September 26, 2021 (MLN): The highlights of the important economic and business events that took place during the last week are in order so as to become acquainted with the recent developments in Pakistan’s economic and public policy.

• On Friday, President Dr. Arif Alvi said the government was ensuring 'ease of doing business' for attracting maximum foreign investment as revolutionizing the industrial sector was vital for the uplift of the country.
• Deposit Protection Corporation (DPC) has increased the guarantee amount for all eligible depositors of banks from Rs250,000 to Rs500,000. 
• On the same day, Senate was informed that the incumbent government inherited huge financial losses of Pakistan International Airlines (PIA) but managed to reduce it drastically from Rs 67.32 billion to Rs 34.64 billion in the last three years.
• The rising demand for the US dollar in the interbank market has forced the State Bank of Pakistan (SBP) to ask commercial banks for providing information about imports worth $500,000.
• Meanwhile, Abdul Razak Dawood, Adviser to PM for Commerce and Investment congratulated National Logistics Cell (NLC) for starting Transports Internationaux Routiers (TIR) operations for Turkey and Azerbaijan.
• During the same week, PACRA released a press statement as per which it maintained the rating of Engro PowerGen Thar (Private) Limited at ‘AA-’ for the long-term, and A1 for the short term, along with a ‘stable’ outlook.
• On the agriculture front, Prime Minister Imran Khan reaffirmed the government's commitment to bolster the production of agriculture products.
• Pakistan and Iraq agreed to promote religious tourism between the two countries which could be mutually beneficial.
• In a drive to curb tax evasion, the Directorate of Intelligence & Investigation, Inland Revenue (I&I-IR), Lahore conducted a raid and unearthed estimated tax evasion of Rs400 million.
• During the departed week, the Economic Coordination Committee (ECC) of the Cabinet considered and approved another summary presented by the Power Division regarding 40% payment of the total amount payable to IPPs of 2002 policy.
• The National Coordination Committee (NCC) on Thursday reviewed the Small and Medium Enterprises (SME) policy draft to regulation and simplification of tax regime for SMEs countrywide.
• On the same day, the National Electric Power Regulatory Authority (NEPRA) accepted the request of the Energy Ministry for the rationalization of subsidies.
• In order to curb the inflating import bill and demand growth, SBP revised prudential regulations for consumer financing.
• Ministry of Commerce (MoC) released new refunds worth Rs6 billion under the Duty Drawback on Local Taxes and Levies (DLTL) schemes.
• Prime Minister Imran Khan was briefed that overseas Pakistanis have so far opened 204,000 Roshan Digital Accounts (RDA) and around one thousand new accounts are adding up daily.
• On the upside, the European Commission decided to maintain the Generalized Scheme of Preferential Plus (GSP+) status for Pakistan.
• In collaboration with the Ministry of Information Technology and Telecom, Tech Valley along with Telecom Foundation and Virtual University successfully expanded the footprint of the CS First program to multiple provinces of Pakistan.
• On Wednesday, a Gong Ceremony was held at PSX on the listing of Air Link Communication Limited which had successfully carried out its Initial Public Offering recently.
• On the economic front, Pakistan's central bank is confident that the country's economy will grow by 5% in the current fiscal year.
• According to Asian Development Bank (ADB), Pakistan’s economic growth rebounded to 3.9% in the fiscal year 2021 and is expected to reach 4.0% in FY2022.
• Meanwhile, Fitch Solutions reported that the Pakistani economy is expected to record real GDP growth of 4.2% in FY2021-22 (July 2021-June 2022), up from 3.9% in FY21.
• Fintech startup TAG Innovation Pvt. received $12 million from investors in its fundraising effort to capitalize on the growing popularity of digital payments in Pakistan.
• Central Power Purchasing Agency (CPPA) proposed an increase of Rs2.0719/kWh over the reference fuel charges of Rs4.7334/kWh under fuel price adjustment for the month of August 2021 for Ex-WAPDA Discos.
• Abdul Razak Dawood, Adviser to PM for Commerce and Investment informed that Samsung Electronics is in the process of establishing its TV line-up plant in collaboration with R&R Industries in Karachi.
• During the week, Federal Cabinet approved a one-time waiver in the rules of the Import Policy Order regarding the release of shipments sent from Saudi Arabia at the request of the World Food Program.
• CDWP recommended one project worth Rs20.17 billion to the Executive Committee of the National Economic Council (ECNEC) for further consideration.
• In another meeting of CDWP one development project with a cost of Rs. 2.66bn was cleared & one project worth Rs. 51.29bn was recommended to the Executive Committee of the National Economic Council (ECNEC) for further consideration.
• The Securities and Exchange Commission of Pakistan (SECP) amended the Public Offering Regulations, 2017 to introduce a regulatory framework for Special Purpose Acquisition Companies (SPAC).
• Prime Minister Imran Khan has accepted the resignation tendered by Tabish Gohar from the post of Special Assitant to the PM on Power and Petroleum. 
• On the development front, National Highway Authority (NHA) is planning to undertake the construction of the Hyderabad-Sukkur Motorway (M-6).
• On Monday, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) decided to raise the Policy Rate by 25 basis points (bps) to 7.25 percent.
• Pakistan Credit Rating Agency (PACRA) has assigned an initial entity rating of ‘A-’ for the long term to Berger Paints Pakistan Limited, while the short-term rating is ‘A2’. Meanwhile, the outlook forecasted on this rating is ‘stable’.

Announcements:

• On the equity front, the management of Dawood Equities Limited informed to exchange that the PACRA recently assigned Initial Entity Rating to the company at A- for long term and A2 for short term basis with a stable outlook.
• BYCO Petroleum Pakistan Limited made a net profit of Rs2.94 billion in FY21 against the net loss of Rs2.94bn reported in a previous fiscal year.
• K-Electric Limited (KE) received intimation for extension in the timeline for making a Public Announcement of Offer (PAO) by Shanghai Electric Power Company Limited to acquire up to 18,335,542,678 ordinary shares.
• The Board of Directors of ORIX Leasing Pakistan Limited (OLPL) decided to rebrand the Company in line with the vision of enhancing its corporate image as an SME-focused financial services company.
• After deliberation/consideration, the board of JDW Sugar Mills Limited (JDWS) decided to defer the matter regarding the Assets Sale of Faruki Pulp Mills Limited for the next two to three months.
• Roshan Packages Limited (RPL) posted net profits of Rs288mn for FY21, which was 43% higher compared to the profits of Rs200.9mn earned in FY20.
• WorldCall Telecom Limited informed that the company has entered into a business collaboration agreement with NetSat (Pvt) Limited “NetSat” starting from Worldcall service and network operations in South Region, Pakistan.
• During the departed week, Air Link Communication Limited (AIRLINK) entered into an ‘Apple Authorized Reseller’ Agreement with Apple South Asia Pte. Ltd. (Apple).
• Aisha Steel Mills Limited (Pakistan) and Marubeni-Itochu Steel Inc. (MISI) (Japan) entered into a strategic alliance and have signed a Trade Development Agreement (TDA).
• Flying Cement witnessed a remarkable turnaround on a YoY basis as it posted net profits of Rs143.68million against the loss of Rs530.7million incurred in FY20.
• Saudi National Bank (SNB) notified that it is considering all its strategic options in relation to its shareholding in Samba Pakistan Limited.
• Js Bank re-appointed Mr. Basir Shamsie as President & CEO for a period of three years.
• Nishat Mills Ltd (NML) posted a consolidated FY21 net profit of Rs11.21bn (EPS: Rs28.15), up by 56% YoY when compared to Rs8.77bn (EPS:18.07) reported in FY20.
• The management of Drekkar Kingsway Limited informed that the company is in negotiation with Modaraba Al-Mali for the revival and rehabilitation of the Company.

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