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Weekly News Roundup

Weekly News Roundup
Weekly News Roundup
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May 29, 2022 (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.

Events of Importance through the week:

  • In order to facilitate the collection of government receipts/duties/taxes, the State bank of Pakistan (SBP) on Saturday announced that the field offices of SBP Banking Services Corporation (SBP-BSC) and authorized branches of the National Bank of Pakistan (NBP) will observe extended banking hours till 8:00 P.M. and 10:00 P.M. on 30th and 31st May 2022 respectively.
  • On the same day, Finance Minister on Finance and Revenue informed that a relief package worth Rs28 billion announced by Prime Minister under the Extended Fund Facility (EFF) would be released after final approval by the International Monetary Fund (IMF) Board.
  • The Economic Coordination Committee (ECC) has approved Rs62.27 billion for the Ministry of Energy (Petroleum Division) for making the payment of Price Differential Claims (PDCs) to Oil and Marketing Companies (OMCs) and refineries for the second fortnight of May 2022.
  • Meanwhile, the Oil and Gas Development Company Limited (OGDCL) informed that the company has made four hydrocarbon discoveries, having an expected cumulative daily production potential of 39 MMCF gas and 2,850 BBL of oil, during the first nine months of the current fiscal year.
  • On the upside, International Finance Corporation (IFC) is all set to invest around $25 million in Pakistan’s top fashion retailer Khaadi Corporation.
  • On Friday, Federal Minister for Finance and Revenue, Miftah Ismail stressed maintaining strategic reserves of sugar and regulation of its prices.
  • SBP, on the same day, directed all scheduled banks as well as microfinance banks to submit data of all digital frauds and scams on a monthly basis while the purview of reporting is also expanded from fake calls by Fraudsters to other digital channels including the mobile app, E-Commerce Transactions, ATMs and POS.
  • On the power front, National Electric Power Regulatory Authority (NEPRA) approved a Rs4.8269 per unit increase in tariff of K-Electric for March under the monthly fuel adjustment mechanism (FCA).
  • Meanwhile, Central Power Purchasing Agency (CPPA-G) has sought Rs 4.05 per unit increase in power tariff for April under the monthly Fuel Cost Adjustment (FCA) mechanism.
  • The National Directorate of National Savings (CDNS) has entered the Islamic finance market in the current month of May 2022, and will now offer Islamic finance to its customers.
  • In addition, CDNC achieved the target of issuing Rs990 billion in fresh bonds in the last 10 months of the current fiscal year 2021-22 from July 1st to May 24th.
  • Moreover, the central bank announced the successful integration of the CDNS with Raast payment system.
  • On Thursday, the federal government decided to increase petroleum product prices by Rs30 per litre to meet IMF demand.
  • On the same day, the National Assembly passed the Elections (Amendment) Bill, 2022, mainly seeking the removal of the use of Electronic Voting Machines (EVMs) in general elections on the concerns over misuse of technology.
  • Pakistan is considering signing a long-term liquefied natural gas (LNG) purchase agreement with various countries including Russia as it seeks to secure supply and ease a crippling shortage.
  • On the direction of the Standing Committee on Water Resources, the Federal Board of Revenue (FBR) released Rs1916 million for the Naulong Dam to Water and Power Development Authority (WAPDA).
  • Furthermore, Pakistan Customs (FBR) has stepped up enforcement at all International Airports across Pakistan to prevent the smuggling of items which have recently been banned by the federal government.
  • Prime Minister Shehbaz Sharif on Thursday appointed public policy expert Salman Sufi as the head of the Prime Minister's Strategic Reforms.
  • While appreciating the recent hike in the policy rate by the State Bank of Pakistan (SBP), the International Monetary Fund (IMF)’s mission on Wednesday emphasized the need of removing fuel and energy subsidies to avail the next tranche under the Extended Fund Facility (EFF) program.
  • During the departed week, Foreign Minister Bilawal Bhutto Zardari and his Saudi counterpart Prince Faisal bin Farhan Al Saud expressed the resolve to deepen mutual cooperation in all fields including economy, trade, and investment as well as at multilateral fora.
  • While Saudi Arabia is finalizing the extension of the kingdom's $3 billion deposit to Pakistan.
  • The government has fixed the retail price of urea at Rs1,768 per 50-kilogram bag from the existing price of Rs1,900-2,000 per bag.
  • Oil Companies Advisory Council (OCAC) has confirmed the availability of sufficient stocks of fuel products in the country, including the depots in the Punjab region.
  • During the outgoing week, the Acting Governor State Bank of Pakistan (SBP) Dr Murtaza Syed inaugurated the Digital Centre, built purposefully for catering for the needs of Roshan Digital Accounts (RDA) customers.
  • Pakistan Hi-Tech Hybrid Seed Association (PHHSA) on Tuesday urged the government to withdraw a 17% sales tax on hybrid seeds.
  • SBP, on the same day, revised prudential regulations for consumer financing, reducing the financing period for auto financing to trim rapid loan growth in the auto sector.
  • Meanwhile, SBP has also moved up the markup rate for financing under Export Finance Scheme (EFS) and Long Term Financing Facility (LTFF) by 2%.
  • The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its meeting held on Monday decided to raise the policy rate by 150 basis points (bps) to 13.75 percent.


  • On the equity side, TPL Properties Limited’s TPL Investment Management Ltd (TPLIM) incorporated in Abu Dhabi Global Market (ADGM) has been granted a commercial license and a category 3C Financial Services Permission (FSP) by the ADGM’s Financial Services Regulatory Authority (FSRA).
  • Despite enduring stiff challenges, Honda Atlas Cars (Pakistan) Limited (PSX: HCAR) has demonstrated solid growth in the profitability on the back of a strong recovery in other income along with a rise in sales revenue amid higher vehicle prices.
  • Indus Motor Company (INDU) is planning to launch its first locally assembled Hybrid Electric Vehicle (HEV) SUV, Corolla Cross in 2023.
  • Considering the immense potential for the business opportunities in the Electric Vehicle (EV), Pak Suzuki Motor Company (PSMC) will likely to enter the category of Hybrid and EV.
  • Meanwhile, SBP has allowed Habib Bank Limited (HBL) to inject Rs1.4 billion into HBL Asset Management Limited.
  • VIS Credit Rating Company Limited has reaffirmed the entity ratings of International Steels Limited (‘ISL’ or ‘the Company’) at ‘A+/A-1’ (Single-A Plus/A-One).
  • During the week, Pak-Qatar Takaful Group reported a profit before tax of Rs271 million for the year ended December 31, 2021.
  • The Security and Exchange Commission of Pakistan (SECP) has renewed the license of 786 Investments Limited to carry out Asset Management Services as a Non-Banking Microfinance Company.
  • The shareholders of Cordoba Logistics & Ventures Limited have resolved to increase the authorized share capital of the company from Rs22.5 million ordinary shares of Rs10 each to Rs1 billion.

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Posted on: 2022-05-29T12:40:56+05:00