AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, January 06, 2014 (PPI-OT): Sell-off of 31 SOEs: privatisation BoD meets on January 8
According to MR Securities,
The Board of Directors (BoD) of Privatisation Commission (PC) is all-set to take up the issue of selling 31 state-owned entities including Oil and Gas Development Company (OGDCL) and Pakistan Petroleum Limited (PPL) in its secluded meeting on January 8-9, it has been learnt. The meeting of the BoD of the PC would be held on January 8-9, wherein the sell-off of 31 national entities including two blue chip companies, OGDCL and PPL, will be discussed.
Govt agrees to IMF’s new structural benchmarks
Under the new structural benchmarks, Pakistan has agreed with IMF to initiate revenue-based load- shedding in the power distribution companies, taking action against tax dodgers and hiring financial advisers for the privatisation of the strategic organisations, including PIA and Pakistan Steel Mills.
IMF expresses concern over incentive package
International Monetary Fund (IMF)) has expressed concern over recently announced incentives initiative to whiten black money after paying 25 percent more tax than the previous year. According to the IMF”s supplementary appraisal “first review under the Extended Fund Facility request for non-observance of a performance criterion and modification of performance criteria,” – supplementary information dated December 11, 2013, “it will be important to ensure that the investment incentive initiative is in line with the program’s strategy to improve tax compliance.
December 5 LoI commits to ameliorate risks to EFF
The Letter of Intent (LoI) dated 5 December commits to several contingent measures to ameliorate risks to the $6.4 billion Extended Fund Facility programme, including reduced expenditure allocations in the first nine months compared to the budget and refraining from issuing any new concessions or exemptions (including customs tariffs) through SROs.
Pakistan yet to receive $798 million under CSF
Pakistan is yet to receive $798 million under Coalition Support Fund (CSF) from the United States for the period from October 2012 to March 2013. Finance Minister Ishaq Dar briefed the Cabinet and media that the government had billed $798 million for recovery under the CSF for October 2012 to March 2013.
Youth loan scheme to help alleviate poverty: Nawaz
Addressing the launching ceremony of Prime Minister’s Youth Loan Programme organised by National Bank of Pakistan (NBP) here at Okara Sports Complex, Prime Minister Nawaz Sharif said loans would help people send their children to school and become useful citizens of the society.
July 1-December 20, 2013: PSEs borrowed Rs 43 billion from banks
Public Sector Enterprises (PSEs) borrowed some Rs 43 billion from domestic banking system during current fiscal year to ease their financial issues. Analysts said the growing borrowing by PSEs from commercial banks shows a weak financial position of the public sector companies despite the fact the government is making efforts to curtail their losses.
IMF grants waiver: first quarter NIR performance criteria not fulfilled
IMF has granted a waiver after Pakistan failed to meet the Net International Reserves (NIR) performance criteria for first quarter. The Fund has also modified the criteria for second quarter end-December 2013.
Qatar approves delivery of first vessel in November
In a major development, the Qatar government has shown its satisfaction over the readiness of Pakistan to import liquefied natural gas (LNG) and to this effect it has given approval to deliver first vessel at Port Qasim in November 2014, official sources said.
Social transfer payments: indicative target agreed under EFF missed
The country has missed in 1Q indicative target on social transfer payments agreed under the Extended Fund Facility (EFF) of IMF. This was stated in the first quarter review of the IMF “first review under the extended fund facility request for nonobservance of a performance criterion and modification of performance criteria”; however the technical problems that caused a shortfall have since been rectified.
Cement sales see surge in last month of 2013
Domestic cement dispatches in December 2013 hit 2.33 million tons – the highest-ever monthly sales – compared to 2.24 million tons in the same month of 2012, representing a 3.8% growth.
More costly: Pak Suzuki choosing to ride on margins
Analyst’s stated that the decision of Pakistan Suzuki Motors – country’s biggest car maker – to raise car prices on the very first day of 2014 is going to increase its margins but it may dampen its volumetric sales.
Power tariff hike in October 13: commitments with IMF not kept, acknowledges govt
The government has acknowledged that increase in power tariff in October 2013 was over and above the commitments made with IMF to compensate for the shortfall that emerged because of the court decision.
There”s strong similarity between IPPs and RPPs
The government’s plan to convert four furnace oil- fired Independent Power Producers (IPPs) to coal has one similarity with the mega scam Rental Power Plants (RPPs): National Electric Power Regulatory Authority, the regulator, has refused to support the summary submitted by Ministry of Water and Power.
Nuclear power stations project: FPCCI lauds $6.5 billion Chinese investment
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) lauded the historic decision of China to construct twin nuclear power stations to bridge gap between demand and supply of electricity.