AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, April 17, 2014 (PPI-OT): PKR appreciation helps reduce IMF loans: Senate informed
Senate was informed that appreciation of the PKR against the US dollar helped reduce the debt obtained from the International Monetary Fund (IMF) to Rs 44.39 billion. Replying to a supplementary question on behalf of federal minister for finance Ishaq Dar, during question-hour in Senate, state minister for finance Baleeghur Rehman said the appreciation of the rupee helped reduce the IMF loans to Rs 44.39 billion.
Under performance: Economic growth weakens to 3.2% in second quarter
As the country’s external financial woes have started easing following a $2-billion Eurobond issue, the domestic economic conditions still remain fragile with growth dropping to 3.2% in the second quarter of the current fiscal year, dashing hopes of an early recovery.
Withdrawal: Islamic insurers agree to out-of-court settlement
After waging a legal battle with the regulator as well as conventional insurers for almost two years, Islamic insurance companies have finally agreed to an out-of-court settlement of the longstanding dispute over controversial Takaful Rules 2012.
FBR launches Rs25bn recovery drive
Federal Board of Revenue (FBR) has launched a recovery campaign against large taxpayers and finalised strategy to exercise all available options, including freezing of accounts and arrest of company officials.
Debt threat: Some power producers sitting idle
Despite hefty payments running into hundreds of billions of rupees, the ghost of circular debt is still haunting the government, as some power producers are sitting idle because of fears of an increase in debt.
‘Body be set up to probe interest on foreign missions’ overdraft from banks’
The sub-committee of the Public Accounts Committee (PAC) on Wednesday directed the Ministry of Foreign Affairs to constitute a committee to probe the issue of interest on overdraft from banks by Pakistan missions.
$2 billion credited to SBP: Dar
Finance Minister Ishaq Dar has maintained that US $2 billion on account of Eurobond have been credited to State Bank of Pakistan (SBP) on April 16, 2014. He insisted that bonds were sold at a ‘favourable’ cost.
Mutual fund industry: Dar, Mufap chief discuss growth potential
Chairman, Mutual Fund Association of Pakistan (MUFAP), Dr Amjad Waheed called on Finance Minister, Senator Ishaq Dar to discuss growth development of mutual fund industry in Pakistan and tax related issues.
Chinese investment to be ensured, come what may
Pakistan is likely to disregard PPRA rules to ensure $35 billion Chinese investment in energy sector projects within the next five years.
Saarc Insurance Regulators moot ends with a message of collaboration
The 2nd Saarc Insurance Regulators’ Meet and International Conference held under the aegis of Security and Exchange Commission of Pakistan (SECP), conveyed the message of collaboration across the region.
‘Forex reserves remain low despite higher rupee value’
Experts indicate that sentiments and perception created about economy have appreciated rupee beyond expectations of even economic managers, while foreign exchange reserves are still outside the comfort zone.
16 MoUs signed for exploring trade, investment potential
The three-day international conference ended on Wednesday with the signing of 16 memorandum of understandings (MoUs) among Pakistan, Afghanistan and Central Asian States on exploring and utilising the vast potential of investment and trade in the respective regions.
Fertiliser producers lobby for enhanced gas supplies
Ministry of Water and Power, which is striving to make promised gas available to power plants, may face a setback as fertiliser manufacturers are lobbying to win enhanced gas supplies to increase urea production.
50 megawatts wind project: Metro Power Company signs $98.6 million financing
Metro Power Company Limited on 14th April in Istanbul, Turkey executed the financing documents for $98.6 million financing for its 50MW wind power project consisting of twenty (20) Nordex N100 wind turbines of 2.5MW each, from Germany to be located in Sindh Province.
Power plants still lying idle for fear of circular debt: Asif
Minister for Water and Power, Khawaja Asif said on Wednesday that ghost of circular debt is still haunting despite making heavy payment by the government.
PPL to add up to 3.23 TCF gas to system: managing director
Pakistan Petroleum Limited (PPL), one of the leading oil/gas exploration and production (E and P) companies, is committed to adding up to 3.23 Trillion Cubic Feet (TCF) gas within next three years.