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Weekly Economic Roundup

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October 31, 2021 (MLN): The latest weekly roundup is here to update a few financial and economic releases, providing a guide to monitor trends in the upcoming week.

  • Federal Board of Revenue (FBR) has collected net revenue of Rs.1,841 billion during July-October of current Financial Year 2021-22, which has exceeded the target of Rs. 1,608 billion by Rs. 233 billion.
  • Prime Minister Imran Khan on Saturday refused a proposal by the Oil and Gas Regulatory Authority (OGRA) to further increase petroleum prices in Pakistan. In view of the rising oil prices in the global market, OGRA proposed to increase petrol price by Rs11.53 and diesel by Rs8.49 per liter for the next fortnightly.
  • The economic growth rebounded to 3.94 percent during the year, well above the target set for the FY21 of 2.1 percent, and COVID induced contraction of 0.47 percent in FY20, said State Bank of Pakistan.
  • The headline inflation for October 2021 is expected to settle around 8.2% – 9% with an average estimate of 8.68% YoY compared to 8.98% YoY in the last month and 9%YoY in October 2020, as per the projections put forth by various brokerage houses.
  • The government has allocated funds amounting to Rs 353.119 million to acquire two plots for the construction of the Anti-Narcotics Force (ANF) Academy in the H-11/1 sector of the federal capital.
  • The Ministry of Commerce (MoC) has announced that the second Pakistan Africa Trade Development Conference (PATDC) will be held at Lagos in Nigeria as part of measures to enhance bilateral trade between the Asian country and Africa.
  • Governor, State Bank of Pakistan, Dr. Reza Baqir appreciated the progress made by the banking industry in supporting low-cost housing finance for first-time homeowners under the Mera Pakistan Mera Ghar (MPMG) as per the latest numbers of October 18, 2021, banks have received applications of more than Rs200 billion.
  • Jordan has notified three Pakistani slaughterhouses for exporting bovine, sheep, goat & camel meat to Jordan.
  • Total liquid foreign reserves held by the country stood at US$23,933 million as of October 22, 2021, down by US$393.6mn or 1.61% WoW when compared to US$24,327.4mn recorded on October 15, 2021.
  • The government so far provided funds amounting to Rs 4,133.128 million during the current fiscal year to execute Information Technology and Telecommunication projects under the Public Sector Development Programme (PSDP 2021-22).
  • Pakistan’s exports to some regional countries; China, Afghanistan, Iran, Turkey & the Central Asian Republics witnessed a growth of 35% during 1QFY22 to stand at $938 million as compared to $694 million in the corresponding period last fiscal year.
  • Despite increasing energy prices worldwide, the demand for energy products in Pakistan is on the rise amid robust economic growth as demand for High-Speed Diesel (HSD) has increased by 26% whilst petrol consumption has risen by 14% during the first quarter of FY2021-22.
  • Saudi Arabia has announced its financial support of $4.2 billion to Pakistan to help ease pressure on trade and increase foreign currency reserves.
  • Pakistan has received $3.204 billion foreign assistance during 1QFY22 i.e., July- September from multiple financing sources against the annual budget estimates of $14.09bn for the entire fiscal year FY22.
  • National Electric Power Regulatory Authority (NEPRA) on Tuesday notified 69 paisa increase in power tariff for the month of July for K-Electric under the monthly fuel cost adjustment (FCA) mechanism.
  • The federal government has released Rs 57,024 million for the National Highway Authority (NHA) road infrastructure schemes under the Public Sector Development Programme (PSDP) 2021-2022 till September 3.
  • Pak Rupee's Real Effective Exchange Rate Index (REER) fell to a provisional value of 95.86 in September 2021, showing a depreciation of 0.71% when compared to the revised value of 96.54 in August 2021.
  • Total nutrient offtake during Kharif 2021 (April -September) was 2422 thousand tonnes which showed a decrease of 5.2 percent over Kharif 2020.
  • Urea offtake during Kharif 2021 (April- September) was 3258 thousand tonnes, which increased marginally by 2.2 percent against 3188 thousand tonnes recorded in Kharif 2020.
  • The total DAP offtake during Kharif 2021 (April- September) was 889 thousand tonnes, which decreased by 23.5 percent over Kharif 2020.
  • The government has set a target to produce around 6,900,000 tons coal during the current fiscal year aimed at meeting the energy needs of the country in an efficient manner.
  • Central Development Working Party (CDWP) on Monday considered two projects worth Rs345.626 billion and recommended them to the Executive Committee of the National Economic Council (ECNEC) for further consideration.
  • Pakistan’s IT exports grew by about 42 percent in the first quarter of the current fiscal to $635million when compared to the export value of $445mn in the corresponding period last year.

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Posted on: 2021-10-31T13:42:18+05:00

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