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ADB approves a $300mln policy-based loan to promote macroeconomic...

November 27, 2020: The Asian Development Bank (ADB) has approved a $300 million policy-based loan to help promote macroeconomic stability in Pakistan by facilitating improved trade competitiveness and export diversification.

“While COVID-19 hit Pakistan at a critical point in its macroeconomic recovery, the government’s ongoing efforts to ensure stability have started showing encouraging results this fiscal year,” said ADB Principal Public Management Specialist Hiranya Mukhopadhyay. “ADB’s program will support these efforts and help Pakistan to improve its export competitiveness—now more important than ever given the impacts of the pandemic.”

ADB’s program will help Pakistan recover its current account deficit in a sustained manner and continue to facilitate export diversification. It will introduce important tariff- and tax-related policy reforms to help improve Pakistan’s international competitiveness and further strengthen key institutions, including accreditation bodies, the Export-Import Bank of Pakistan, and the Pakistan Single Window.

The new financing falls under Subprogram 2 of the Trade and Competitiveness Program. Under the first phase, ADB helped the government usher in key reforms, including reducing or abolishing tariffs and ad hoc duties on a large number of raw materials and intermediate goods. Several steps were also taken to introduce e-commerce, strengthen key institutions involved in facilitating trade, and enhance the export certification process.

Since the fiscal year 2004, Pakistan has registered a rise-and-fall pattern of export growth reflecting underperformance in its export industry and long-term decline in export competitiveness. This is compounded by lost export growth momentum from COVID-19, which has reduced high-income countries’ demand for manufacturing goods and disrupted the supply of raw materials.  

ADB is coordinating its efforts with other development partners and donors while the program complements International Monetary Fund-led reform initiatives by helping to improve competitiveness, which will help build robust foreign exchange reserves.

Press Release

OGDCL discovers gas from its exploratory well Lakhirud X-1,...

November 27, 2020 (MLN): Oil and Gas Development Company Limited (OGDCL) as Operator (100%) of Lakhirud Exploration Licence has discovered gas from its exploratory well Lakhirud X-1, which is located in District Musa Khel, Balochistan Province.

The structure of Lakhirud X-1 was drilled and tested using OGDCL's in house expertise. The well was drilled down to a depth of 3000 meters. Based on logs data, the well was tested at a rate of 2.5 Million Standard Cubic Feet per Day (MMSCFD) of gas and 18 Barrels Per Day (BPD) of water through 32/64" choke at Well Head Flowing Pressure of 600 Pounds per Square Inch (Psi) from Mughal Kot Formation, as per the notice issued to PSX.

The discovery of Lakhirud X-1 has opened a new avenue and would add to the hydrocarbon reserves base of OGDCL.

 

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The Organic Meat Company purchases land to set up...

November 27, 2020 (MLN): The Organic Meat Company Limited (TOMCL) has completed the purchase of a Plot in Korangi Industrial Area and having a constructed building thereon to set up an offal facility.

According to the notice issued to PSX, the total cost of the acquisition of the subject land is Rs 145 million.  The details of the aforementioned information had been disclosed by the company in the prospectus leading to its IPO.

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President Alvi invites China-ASEAN countries businessmen to invest in...

November 27, 2020: President Dr Arif Alvi on Friday invited businessmen from China and ASEAN countries to come and invest in the special economic zones being setup in Pakistan.

"We encourage ASEAN countries as well as Chinese businessmen, to invest in the special economic zones in Pakistan", he said while addressing through video message at the opening ceremony of 17th China-ASEAN Expo (CAEXPO) opened at Nanning, capital of south China's Guangxi Zhuang Autonomous Region.

He said Pakistan's macroeconomic policies have changed tremendously and there is a greater ease of doing business in Pakistan despite COVID-19 challenge.

"We have handled COVID pandemic well also. And the far reaching economic and trade reforms and macroeconomic policies have provided good results in online business".

"Pakistan has a sectoral dialogue partnership with ASEAN. Our partnership, progress and our cooperation are increasing", he added.

Dr Alvi said that Pakistan, China and ASEAN countries are very reliable, friends.

"Pakistan wants to do a feasibility where Pakistan, China and ASEAN triangle can come up, as well as feasibility into Pakistan and ASEAN FTA", he mentioned.

Pakistan wants to export more textile goods, food products, surgical instruments, meat, vegetables to China and to ASEAN countries. "We are upgrading the agriculture sector and Pakistan is making great progress in energy and infrastructure and has moved on from agriculture to industry and the socioeconomic reforms".

While mentioning about his previous visit to China in March this year Dr Alvi said that he met President Xi, Premier Li Keqian and other Chinese leadership to express solidarity with China in its fight against COVID-19 pandemic.

"I was very confident that China as a disciplined nation will be able to overcome this disease", he added.

He said that this CAEXPO was a symbolic situation where it was showing that beyond COVID, China has provided leadership in trade to the world.

He further said that China has recently signed the world's largest trade agreement which is a Regional Comprehensive Economic Partnership, with the number of countries and it has shown leadership to the world that it is a reliable trading partner and an economic hub.

About Pak-China all weather strategic cooperative partnership, he said it was very deep friendship deeper than the oceans and as high as the sky. And both the countries are trusted friends with each other.

In addition, China Pakistan Economic Corridor (CPEC) has done wonders in bringing Pakistan as an economic and strategic hub where goods from China, to the world and from Pakistan towards China could be sent and this will also link up with the Central Asian countries.

Pakistan and China have signed the second phase of the Free Trade Agreement (FTA) which has come into effect since January 2020.

Earlier Chinese President Xi Jingping and head of the ASEAN countries addressed the opening session of the three-day CAEXPO

This year's theme of the CAEXPO is "Building the Belt and Road, strengthening digital economy cooperation".

The CAEXPO aims to deepen cooperation in trade, technology, digital economy, science and, health and other fields. With a planned exhibition area of 104,000 square meters, this year's event will set up 5,400 booths.

More than 1,500 enterprises from home and abroad will participate virtually in the four-day event.

The international exhibition area has 229 booths for participants from 22 countries, including Pakistan, Japan, the Republic of Korea, Australia, India, Iran, France, Italy, and Russia.

The CAEXPO will also host 11 high-level forums and more than 160 economic and trade promotion activities. Initiated in 2004, the annual expo is an important platform for promoting trade and bilateral relations between China and the Association of Southeast Asian Nations (ASEAN).

APP

OMO Result: SBP Injects Rs.758.50 Billion for 7 Days

November 27, 2020 (MLN): The State Bank of Pakistan (SBP) conducted an Open Market Operation on Friday in which it injected Rs.758.50 Billion into the market for 7 Days.

Summary of OMO Result

  Amount*RateBids
TenorTypeOfferedAcceptedHigh - LowAcceptedOfferedAccepted
7DReverse Repo (Injection)759.500758.5007.08 - 7.017.032120
 
OMO Settlement: same day November 27, 2020
*Amount in Billions

 

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