AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, December 27, 2013 (PPI-OT): Foreign currency: With heavy debt repayment, reserves fall to $3.1b
According to MR Securities,
Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased to $3.1 billion on December 20 as opposed to $3.4 billion a week earlier, showed data released by the SBP on Thursday.
Dar tells Credit Suisse team: Govt focusing on building foreign exchange reserves
The Minister for Finance Senator Mohammad Ishaq Dar here met a delegation of Bank Credit Suisse at his office and told them that macro-economic indicators have started showing improvement.
While talking to the delegation the Finance Minister said that the government is now focusing its attention on building foreign exchange reserves. In this connection, he said the government is working on various plans including floating of sovereign bonds, increasing remittances and disinvestment of Public Sector Entities.
Total volume touches $1.4 trillion: Pakistan can emerge as Islamic banking hub: UAF VC
Pakistan can emerge as a hub of Islamic banking which is gaining popularity across the globe as the total volume of Islamic banking has touched 1.4 trillion dollars.
Plan to phase out tax relief finalised: SROs list readied
The government Thursday finalised the list of Statutory Regulatory Orders (SROs) and exemptions granted through federal tax laws to curtail the existing cost of exemptions in income tax, sales tax, customs and federal excise duty (FED) from over Rs 450-500 billion to a reasonably low level in 2013-14.
Performance report: Mari Petroleum and PSO outperform KSE-100 index
Mari Petroleum and Pakistan State Oil (PSO) have so far outperformed the benchmark Karachi Stock Exchange 100-Share Index and have also led the overall oil and gas sector, which falls slightly short of the returns posted by the benchmark index, according to a report prepared by Top line Securities on Thursday.
Payments pending: KESC accuses government of reneging on promises
The federal government is not honouring its sovereign commitments given to the Abraaj Group, the Dubai based firm that manages Karachi Electricity Supply Company, which may hamper future privatisation plans, say senior officials of the company.
Cash strapped: CDWP approves 8 new projects worth Rs4.7b
Despite facing an acute shortage of funds, the government on Thursday approved eight new projects worth Rs4.7 billion, while four projects worth Rs32.9 billion were referred to the Executive Committee of National Economic Council (ECNEC) for approval.
LNG imports deal worth $2 billion in hot water
The $2 billion deal of terminal contract services for fast-track LNG imports took a new turn as Elengy Terminal Pakistan Limited (ETPL), a wholly-owned subsidiary of Engro Corporation, has further demanded basic changes in the tender terms and conditions, official sources said.
Offshore handling: Pakistan’s only single point mooring completes first year
In a major positive development, Pakistan has successfully joined the club of countries with single point mooring (SPM) facilities in the deep sea to transport crude oil through a pipeline to the refineries set up along the coast.
Non-reconciliation of receivables: power sector faces serious financial problems
The government’s inability to reconcile power sector receivables may drag the sector into serious financial problems and increase the duration of loadshedding beyond the current level of 8 to 10 hours.
Sources said Pepco’s rising outstanding against public sector remained one of the major agenda items of the last finance secretaries” meeting. The Finance Ministry has reportedly asked provincial finance secretaries to hold meetings with Pepco and Disco officials for early reconciliation of dues against public sector.
Energy crisis: government urged to utilise all possible resources
Business community of Southern Punjab has urged the PML-N government to utilise all possible resources to resolve energy crisis to avail the GSP Plus status. “The government should initiate serious efforts on all fronts so that long-delayed IP gas pipeline project and Kalabagh Dam (KBD) could be constructed to handle power crisis in Pakistan,” MCCI President Khawaja Muhammad Usman said.
Pak-China nuclear cooperation under IAEA safeguards
Pakistan on Thursday rejected smear campaign against Pakistan-China nuclear co-operation and made it clear that the co-operation is exclusively for peaceful purposes fully covered under IAEA safeguards.
People irked by government decision to suspend gas supply to filling stations
The suspension of gas supply to CNG stations by the Sui-Northern Gas Pipelines Limited (SNGPL) has badly affected the domestic consumers as well as created serious transport shortage, as thousands of people did not reach their workplaces daily.