Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

Trending :

Weekly Economic Roundup

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

August 23, 2020 (MLN): A brief account of the latest financial data releases and economic developments over the course of the week is highlighted below:

  • The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.96% during the week ended Aug 20, 2020 while the SPI increased by 8.5% compared to the corresponding period from last year.

  • Pakistan's Forex Reserves increased by USD 137.20 Million or 0.7% and the total liquid foreign reserves held by the country stood at USD 19,655.50 Million on Aug 13, 2020.

  • Pakistan's outstanding debts as of July 31, 2020 stand at a heaping sum of Rs.22.63 trillion whereas total debt at the end of the prior month was Rs.22.98 trillion, meaning that around Rs.353.28 billion were retired during this month alone.

  • Economic Coordination Committee (ECC) of the Cabinet Friday allowed the Trading Corporation of Pakistan (TCP) to place an order for the import of 200,000 tonnes of wheat in the public sector following the import of 500,000 tonnes of wheat by the private sector in the country.

  • Mari Petroleum Company Limited (MPCL), the Operator of Mari Development & Production Lease (Mari D&PL) with 100% working interest, has made a gas discovery at its exploratory well Iqbal-1, drilled in Mari D&PL Area, located in Daharki, District Ghotki, Sindh.

  • Cabinet Committee on Privatization approved the sale of 7% shares of OGDCL, 10% shares of PPL, and 20% shares of Pakistan Reinsurance Company.

  • The Federal government exempted the whole of sales tax on the import of 300,000 metric tons of white sugar by the Trading Corporation of Pakistan (TCP).

  • Pakistan witnessed Foreign Direct Investments of $114.3 million during the month of July 2020, i.e. around 61% higher as compared to the net inflows of $71 million received in the same month of last year.

  • The Electrical Machinery sector recorded the highest Net Foreign Direct Investment of $29.4 million during July 2020, while in the corresponding month last year, the sector recorded zero inflows.

  • China retained the top position as a foreign direct investor in Pakistan, with a total investment of $27.1 million in the first month of FY21 i.e. July’20.

  • Central Development Working Party (CDWP) approved 1 project worth Rs. 3.63 billion and recommended projects worth Rs. 122.128 billion with World Bank share of $450 million to ECNEC for consideration.

  • Working remittances got off to a good start for the FY21, reaching USD 2,768 million in July’20, the highest ever amount for a single month. This was 12.2 % MoM higher than Jun’20, the previous high, making it two months in a row of high remittances.

  • In the month of July 2020, the total deposits held by commercial banks stood at Rs 16.12 trillion, depicting a growth of 17% YoY and a drop of 1% MoM. The same is up by 10% YTD.

  • Imports into Pakistan during the month of July, 2020 amounted to Rs. 614,934 million (provisional) as against Rs. 611,449 million (provisional) in June, 2020 and Rs.589,739 million during July 2019, showing an increase of 0.57% over June, 2020 and of 4.27% over July 2019.

  • Exports from Pakistan during the month of July, 2020 amounted to Rs. 333,677 million (provisional) as against Rs. 263,985 million (provisional) in June, 2020 and Rs.299,588 million during July, 2019, showing an increase of 26.40% over June, 2020 and 11.38% over July, 2019.

  • The exports of Chemical and Pharmaceutical Products witnessed a jump of 5% MoM and a decline of 15% YoY to value at $12.5 million during the month of July 2020.

  • The import bill of the Machinery group witnessed a decrease of around 28% MoM and 6.4% YoY to clock in at $679.46 million in the month of July 2020.

  • The trade volume of food exports from the country in July stood at $318 million, showing an increase of 4.04% MoM. However, foreign exchange earnings from the food group decreased by 15.53% YoY against the food exports recorded in July’19.

  • The export bill of the textile group witnessed an increase of 32.68% MoM and 14.40% YoY to stand at $1.272 billion in the first month of FY21 i.e. July. While, the trade volume of textile imports into the country was recorded at $173 million, showing a decrease of around 11.51% MoM while an increase of 4.56% YoY when compared to the same period of last month and last year respectively.

  • In the month of July 2020, export receipts from the Petroleum group & coal have been recorded at $8.33 million, showing a significant decline of by 63.8% when compared to exports of June 2020. While on a yearly basis, it witnessed an increase of 59%.

  • The non-government sector retired another net sum of Rs.23.31 billion during the week ended August 07, 2020, which brings the cumulative net retirement for ongoing fiscal year FY2021 to Rs.130.76 billion. The net retirement as of prior week was recorded at Rs.107.45 billion.

  • The government of Pakistan accumulated Rs.15.08 billion during the week ended August 07, 2020, which brings its total net retirement for ongoing fiscal year FY2021 to Rs.244.26 billion. As of prior week, the government had retired a net sum of Rs.259.34 billion.

  • Pakistan Post revenue increased in the last two years from Rs.11.4 to Rs.16 billion despite COVID-19 pandemic crises.

  • Fitch Ratings affirmed Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a Stable Outlook.

  • Foreign Currency Deposits during the month of July 2020 stood at $7.75 billion, depicting a decline of 2%YoY.

  • The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.22% during the week ended Aug 13, 2020 while the SPI increased by 7.01% compared to the corresponding period from last year.

  • Pakistan has managed to get World Bank assistance of 188 million dollars for the Hydromet and Disaster Risk Management Services Project.

  • Petroleum Division developed an advanced and innovative dashboard application for effective assessment of real-time Exploration and Production data of oil and gas production.

  • The Senate on Wednesday passed another two bills related to Financial Action Task Force obligations to bring Pakistan out of FATF’s grey list.

  • In order to further facilitate the exporters, the State Bank of Pakistan (SBP) has enhanced the limit of refinancing provided to the banks under the Exports Finance Scheme (EFS) by Rs100 billion.

  • Continuing with its commitment to support the industry amid COVID-19 pandemic, SBP has further facilitated the exporters and importers by allowing extension up to 180 days in settlement of their export and import loans under the FE-25 Scheme.

  • Standard and Poor’s affirmed 'B-' long-term and 'B' short-term sovereign credit ratings on Pakistan. The outlook for the long-term rating is stable. It also affirmed 'B-' long-term issue rating on Pakistan's senior unsecured debt and Sukuk trust certificates.

  • Utility Store Corporation (USC) here on Thursday said that USC is one of the largest taxpayer entity and contributed Rs 7.09 billion tax in national exchequer during July 2019 to May 2020.

  • To encourage women participation in the economy, State Bank of Pakistan (SBP) enhanced the financing limit under its Refinance and Credit Guarantee Scheme for Women Entrepreneurs from Rs1.5 million to Rs5 million.

Copyright Mettis Link News

 

 

Posted on: 2020-08-23T13:43:00+05:00

36487