July 24, 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:

• Pakistan's $33.5 billion external financing needs are fully met for financial year 2022-23, the central bank chief said on Saturday, adding that “unwarranted” market concerns about its financial position will dissipate in weeks.
• To simplify and standardize the procedure for approval of directors and CEOs of insurance companies, the Securities and Exchange Commission of Pakistan (SECP) notified amendments to the Insurance Companies (Sound and Prudent Management) Regulations, 2012.
• During the departed week, SECP reconstituted its Shariah Advisory Committee (SAC) under the SECP Act, 1997.
• Oil and Gas Regulatory Authority (OGRA) on Friday revised the price of Re-gasified Liquefied Natural Gas (RLNG) with a significant downward adjustment.
• The government will continue with the Mera Pakistan Mera Ghar Scheme (MPMG) low-cost housing loan scheme for all those whose loan applications have been approved and who have paid advances.
• Meezan Bank and Huawei Pakistan signed a Memorandum of Understanding (MoU) to cement their strategic partnership.
• The interest rates for Eurobond maturing on April 15, 2024, for tenor 10 years recorded a drop of 2.54% to 43.3% on Thursday while the bonds maturing in 2025 also shed weight by 3.08% to 30.5%.
• The federal government will likely appoint the governor of the State Bank of Pakistan (SBP) next week, Federal Minister for Finance and Revenue Miftah Ismail informed while addressing a press conference on Thursday.
• The government has allocated Rs90 million for the establishment of 25 Software Technology Parks (STPs) across the country to facilitate IT startups, freelancers, SMEs, and IT companies.
• The Pakistan Business Council (PBC) on Thursday emphasized the unity of all the political parties of the country in challenging times wherein the economy is going through its roughest patch.
• Total power generation in the country increased by 10% YoY to 143,193 GWh in FY22 at a cost of Rs9.34 per unit, compared to 130,223 GWh in FY21 at the cost of Rs4.83/KWh.
• Central Power Purchasing Agency (CPPA) has proposed an increase of Rs9.9095/kWh in the electricity tariff over the reference fuel charges of Rs5.9344/kWh under fuel price adjustment for the month of June 2022 for Ex-WAPDA Discos.
• The International Monetary Fund (IMF) is looking to assess Saudi Arabia’s commitment to financing Pakistan before the multilateral lender disburses fresh funds to the South Asian nation.
• Miftah Ismail on Wednesday agreed to bring furniture retailers under fixed tax regime, in order to promote and develop local furniture Industry.
• On the same day, the Economic Coordination Committee (ECC) of the Cabinet approved the import of 200 KMT of Urea from Chinese companies at a negotiated rate of $500/MT (FoB). Meanwhile, the committee also allowed the import of 120,000 metric tons of wheat.
• ECC also approved the same tariff rationalization for K-Electric as the rest of the country.
• To combat the shortfall between the supply and demand of electricity, the government of Sindh has extended the energy conservation plan as per which all the markets and shopping malls will be closed by 9 pm.
• Despite Pakistan's volatile macroeconomic situation and its exchange rate fluctuations during FY22, Telenor Pakistan reported revenue of Rs26.7 billion in 2Q of FY22, up by Rs104 million from Q2 last year.
• On the back of the notable depreciation of the local currency and dismal macros, Lucky Motor Corporation Limited (LMCL) has increased the prices of KIA products by up to Rs1.1 million.
• The interest rates for Eurobond maturing on April 15, 2024, for tenor 10 years recorded an increase of 16% to 50.6% owing to the rising concerns over the deterioration in the country's external liquidity position and financing conditions since early 2022.
• Chief Executive Officer of Barrick Gold Corporation Mark Bristow and Chief Minister Balochistan Mir Abdul Quddus Bizenjo on Tuesday unveiled that the development work on the Reko Diq mine project initially starting with $7 billion will commence in August 2022.
• Fitch Ratings on Tuesday revised Pakistan's Outlook to Negative from Stable while affirming its Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at 'B-'.
• In line with the governing laws, rules, and regulations of the Government of Pakistan and NEPRA, K-electric has made changes in rates of electricity and tariff structure.
• Furthermore, Miftah Ismail directed the relevant authorities to resolve issues being faced by the pharmaceutical industry in Pakistan.
• Moody’s Investors Service on Monday termed the IMF's staff-level agreement with Pakistan, a credit positive as it will ease pressure on the country’s foreign exchange reserves.

Announcement:

• On the equity side, the net losses of Fauji Foods Limited (PSX: FFL) expanded by 65% YoY for the half year ended on June 30, 2022 to clock in at Rs1.25 billion.
• The Board of Directors of Fauji Foods Limited (FFL) recommended an increase in the authorized share capital of the company by Rs10 billion.
• The shareholders of Hashimi Can Company Limited (PSX: HACC) on Friday resolved to increase the authorized share capital of the company from Rs50 million to Rs600mn.
• The honorable Lahore High Court (LHC) sanctioned the scheme of arrangement pertaining to the separation of the property between Nishat (Chunian) Limited (PSX: NCL) and Nishat Chunian Properties (NCPL).
• Nazir Cotton Mills Limited has filed an application for contempt of court against Wapda, as it is still not obeying the order of the Honorable Lahore High Court Lahore regarding the restoration electricity connection which makes the company unable to restart its commercial production of Spun Yarn.
• Fauji Fertilizer Company Limited (FFC) resumed Plant-III, Mirpur Mathelo operations today, after successful completion of repair maintenance activities
• Pakistan Stock Exchange Limited (PSX) intends to acquire three million ordinary shares in the Central Depository Company of Pakistan Limited (CDC), from Allied Bank Limited (ABL).
• Engro Polymer and Chemical Limited (EPCL) en-routes efficiency/expansion projects which include; Hydrogen peroxide production & High-Temperature direct Chlorination.
• Ghani Global Glass Limited (PSX: GGGL) has successfully commenced the commercial operations for manufacturing glass tubes from its newly installed 2nd furnace.

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