concern, well-informed sources told Business Recorder.

July-September import of textile machinery surges by 27 percent

Pakistan's import of textile machinery surged by 27 percent to $146.384 million in July-September of this fiscal year, official figures say. Increase in textile machinery import now stands at $30.69 million in July-September of this fiscal year from $115.694 million in July-September last fiscal year, Pakistan Bureau of Statistics shows.

Replacing inefficient power plants, converting to LNG: detailed plan to be submitted to PM

Ministry of Power is to submit a detailed plan to Prime Minister Shahid Khaqan Abbasi to replace inefficient thermal power plants and convert furnace oil-fired plants to Liquefied Natural Gas (LNG), well informed sources told Business Recorder.

Exxon withdraws from LNG project consortium

Exxon Mobil has pulled out of a major project in Pakistan, in a potential blow to plans to boost imports of liquefied natural gas (LNG) after years of winter shortages. Differences among the six-member group behind the project in Port Qasim in Karachi mean French oil major Total and Japan's Mitsubishi may also quit and join a rival scheme, government officials and industry sources told Reuters.

Borrowing from global market: cabinet yet to take decision on proposal

The federal cabinet is yet to take a decision on a proposal of the Finance Division to raise money from international capital market by issuing Euro bonds and Sukuk. Sources revealed to Business Recorder that a meeting of the federal cabinet on October 11, 2017 deferred the proposal after deliberation.

S&P reaffirms credit ratings

The global rating agent Standard & Poor''s Global Ratings (S&P) in its report Monday affirmed Pakistan''s ''B'' long-term and short-term sovereign credit ratings.

AJK PM briefed on hydropower project

Wapda Chairman Lt-Gen Muzammil Hussain (Retd), along with Neelum Jhelum Hydropower Project (NJHP) chief executive officer, had a meeting with Azad Jammu and Kashmir (AJK) Prime Minister Raja Muhammad Farooq Haider to review the long awaited commissioning of Neelum Jhelum Hydropower Project.

Gas imports saving exchequer $1.25bn: PM

Prime Minister Shahid Khaqan Abbasi has said liquefied natural gas (LNG) is being imported from Qatar on a cost-free basis. The country is saving $1.25 billion annually, which is more than the expense being incurred on LNG import, re-gasification and supply, he said.

CPHGC, consortium of banks sign $1.5 billion foreign financing deal

China Power Hub Generation Company Pvt Ltd (CPHGC) and a consortium of banks, led by China Development Bank and the Export & Import Bank of China have signed financing documents including the main foreign loan facility agreement in the Chinese city of Chengdu.

Aviation Division asked to formulate PIA debt retirement plan

Ministry of Finance has directed Aviation Division to formulate a comprehensive debt retirement plan on long term basis for Pakistan International Airlines (PIA) rather than seeking more loans to pay off existing debts, since continuous borrowing is not only unsustainable but may even affect PIA as a going concern, well-informed sources told Business Recorder.

Govt mulls proposal to import 0.5 million tonnes urea

Pakistan will have a sufficient urea stock for the upcoming winter crop season as the government is weighing a proposal to import half a million tonnes of fertiliser to meet the farmers’ demand, a top official said on Monday.


Active Member
Apr 9, 2017
November 1st, 2017

3,000 megawatt coal plants: PPIB allowed to execute deals with investors

The government has allowed the Private Power Infrastructure Board (PPIB) to execute agreements with private investors on 3,000MW local coal-fired power plants in Thar (Sindh). The decision was taken at a meeting of the PPIB Board presided over by Minister for Power Division, Sardar Awais Ahmed Khan Leghari on Tuesday.

Petrol price goes up by Rs 2.49

Federal government on Tuesday increased the prices of petroleum prices for month of November. According to notification, price of motor spirit (petrol) has been increased by Rs 2.49 per litre and high speed diesel (HSD) by Rs 5.19 per litre in monthly review for November.

FPCCI urged to play role for withdrawal of RD

Pakistan FMCG Importers Association (PFIA) has urged the Federation of Pakistan Chamber of Commerce & Industry (FPCCI) to play its role in immediate withdrawal of regulatory duty recently imposed by the federal government on different items on the pretext of controlling imports.

Government urged to declare export emergency

The government was urged to declare export emergency to control the slide in exports and take tangible measures for protection and promotion of the export industry. According to official minutes, the finance committee of the National Assembly after detailed discussion on the issue with Sialkot Chamber of the Commerce and Industry (SCCI) unanimously recommended that export emergency should be declared in the country to arrest the decline in export sector.

Ministries have divergent views on GSP Plus future

Ministry of Foreign Affairs and Ministry of Commerce and Textile are said to have divergent views on future of Generalized System of Preferences plus (GSP +) by the European Union (EU) beyond 2018, well-informed sources told Business Recorder.

SBP earns Rs 238 billion profit, transfers Rs 191.8 billion to government

The State Bank of Pakistan (SBP) has earned a profit of Rs 238 billion during the last fiscal year (FY17) supported by a massive surge in discount income. The Board of Directors of the State Bank on October 26, 2017 approved the financial statements and Annual Performance Review on the working of the Bank and its subsidiaries for the year ended June 30, 2017.

SBP advised for payment of Rs 12.5bn refunds

The Federal Board of Revenue (FBR) has advised State Bank of Pakistan (SBP) for payment of Rs12.5 billion refund against 3,261 RPOs issued up to August 31, 2017, through direct electronic credit to the claimants’ account.

Court orders seizure of Hassan, Hussain’s shares in six companies

An accountability court (AC) on Tuesday ordered seizure of Hassan Nawaz and Hussain Nawaz’s shares in six companies on the application of National Accountability Bureau (NAB).

Shahbaz Sharif chosen as PM candidate in London meeting

The London meeting of the Pakistan Muslim League-Nawaz (PML-N) top leadership has decided to put forward Shahbaz Sharif as prime ministerial candidate after the 2018 elections if party president Nawaz Sharif remains ineligible to run for office.

Date for filing of returns extended till November 15

The Federal Board of Revenue (FBR) has extended date for filing of income tax returns and statements (tax year 2017) till November 15, 2017

World Bank”s Ease of Doing Business list: Pakistan in warp-speed decline

Pakistan dropped to 147th place on the World Bank''s ranking of countries by Ease of Doing Business in its report for 2018 on 190 economies, down 3 places. The report ranked Pakistan at the sixth place amongst South Asian countries, below Sri Lanka, Maldives, Nepal, India and Bhutan while Bangladesh and Afghanistan are trailing behind.

IMF tells Gulf states to speed up switch from oil

The IMF on Tuesday advised energy-rich Gulf economies to speed up their diversification away from oil after projecting the worst growth for the region since the global financial crisis

OPEC oil output falls in October led by drop in Iraqi exports

OPEC oil output fell this month by 80,000 barrels per day (bpd), a Reuters survey found, as exports from northern Iraq dropped and other producers maintained adherence to a supply cut deal.

Matco Foods applies for listing on PSX

Matco Foods Limited has applied for listing on the Pakistan Stock Exchange and has submitted the draft prospectus for issue of shares to High Net-worth Individuals/Institutional Investors through Book Building followed by issue of shares of the Company to the General Public/Retail Investors.

APCMA concerned over decline incement exports

he All Pakistan Cement Manufacturers Association (APCMA) has expressed dismay at the continued decline in exports particularly from Southern part of the country that is nearer to the seaport. The APCMA spokesperson said that the robust construction activities within the country are supporting the cement sector but it still is sitting on some idle capacity that could be exported through government facilitations

London court directs NTDC to pay more than Rs 14 billion to nine IPPs?

The London Court of International Arbitration (LCIA) has issued final award in the arbitration between 9 IPPs and NTDC, directing to pay more than 14 billion rupees to nine independent power producers (IPPs) who moved the arbitration before this court once NTDC failed to implement the expert determination within 75 days from the date of expert award.

Five energy projects completed under CPEC

Five energy projects with installed capacity of 2,520MW initiated under China-Pakistan Economic Corridor’s (CPEC) early harvest programme has so far been completed, sources in the planning ministry said on Tuesday.


Active Member
Apr 9, 2017
November 2, 2017

NAB seeks access to Nawaz’s flight

The National Accountability Bureau (NAB) has written a letter to security chief of Benazir Bhutto International Airport, seeking access to flight of ousted Prime Minister Nawaz Sharif who is expected to arrive today (Thursday) from London. Sources said that NAB has sought access to flight of Sharif who is expected to return to the country through PIA flight PK-786 on Thursday. Sharif will appear before the accountability court on Friday next in three corruption references filed against him by NAB.

NAB summons PTI, Q, N leaders over corruption

National Accountability Bureau (NAB) Punjab has issued notices to the leaders of three political parties including PML-N, PML-Q and PTI in different corruption cases to appear before the Bureau. Three notices were issued to PTI leader Abdul Aleem Khan in as many months over his alleged illegal housing schemes including Park View Housing Scheme, River Edge and Vision Developers. On which Mr. Khan remained unmoved and after serving of fourth notice, he approached Lahore High Court and got the NAB notices suspended.

Pak-US relations not cordial: Khawaja Asif

Foreign Minister Khawaja Asif on Wednesday said the relations between Pakistan and the US were not cordial and the US was demonstrating its failure by blaming Pakistan. Winding up a debate on the recent visit of the US Secretary of State Rex Tillerson to Pakistan, the minister said it had been made crystal clear to the US that its wish to appoint India as a ‘policeman’ in the region was in no way acceptable. He made it clear that safeguarding 100 percent interests of Pakistan would be the hallmark of the government policies and there would be no element of tepidness, as was the case in the past.

Fed leaves rates unchanged

The Federal Reserve kept interest rates unchanged on Wednesday and pointed to solid US economic growth and a strengthening labor market while playing down the impact of recent hurricanes, a sign it is on track to lift borrowing costs again in December. Investors had all but ruled out a move at the U.S. central bank's policy meeting this week and attention has largely been focused on who will be in charge of monetary policy at the end of Fed Chair Janet Yellen's first term in February 2018.

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.

Wapda to add 2487 megawatt low-cost hydel electricity to national grid

WAPDA Chairman Lieutenant-General Muzammil Hussain has said that WAPDA will add 2487 MW low-cost hydel electricity to the national grid from early to mid 2018 with completion of three hydropower projects in a phased manner namely Neelum Jhelum, Tarbela 4th Extension and Golen Gol. Delayed for decades construction work on two mega multi purpose projects; Diamer Bhasha Dam and Mohmand Dam, will commence in 2018. On completion, both the projects will provide gross water storage capacity of more than 9 million acre feet (MAF) in addition to generating 5300 MW electricity.

Circular debt reaches Rs450 bn, PAC told

The Ministry of Energy on Wednesday admitted before the Public Accounts Committee (PAC) that circular debt has reached at the level of Rs450 billion and the ministry was facing line losses of over Rs200 billion, while Rs214 billion worth of electricity was being stolen annually.

Rs 13.5 billion bailout package for PIA approved by ECC

A meeting of the Economic Coordination Committee (ECC) of the Cabinet approved a bailout out package of Rs 13.5 billion for Pakistan International Airlines (PIA). A meeting of the ECC presided over by Prime Minister Shahid Khaqan Abbasi decided to increase the commercial borrowing guarantee limit of PIA by Rs 13.585 billion. The decision was taken on a proposal of the Aviation Division seeking the government's support for financially struggling national flag carrier.

Amalgamation scheme of Summit Bank and Sindh Bank finalized

The Scheme of Amalgamation of Summit Bank Limited and Sindh Bank Limited has been finalized and accordingly sent to the State Bank of Pakistan (SBP) for appropriate approval. In November last year, Summit Bank and Sindh Bank initiated talks for potential merger and after getting an NOC from SBP conducted due diligence. After one year's negotiations, the scheme of Amalgamation was finalized and its draft has been sent to SBP and shareholders for their consideration and approval.

45 oil marketing companies to import petrol, diesel

Prime Minister Shahid Khaqan Abbasi approved the new petroleum policy on Wednesday and its implementation had started across the country. The premier took a historical decision to deregulate the prices of petroleum products and ended the monopoly of PSO on its export from November 1, 2017 and allowed 45 oil marketing companies of Pakistan forthwith to import petrol. The 45 oil marketing companies of private sector were given permission to import diesel from Dec 1.

Saudi may raise Dec Asia crude oil prices

Top oil exporter Saudi Arabia will hike December crude prices for customers in Asia to levels last seen in 2013 or 2014, a Reuters survey showed, with OPEC-led output cuts and robust demand re-balancing markets for the commodity. The producer is expected to raise flagship Arab Light´s December official selling price to at least 90 cents a barrel above Oman/Dubai quotes, the survey of five refiners showed. That would be the highest premium since $1.65 in September 2014, according to Reuters data.


Active Member
Apr 9, 2017
November 3rd, 2017

Foreign shareholdings: SECP empowers CCD officials to seek info

The Securities and Exchange Commission of Pakistan (SECP) has empowered officials of the Corporatization and Compliance Department, Company Law Division, to exercise certain powers of the commission including directions to the foreign companies to furnish information about the shareholding including beneficial ownership in connection with any inspection, inquiry or investigation.

PPL, OGDCL express reservations over economic feasibility

The Pakistan Petroleum Limited (PPL) and Oil & Gas Development Company Limited (OGDCL) on Thursday expressed reservations over the economic feasibility of shale pilot project in view of low oil prices and high exploration, drilling and production cost.

PAAPAM demands withdrawal of RD on raw materials

A delegation of Pakistan Association of Automotive Parts & Accessories Manufacturers consisting of Sr Vice Chairman Ashraf Sheikh, and former Chairmen Muhammad Saleem and Mumshad Ali held meeting with new Federal Secretary for Industries Maroof Afzal in Islamabad and discussed grave issue of Regulatory Duty (RD) levied on the imports of raw materials by the Auto Parts Manufacturers (APMs) and demanded its immediate withdrawal to save the industry from further plunging into chaos.

Cabinet to extend super tax to banking companies for FY18

The federal Cabinet is to extend super tax to the banking companies for fiscal year 2017-18 through an amendment to rule 7C of the Seventh Schedule of Income Tax Ordinance.

Shell, Total, PSO fuel harms engines: Honda

The Oil and Gas Regulatory Authority (Ogra) said on Thursday it would investigate a complaint that fuel suppliers including local units of Shell and Total as well as Pakistan State Oil (PSO) had added manganese to their gasoline.

Petrol sales rise despite cheaper CNG

Despite being a clean and cheaper source of energy, compressed natural gas (CNG) has been unable to beat the use of petrol, which continues to post sale and import records.

NTDC connects Bin Qasim Power Plant thru 500kV transmission line

The National Transmission and Despatch Company (NTDC) has energised first phase of 500kV Double Circuit Quad Bundle Transmission Line from Port Qasim Power Plant to interconnect with existing 500kV Single Circuit-1 Hub-Jamshoro Transmission Line.

Govt to resume privatisation programme

The government has decided to resume its privatisation programme to privatise loss-making Pakistan Steel Mills (PSM) and power generation and supply companies to reduce the losses of the power sector.

Country wastes $21b water into sea every year

Senate Forum for Policy Research (SFPR) on Thursday expressed its concern over the matter of water scarcity scenario in the country and recommended that more dams should constructed to resolve the issue.

Govt to install 30,000 solar tube-wells in Balochistan

The federal and Balochistan governments have agreed to install 30,000 solar tube-wells in the province by replacing the existing conventional tube-wells. In a meeting chaired by Federal Minister for Power Division Awais Laghari, the Quetta Electric Supply Company was asked to conduct immediate feasibilities of the solar tube-wells project within one month time.

Water crisis looming, Irsa warns

Indus River System Authority (Irsa) on Thursday warned about looming water crisis in the country and proposed Water Accords with Afghanistan, China and Iran on the pattern of India. "Pakistan should give top priority to water reservoirs as water crisis is deepening with each passing day."

Turkish companies seek to invest in industrial estates

A Group of Turkish companies has shown its keen interest to invest in the industrial estates being managed by Punjab Industrial Estates Development and Management Company (PIEDMC).

MoF seeks Cabinet nod to float Sukuk

The Ministry of Finance has sought the federal Cabinet''''s nod to float international sovereign Sukuk against the underlying asset of unencumbered portions of Motorway and international sovereign bonds 2017 during the current month in the international capital markets of around $ 2-3 billion aimed at strengthening foreign exchange reserves and stabilizing the balance of payments, well-informed sources in the Finance Ministry told Business Recorder.

Foreign reserves decline $59.3 million

The country''s liquid foreign reserves declined slightly $59.3 million during the last week due to external debt servicing. The State Bank of Pakistan (SBP) on Thursday reported that the country''s totaled foreign reserves were declined to $19.843 billion as on October 27, 2017, compared to $19.902 billion as on October 20, 2017.


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Apr 9, 2017
November 6th, 2017

PM”s package: government releases Rs 14 billion for phase-I.

The government has released Rs 14 billion for the implementation of phase-I of the Prime Minister''s Export Incentives Package against the exporters'' claims of Rs 21.5 billion submitted to the State Bank of Pakistan (SBP) so far, it is learnt.

Engro expects to build new LNG terminal by early 2019

Pakistani conglomerate Engro Corp expects to complete building its second liquefied natural gas (LNG) terminal in early 2019, a senior company official said, as Pakistan bets heavily on LNG imports to curb energy shortages.

Fertiliser Sector: 5.2m farmers to avail subsidy scheme

The Punjab government has started subsidising di-ammonium phosphate (DAP) fertiliser to facilitate 5.2 million farmers of the province under the Khadim-e-Punjab Kisan Package.

Gasoline suppliers respond to Honda's complaint over quality

Pakistan’s fuel suppliers said on Friday that gasoline sold locally meets regulatory requirements following a complaint filed by Honda Atlas, the Pakistani subsidiary of the Japanese car giant, accusing suppliers of adding a manganese-based additive to improve the octane rating.

Number of small borrowers rises sharply

The number of small borrowers of bank money increased sharply in 2016-17, with the highest 36 per cent growth registered in recipients of agriculture credit, said a State Bank of Pakistan (SBP) report.

Decision to shut oil power plants taken abruptly

In the wake of the abrupt decision of the government not to run the less efficient power plants based on furnace oil and diesel, closure of all refineries of Pakistan is on the cards by next week as their storages are topped up with furnace oil and do not have any more capacity to store other products, according to the OCAC's (Oil Companies’ Advisory Council) letter to the secretary petroleum and natural resources division, written on November 3.

SSGCL line losses increase, SNGPL slightly decrease in 5 years

The line losses of Sui Southern Gas Company Limited (SSGCL) - a natural gas distribution company - increased during last five years while the losses of Sui Northern Gas Pipelines Limited (SNGPL) slightly decreased, government told National Assembly on Friday

Cotton production rises 17.07pc

The country has so far produced 1.186 million more cotton bales than the production recorded up to Nov 1 last year, which makes the 2017-18 target of 12.6m bales achievable.

Cement capacity utilisation at 20-year high

The cement industry utilised over 93 per cent of its installed capacity in July-October, according to a spokesman for the All Pakistan Cement Manufacturers Association (APCMA).

Government set to borrowRs4.3 trillion in three months

The government plans to borrow Rs4.375 trillion from the banks through sale of treasury and long-term papers from November 2017 to January 2018 to plug the budget gap, the central bank said on Friday.

Urea sales may hit0.375 million tonnes

Driven by a strong Rabi season demand, domestic urea sales in October 2017 are figured to hit 375,000 tonnes, up by 4 percent compared to the off-take recorded during the same period last year, whereas on a month-on-month basis around 110 percent more fertiliser was sold across the country, analysts at Topline Securities said in a report on Friday

12-hour outages as smog shuts down 17 power plants

Seventeen power stations tripped on Friday due to unprecedented dense smog in different parts of the country, causing 12-hour-long loadshedding as the collective power production was reduced by over 6,000 megawatts.


Active Member
Apr 9, 2017
20 November 2017

Economy News

Private-sector credit turns a corner Economy | Positive

Net credit to the private sector appeared on the positive side for the first time in 2017-18, a recent report by the State Bank of Pakistan (SBP) shows. Compared to the last fiscal year, the private sector was retiring debt until now on a net basis Click here for more

‘Discriminatory’ Turkish duty on PET behind export decline Economy | Neutral
Turkey has been accused of inflicting a $ 4-5 billion financial loss on Pakistan since 2011 by imposing a "discriminatory" duty on Pakistani Polyethylene Terephthalate (PET). According to sources, Pakistan's exports to Turkey have nosedived from above $ 1 billion to just 200 million dollars per annum due to "unjustified" safeguard duty on PET. If duty on PET is not removed then the purpose of the FTA becomes meaningless, officials maintain. Safeguard measure on PET was announced in the official gazette on September 8, 2011. Duty is eight percent and became applicable from November 8, 2011. Click here for more

Cargo arranged to launch operations at 2nd LNG terminal Economy| Neutral
Pakistan LNG Terminals Limited (PLTL) has finally arranged first cargo for the second liquefied natural gas (LNG) terminal, which will be inaugurated on November 20 by Prime Minister Shahid Khaqan Abbasi. Click here for more

Work on 21 wind energy projects of 1000MW in full swing in Thatta Economy| Neutral
Work on twenty-one wind energy projects with a total capacity of over one thousand megawatts of electricity is in full swing at Jhampir Wind Corridor in district Thatta, reported Radio Pakistan. Our Karachi correspondent Altaf Pirzado reports the projects are expected to generate electricity by the end of next yea Click here for more

‘Pharma industry calls 6-month time to print barcodes too short Pharma| Neutral
The pharmaceutical industry has commended the Drug Regulatory Authority of Pakistan (Drap) for implementing the ‘barcoding and serialisation’ system to help check sale of counterfeit and spurious drugs. However, it has serious reservations about ‘impractical’ timelines, which will affect both the industry and patients. Click here for more

Loans to private sector jump 20.83 percent by end of October. Banks| Positive
Bank outstanding loans to private sector businesses amounted to Rs3.984 trillion at the end of October, 2017, which was 20.83 percent up from the same period a year ago, the central bank data showed on Friday. Click here for more

‘Beleaguered’ IPPs seek PM’s intervention IPPS| Neutral
Independent Power Producers (IPPs) have sought Prime Minister Shahid Khaqan Abbasi’s help in the resolution of persistent financial crises that surfaced after the government failed to fulfill its legal obligations. Click here for more

PM approves 10 more projects under CPEC Economy| Neutral
Despite surfacing objections from the Chinese side on taxation and banking sectors for signing the Long-Term Plan next week, Prime Minister Shahid Khakan Abbasi has granted approval for inclusion of a dozen fresh projects as part of China-Pakistan Economic Corridor (CPEC)’s agenda of upcoming Joint Cooperation Committee (JCC) meeting, including much-awaited Karachi Circular Railway (KCR) with an estimated cost of $2.07 billion. Click here for more

PSX suspends all trading terminals of Din Capital Ltd PSX| Neutral
Pakistan Stock Exchange (PSX) has suspended all trading terminals of M/s Din Capital Limited with immediate effect. The PSX, in a notice issued by Abbas Mirza, acting Chief Regulatory Officer of the PSX, informed all market participants that the Securities and Exchange Commission of Pakistan (SECP) has imposed a penalty of Rs 5 million and suspended the license of M/s Din Capital Limited as Securities Broker and directed PSX. Click here for more

OGDCL’s crude oil production up by 6pc in first quarter OGDC| Positive
Crude oil production of the Oil and Gas Development Company (OGDCL) has reached 42,529 barrels per day (bpd) in first quarter of the current fiscal year as compared to the same period of the corresponding year 2016-17, showing 6 percent growth. Click here for more

Portfolio managers await 10 percent rupee depreciation to re-enter market PSX| Neutral
Portfolio managers are eyeing a 10 percent rupee fall, external account’s recovery and political stability to re-enter Pakistan’s equity market that’s been longing for funds since the country’s upgrade to Morgan Stanley Capital International (MSCI) emerging market index in May. Click here for more

Political News

Dar on the way out; advisory body on the cards
The government has decided, in principle, to remove Finance Minister Ishaq Dar and is considering two options: appointment of a State Minister or formation of an advisory council headed by Prime Minister Shahid Khaqan Abbasi to look after the Finance Ministry. Well-placed sources told Business Recorder that final decision in this regard will be taken by former Prime Minister Nawaz Sharif, who is leaving for London in a couple of days as Dar is unlikely to return after court issued his non-bailable arrest warrants. Click here for more

PM, COAS invited to visit Saudi Arabia
Prime Minster Shahid Khaqan Abbasi and Chief of Army Staff (COAS) General Qamar Javed Bajwa have been invited by Saudi King Salman bin Abdul Aziz to pay an official visit to Saudi Arabia, but no schedule has been finalised about their visit. Click here for more

International News

Oil prices leap on back of major pipeline leak
The combination of a major US pipeline leak of 795,000 litres and additional OPEC production cuts saw oil prices jump more than two per cent after a series of falls. Click here for more