Karachi, June 22, 2012 (PPI-OT): Banks becoming major beneficiary of sustained govt borrowing
Commercial banks have increasingly become a major beneficiary of the federal government’s relentless borrowing from the banking system.
According to MR Securities, which is not only choking private sector credit off-take but also brings into question the role of banks as financial intermediaries.
SBP allows microfinance providers to mobilise funding from non-bank sources
The State Bank of Pakistan (SBP) on Thursday allowed microfinance providers (MFPs) to mobilize funding from non-bank sources / capital market under the microfinance credit guarantee facility (MCGF) by issuing revised guidelines to all banks / development finance institutions (DFIs) / microfinance banks (MFBs)
World Bank to provide aid for Dasu Hydel Project
Following the signing of an agreement with government of Pakistan for providing 840 million dollars for 1410MW Tarbela 4th Extension Project, the World Bank has also agreed to provide financial assistance for 4320MW Dasu Hydropower Project.
MSCI maintains Pakistan’s position
MSCI, a leading provider of investment decision support tools world-wide, has announced the results of the June 2012 Annual Index Review for MSCI Equity Indices with no major change for Pakistan.
Pakistan to ink $448m deal with Chinese EXIM Bank
Pakistani authorities and Chinese EXIM bank top management are to sign a buyersÕ credit line deal worth $448 million in the second week of July. The deal aims to help the country complete the Neelum-Jhelum hydropower project before the completion of the Kishanganga project that is underway in held Kashmir
Power generation declines in five years
Pakistan is the only regional country where power generation has declined in the last five years, as disclosed by the BP Statistical Review 2012.
SBP’s reserves fall by $1 billion in 20 days
Rising current account deficit and foreign debt payments have ate away some $1 billion from State Bank of Pakistan’s reserves in 20 days. Sources in banking sector said after the second payment of Stand by Arrangement (SBA) program of the International Monetary Fund (IMF), the country’s foreign exchange reserves continue to decline. The second SBA instalment worth $394 million was paid on May 25, 2012
SBP issues guidelines for micro-financiers
SBP has allowed microfinance providers (MFPs) to mobilize funding from non-bank sources or capital markets under the microfinance credit guarantee facility (MCGF) by issuing revised guidelines on MCGF to all commercial banks, development finance institutions (DFIs) and microfinance banks, according to a circular released on Thursday
OGRA to cancel pipeline allocation of LNG importers
The LNG import programme is facing major hiccups as the Oil and Gas Regulatory Authority (Ogra) has decided to cancel the pipeline capacity allocated to LNG importers after taking the petroleum ministry into confidence because of the failure of the importers to meet commitments within the set timeframe.
Artificial T&D losses: Discos held responsible for massive over-billing
Pakistan Electric Power Company (Pepco) has accused Distribution Companies (Discos) of massive overbilling to establish that their Transmission and Dispatch (T&D) losses are within targets fixed by the National Electric Power Regulatory Authority (Nepra).
Import of 1.4 BCFD LNG by three companies: Ogra requests Ministry to cancel capacity allocation
The Oil and Gas Regulatory Authority (Ogra) has requested Petroleum Ministry to cancel capacity import allocation of 1.4 Billion Cubic Feet Per Day (BCFD) Liquefied Natural Gas (LNG) to three companies encompassing Global Energy (500MMCFD), Engro Corporation (500MMCFD) and Gasport (400MMCFD).
Budgetary support: government borrowing reaches Rs 1.2 trillion mark
The government sector borrowing for budgetary support has hit a new peak of Rs 1.231 trillion, up by 75 percent, during the current fiscal year because of slow foreign inflows and rising fiscal deficit.
Germany asks Pakistan to implement conventions
German Consul General in Karachi Dr Tilo Klinner said the European Union (EU) has finalised framework of Generalised System of Preferences (GSP) Plus scheme and it is now up to Pakistan to benefit from it.
Five hydropower projects for Khyber-Pakhtunkhwa
The Khyber-Pakhtunkhwa government has allocated Rs5.13 billion for five hydropower generation projects to inject around 200 megawatts electricity into the national grid
State-owned enterprises discuss way forward
A majority of the SOE representatives seem to approve of the overall thrust of the Public Sector Companies (Corporate Governance) Regulations 2012 draft.
World Bank agrees to provide funds for 4,320MW Dasu project
The World Bank has agreed to provide financial assistance for 4,320MW Dasu hydropower project, following the signing of an agreement with the government of Pakistan to provide $840 million for 1,410MW Tarbela 4th extension project