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Mettis Global News

CPI Preview: Inflation to fall below 14% YoY in May

Weekly News Roundup

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November 17, 2019 (MLN): The departed week witnessed series of several important developments that have a direct impact on the economic operations of Pakistan. These developments include:

On Friday, The State Bank of Pakistan (SBP) released the auction calendar for the next three months, Nov-Jan, in which it aims to raise Rs.3.75 trillion from the auction of Market Treasury Bills (MTB) and Pakistan Investment Bonds (PIB).

Mr. Muhammad Usman Dar, Special Assistant to the Prime Minister on Youth Affairs; along with Mr. Asad Umer, Chairman National Assembly Standing Committee on Finance, chaired a high-level meeting with the representatives from State Bank of Pakistan, Presidents and senior officials of National Bank of Pakistan, Bank of Punjab, and Bank of Khyber to review the processing of loan applications received under Youth Entrepreneurship Scheme (YES) of Kamyab jawan Programme.

The same day, IFC, a member of the World Bank Group, has led the financing of a first-of-its-kind program to build six wind power projects in Pakistan, named the Super Six, with a total investment of US$450 million, to help deliver cleaner, cheaper power to meet the country’s critical demand for energy and reduce reliance on expensive imported fossil fuels.

Moreover, Prime Minister Imran Khan said the country's economy has stabilized with all economic indicators moving on the positive trajectory. He was speaking at the signing ceremony of Super-6 310-MW Wind Power Projects in Islamabad.

On Thursday, The Parliamentary Secretary for Maritime Affairs Jamil Ahmed Khan in the National Assembly said that draft of deep fishing policy was ready and soon it would be tabled in the Cabinet for approval. The government was determined to take the export of fish up to three billion dollars, from 400 million dollars, said Parliamentary Secretary.

Furthermore, Finance Advisor, Dr Abdul Hafeez Shaikh addressed at Peace and Development Conference in Islamabad. He said a country’s progress and growth is highly dependent with the other countries’ progress in the region.He mentioned to attract foreign investment, the country should adopt attractive policies. The conditions offered should be conducive for investment. Alone one country could not offer thousands of jobs.

On Wednesday, The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which sold PIBs worth Rs.188.43 Billion in fixed and floating rate bonds.

PM Imran Khan had addressed the MoU signing ceremony between Pakistan and China. Pakistani company, Daewoo Pakistan Express Bus Service Limited and Chinese Company, Doublestar MSD Tyres signed a joint venture to manufacture tyres.

In addition, Economic Coordination Committee (ECC) at its meeting in Islamabad fixed the wheat support price at 1350 rupees per forty kilogram.The meeting was chaired by Adviser on Finance Hafeez Sheikh.

The electric vehicles manufacturers and assemblers have come together to establish Pakistan Electric Vehicles Manufacturers Association (PEVMA) with Mr Sheikh Ehtesham ul Haq of SZS Group and Mr Muhammad Ayaz of Green Wheels Private Limited nominated as Chairman and Senior Vice Chairman of the association.

Besides, the recent measures by the Securities and Exchange Commission of Pakistan (SECP) to make the process of companies’ incorporation easy and hassle-free, led to 19 % increase in the registration of new companies in October 2019. In October, the SECP has registered 1,659 new companies, raising the number of total registered companies to 107,062.

On Tuesday, The State Bank of Pakistan (SBP) has, once again, strongly denied that any proposal to discontinue Rs. 5,000 currency note has been forwarded by SBP.

Besides, The Governor State Bank of Pakistan, Dr Reza Baqir briefed on the economy which covered a range of issues in a press conference, held in State Bank’s head office. He said that he will announce some measures to boost trade and ease of doing business. Two decisions have been taken to smooth the business activity- advance payment eased, and other contract services from abroad problems to be eased.

The Securities and Exchange Commission of Pakistan (SECP) has approved the Growth Enterprise Market Listing Regulations to enable Small and Medium Enterprises (SMEs), Greenfield projects, Not for Profit and other companies to raise capital through capital markets conveniently.

The same day, Alternative Energy Development Board (AEDB) signed implementation agreements with various companies for setting up 11 wind power projects in Jhimpir Sindh.

Moreover, The Central Directorate of National Savings (CDNS) has collected a net target of Rs 20 billion by November 8, of the fiscal year 2019-20.

The Oil and Gas Regulatory Authority (OGRA) has notified revised prices of Regasified Liquefied Natural Gas (RLNG) for the current month. According to the notification, there is $0.228 per mmbtu (Million British Thermal Unit) increase in sale price of imported RLNG on the system of Sui Southern Gas Pipelines Company (SSGC) for the month of November as compared to the last month. The new price of the RLNG for SSGC system has been fixed at $ 10.9385 per mmbtu.

On Monday, the Prime Minister Imran Khan was chairing a high-level meeting on restoration and promotion of the construction sector in Islamabad on Monday. He said the development of the construction sector is essential to accelerate the economic growth of the country.

The government has decided to announce a package of Rs 200 billion for exporters to promote exports besides increasing production and job opportunities in the country, Advisor to Prime Minster on Finance and Revenue Dr Abdul Hafeez Shaikh said.

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Posted on: 2019-11-17T13:28:00+05:00