December 1, 2019 (MLN): Apart from political uncertainty due to the extension in the tenure of Army Chief’s services, the departed week remained satisfactory from an economic perspective. The highlights of some of the important economic events and policy-oriented developments over the week are:
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).
The same day, Oil and Gas Regulatory Authority (OGRA) forwarded a price-revision summary to the Petroleum Division to determine rates of petroleum products for the month of December. As per the summary, the authority has suggested decrease of Rs2.90 (3.4 percent) in per liter price of Light Diesel Oil (LDO), Rs2.40 (1.9 percent) in High Speed Diesel (HSD), Rs0.25 (0.2 percent) in Motor Spirit Petrol and Rs0.83 (0.9 percent) in Kerosene oil.
Pakistan Stock Exchange (PSX), in its Board Meeting held on 26th September 2019, took the decision and approved the execution of a Contract with Shenzhen Stock Exchange (SZSE) for the acquisition of a Trading and Surveillance Systems, to bring PSX at par with other international stock exchanges.
On Thursday, Economic Coordination Committee (ECC) of the Cabinet has raised the minimum support price of wheat from the previously announced Rs 1350 per 40 kg to Rs 1365 per 40 kg in view of representations from various farmers and growers’ associations as well as the Federal Cabinet and the National Assembly Special Committee on Agricultural Products.
Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi has issued special instructions to publish all Customs Valuation Rulings on the board's Website to make it easily accessible for the general public.
Oil and Gas Development Company Limited (OGDCL) has carried out 20,004 Line-Kilometre (LKM) 2D and 8,809 Square-Kilometre (SKM) 3D surveys in its operational areas across the country during a six-year period from 2013-14 to 2018-19. Besides, the OGDCL drilled 126 exploratory/appraisal and development wells during the period under review.
Furthermore, the construction work on three kilometres access road linking Rashakai Special Economic Zone with M1 motorway has been started.
On Wednesday, A delegation of Construction Association of Pakistan, headed by Eng. Mr Arshad Dad Khan, called on Prime Minister Imran Khan at PM Office Minister for Planning Mr Asad Umar was also present during the meeting.The delegation appreciated the vision of the Prime Minister in approving the construction sector as 'industry' and the steps being taken by the present government towards meeting the existing demand for low-cost housing in the country.
In addition, Economic Coordination Committee (ECC) of the Cabinet approved amendments to a host of rules governing the regulation of upstream petroleum sector to foster ease of doing business and encourage investment in the sector.
State Bank of Pakistan via notification informed to all Authorized Dealers in Foreign Exchange regarding extension in Home Remittance Services. According to F.E. Circular No. 11 dated October 22, 2018, overseas Pakistanis have been allowed to remit Business to Customer (B2C) and Customer to Business (C2B) transactions through home remittance channel.
On Tuesday, Minister for Economic Affairs Hammad Azhar said that Pakistan's ease of doing business index jumped by 28 places in ranking of World Bank's ease of doing business. He said since the index counts the performance up to April so it is hoped that the ranking would equally or even more rapidly improve next year because of number of reform measures taken in taxation and other related sectors in the budget 2019-20.
The same day, Queen Maxima of the Netherlands in her role as the UN Secretary General’s Special Advocate for Inclusive Finance for Development (UNSGSA) called on Dr. Reza Baqir, Governor State Bank of Pakistan at Islamabad. Governor Baqir deliberated that SBP is exploring ways to encourage innovation for financial inclusion through fintech by creating an Innovation Office at SBP.
On Monday, Pakistan Petroleum Limited informed that the Government of Pakistan has exempted the Sui mining lease area from the application of Rule-34 of the Pakistan Petroleum (Production) Rules. Consequently, the company has been allowed to continue the production from the Sui Mining Lease for another period of six months with effect from the expiry of the existing lease period on November 30, 2019.
The investment in Pakistani Bonds has reached one billion dollars, said by advisor to Prime Minister on Finance Abdul Hafeez Sheikh. He said he hoped that the country will surpass its economic growth target.
The same day, UN Secretary General's Special Advocate for Inclusive Finance for Development Queen Maxima chaired a meeting on the financial inclusion in Islamabad. Speaking on the occasion, she said Pakistan has made advancement towards the financial inclusion but still more needs to be done.
Besides, the government is committed to switch thirty percent of all new vehicles to electric by 2030, said by Adviser to the Prime Minister on Climate Change Malik Amin Aslam. He said the transition would be kicked off with one hundred thousand vehicles and five hundred thousand motorcycles and rickshaws in the next four years.
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