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Karachi, December 26, 2013 (PPI-OT): Agreements with Turkey: Monitoring of projects is a key to success
According to MR Securities,
At a time when the economy of Pakistan is facing some serious challenges, the visit of Turkish premier Recep Tayyip Erdogan, along with a high-powered business delegation, has provided some respite.
Turkey agreed to support and invest in Pakistan, primarily in infrastructure development projects like motorways and road networks, metro bus, transport, housing and the struggling energy sector. Turkey also signed memoranda of understanding for a preferential trade agreement, exchange of students, business groups, civil society activists, Islamabad-Istanbul container train service and defence cooperation.
Pakistan receives $255 million foreign aid in November
Pakistan received over $255 million foreign assistance in November 2013 against $174 mn during the same period last year largely because of additional $100 million borrowed by the government from Standard Chartered Bank (SCB) London, it is reliably learnt. Sources said $100 mn borrowed from SCB London in November 2013 were not included in the budget and the government may have taken the loan to strengthen foreign exchange reserves.
Punjab government decides to set up small hydropower units
The Punjab government has decided to establish small hydropower units at newly constructed barrages including New Khanki Barrage being funded by the Asian Development Bank (ADB). The ADB is extending $270 million loan (87 per cent) for New Khanki Barrage (NKB) whereas the share of the Punjab government is $39 million (13 per cent). Total cost of the project has been estimated at Rs 23.442 billion.
July-November services trade posts over $1 billion deficit
Services trade posted over $1bln deficit during the first five months of the current fiscal year, mainly due to massive decline in exports. The fresh statistics of the services trade issued by the SBP revealed that the country’s services sector trade is gradually deteriorating as the exports continue to decline.
Government revenue hit by supply on discounted rate: loss to be bridged through
earnings from SNGPL: EFL
Engro Fertilizers Limited (EFL) has reportedly acknowledged revenue loss to the government in the event that gas is supplied to Engro at concessionary rates but argues that the loss will be bridged through revenue earnings from SNGPL, well-informed sources in Ministry of Industries and Production (MoIandP) told Business Recorder.
Walt Disney may stop sourcing goods from Pakistan
Overseas Pakistanis and Human Resource Development Secretary Munir Qureshi has stated that USbased Walt Disney Company is developing a strategy to eliminate Pakistan from the Permitted Sourcing Countries list. This strategy was being prepared in consultation with the stakeholders to address concerns of US companies, he said, adding Pakistan, on its part, was striving to get its Worldwide Governance Index (WGI) ranking upgraded by 2014.
Fiscal Year 2014 oil demand may go up by seven percent
Pakistan”s oil demand is expected to rise by 7 percent during the current fiscal year (2013-14) ending June 30, 2014 year-on-year basis. The demand would touch 21 million tons against 19.5 million tons, on the back of closure of CNG stations and resolution of circular debt problem, analysts said.
Hiring process: Candidates jockey for coveted job of PSO MD
Two strong candidates, with approvals and recommendations from senior bureaucrats, are in the race for becoming Managing Director (MD) Pakistan State Oil (PSO).
Investors accumulate textile stocks in wake of getting GSP Plus status
Ironically, despite the security and energy problems, investors on the Karachi bourse have been busy accumulating stocks of textile companies. The buying spree started more than one and a half month ago when it became clear that the country would win the Generalised Scheme of Preferences (GSP) Plus status from theEuropean Union (EU).
Secondary market: Trading in T-bills, PIBs via bourse to begin in January
Regulatory approvals and operational procedures, including the appointment of market-makers, will be in place by the end of January to enable the commencement of trading in government securities through the Karachi Stock Exchange(KSE).
Borrowing from SBP shrinks as government turns to commercial banks
The federal government’s net borrowings from the central bank for budgetary support between July 1 and December 13 remained Rs685.8 billion, latest data released by the State Bank of Pakistan (SBP) shows.
TUSDEC trains technicians to promote solar power industry
The Technology Upgradation and Skill Development Company (Tusdec) awarded certificates to the first two batches of solar technicians trained by it in a programme being run in association with GIZ Pakistan.
Public-private dialogue: Call for policy reforms to boost surgical, pharma sectors
Participants of a dialogue on technological advancement, foresight insurgical instruments and pharmaceutical products advocated policy reforms and a roadmap to overcome challenges faced by the two sectors. This will help enhance productivity, value addition and export competitiveness.
Pakistan seeks India’s cooperation for power generation: Shahbaz Sharif
Punjab Chief Minister Shahbaz Sharif has said that the government will seek cooperation of the Indian Punjab to install bio-gas‚ bio-mass power generation plants and other alternate resources.