AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, January 10, 2014 (PPI-OT): Forex limit for each passenger reduced to $5k: exports to Afghanistan to be in dollars
According to MR Securities,
The government has decided to reduce the present limit of foreign exchange to US $5,000 from US $10,000 for each passenger travelling aboard with a view to curbing the menace of smuggling. Sources said the decision to this effect was taken at a meeting to review the limit of foreign currency allowed to Pakistanis travelling abroad, chaired by Finance Minister Ishaq Dar with the representatives of State Bank of Pakistan (SBP) and concerned ministries after detail discussion.
December 5 IMF LoI: MoF lowers projected growth to 2.8 percent
Finance Ministry has revised its projected growth in the budget for the current fiscal year downward – from 4.4 percent to 2.8 percent as per the Letter of Intent (LoI) dated 5 December, submitted to the International Monetary Fund under $6.64 billion Extended Fund Facility (EFF). Finance Minister Ishaq Dar recently announced that the country had achieved 5 percent growth in the first quarter of the current fiscal year, which he claimed was an indicator that the government policies are in the right direction.
”Non-payment” of income tax by MPs: IMF to raise issue during EFF review
The International Monetary Fund (IMF) has expressed its serious concern over ”non-payment” of income tax by Parliamentarians and decided to take up this issue with authorities during the second review of Extended Fund Facility (EFF) scheduled for January-end or the first week of February. This was stated by Jeffery Franks, IMF Mission Chief to Pakistan in an exclusive telephonic interview with Business Recorder from Washington.
Procure to Payment Solutions: UBL signs agreement with Tejari Pakistan
United Bank Limited (UBL) on Thursday signed an agreement with Tejari Pakistan to offer ‘Procure to Payment Solutions’, that meet sophisticated supply chain management needs of corporate organisations. UBL, a leading financial institution offering a range of financial products and services, specialises in the use of cutting edge technologies in the design and deployment of next generation solutions.
Energy, textile sectors: Chinese company announces $2 billion investment
A Chinese company, RUYI, has said it would make US $2 billion investment in energy and textile sectors of Pakistan over the next two years and construct power plants to generate 600MW electricity through coal. A four-member delegation led by Chinese Group RUYI chairman Yafu Qiu along with the Chinese Ambassador to Pakistan met Prime Minister Nawaz Sharif on Thursday and discussed their plans of investment.
OGDCL, PPL, others: divestment approved by BOD
The Privatisation Commission’s (PC) Board has approved divestment of Government of Pakistan (GOP) shares in as many as five State Owned Entities (SOEs) including Oil and Gas Development Companies Limited (OGDCL) and Pakistan Petroleum Limited (PPL). During the second round of the PC Board meeting held here on Thursday, the Board approved the offloading of government shares in Habib Bank Limited (HBL), United Bank Limited (UBL), Allied Bank Limited (ABL), OGDCL and PPL.
Forex: Reserves dip on debt repayment
Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 11.2% during the week ending on January 3, according to data released by the SBP on Thursday.
CPI figures: Analysts puzzled by inflation drop
The Pakistan Bureau of Statistics (PBS) surprised most analysts last week by announcing lower-than expected headline inflation numbers in December, which clocked up at 9.2% on a year-on-year basis.
Gaining ground: German textile event yields order bonanza
Pakistan Textile Exporters Association (PTEA) Chairman Sheikh Ilyas Mahmood said exporters are expecting to get foreign orders worth $1 billion from Heimtextil as the Pakistani commodity has been an attractive one on the opening day of the world’s largest home textile event in Germany.
OGDCL completes development of gas fields
OGDCL has announced completion of the development of Reti, Maru and Maru South gas fields and a cumulative production of 13mmcfd will be added to the system, a statement said.
ADB warns Punjab of suspending funds
Asian Development Bank has warned Punjab government of suspending funds on slow-moving progress on the hydel power projects in Punjab, The Nation has learnt.