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Food Group: Exports up by 10.26% YoY, Imports down...

January 21, 2020 (MLN): The exports of food group witnessed an increase of 10.26% YoY to $2.19 billion during 1HFY20.

According to the latest data issued by the Pakistan Bureau of Statistics on export receipts by commodities, the food group contributed 19% of the total exports during 1HFY20.

Whereas, imports of the food group into the country during the period under review were recorded at $2.56 billion, down by 13.48% YoY as per the data released by Pakistan Bureau of Statistics. The food group accounted for 11.04% of the total imports in 1HFY20.

On the exports side, Rice and Fish & Fish Preparations were the major sources of Foreign exchange earnings as their exports valued at $1.03 billion and $225 million, depicting a growth of 26.30% and 22.56% YoY respectively during 1HFY20.

During the month of December 2019, the exports of food products reached $442 million, signifying a decline of 8.36% YoY  against of $482 million in December 2018. However, the food exports increased by 11.16% MoM in December 2019 when compared to the $397 million of November 2019.

On the imports side, the data from the Pakistan Bureau of Statistics revealed that imports of milk and dairy products shrank by 26% YoY, amounted to 26,956 metric tons, valued at $76 million during 1HFY20.

During the said period, Pakistan imported 1,516,181 metric tons of palm oil, worth a total of $842 million. This marks a decline of 9.58% compared with the same period of the last fiscal year.

A sharp decline was seen in tea imports. It dropped by 24% YoY to stand at $228 million during 1HFY20 when compared to the same period of FY19.

In the month of December 2019, the imports of food group valued at $477 million, down by 4.15% YoY against of $498 million in December 2018. Similarly, the food outflows decreased by 5.52% MoM in December 2019 versus $505 million of November 2019.

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PM directs to abolish around 150 licences required for...

January 21, 2020: Prime Minister Imran Khan has directed to abolish around one hundred and fifty licenses required for various business activities at the local level. 

Chairing a meeting on licensing regime in the provinces in Islamabad today, he also directed the provincial governments to eliminate seventy-four different licenses of this nature.

Imran Khan directed to simplify the process for necessary licenses and introduction of the automated system by employing modern technology.

The Prime Minister expressed concern on the complex licensing regime and said the requirement of licenses for the businesses of grocery, cloth and bakery is equal to creating difficulties for the common man.

He also emphasized to complete the process of eliminating unnecessary licenses in thirty days.

Talking a delegation of newly elected presidents of Chambers of Commerce and Industries from across the country in Islamabad, Imran Khan said the government has decided to make Pakistan an industrial power and it will provide all possible assistance to help industrialists.

The prime minister appreciated the delegation's keen interest in investing in information technology, halal food and pharmaceutical sectors and issued directions to relevant ministries to provide all possible facilities in this regard.

The Prime Minister directed the FBR Chairman to hold himself an open house every Monday to listen and address problems of industrialists.

Radio Pakistan

US lauds Pakistan’s efforts in compliance with FATF

January 21, 2020: The United States has appreciated Pakistan's efforts in compliance with the Financial Action Task Force.

The appreciation was made during a meeting between Interior Minister Brig (R) Ijaz Ahmad Shah and Acting Assistant Secretary of State Alice Wells in Islamabad.

The US delegation was about the briefed significant progress on both legislative and administrative matters. It was informed that the execution process has also been completed to a greater extent in this regard.

Referring to the issue of illegal immigrants, the Interior Minister said the government has successfully managed to streamline the process to curb the menace.

Alice Wells also lauded the steps taken by Pakistan on the matter of illegal immigrants.

The two sides agreed to work together for enhancing the bilateral ties.

Radio Pakistan

SBP to Conduct 3 Day OMO

Jan 21, 2020 (MLN): The State Bank of Pakistan (SBP) announced that it will conduct a 3 day OMO to inject funds into the market.

Quotes timing is: 10:30 PST while result will be announced at: 11:00 PST

Settlement is same day - January 21, 2020


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SBP gets new Deputy Governor

January 21, 2020 (MLN): The Federal Government has appointed Mr Murtaza Syed as Deputy Governor of State Bank of Pakistan (SBP), for a period of three years with immediate effect.

The newly appointed Mr Murtaza Syed is currently the second such appointment after the state bank’s Governor Reza Baqir, who had served IMF at different positions. He was a Deputy Division Chief in the IMF Strategy, Policy and Review Department. He joined the Fund in 2004 and has previously worked in the Fiscal Affairs and Asia and Pacific Departments.

Prior to his current assignment, he was the IMF Deputy Resident representative in China. He has been involved in IMF programmes and surveillance of various emerging markets and advanced economies including Colombia, Cyprus, the Euro Area, Korea and Japan.

His analytical work has covered macro-financial linkages, fiscal and monetary policy, financial crises, investment, demographics and inequality.

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