September 29, 2019 (MLN): The departed week witnessed series of economic and business developments. It starts off with one of the major developments seen on Friday, in which World Bank Country head for Pakistan, Illango Patchamuthu said, “With 6 reforms, Pakistan emerges among top 20 reformers globally in Ease of Doing Business”.
In addition, the other important developments and business events that the past week witnessed include:
The Oil and Gas Regulatory Authority (OGRA) sent a summary on Friday to the finance ministry to reduce the price of petroleum products for the month of October as per which the price of petrol be reduced by Rs.2.55 per liter to Rs.100.69.
Meanwhile, the National Electric Power Regulatory Authority (NEPRA) announced its interim decision on a petition of ex-WAPDA power distribution companies (DISCOs) to recover around Rs 63 billion from power consumers on account of quarterly adjustments, distribution margin indexation, inflation and exchange rate.
Taking to social media on Thursday, the Ministry of Finance informed that the Government is issuing sukuk bonds to bring down the circular debt of the country.
Besides that, Universal Gas Distribution Company (UGDC) and leading Singapore based Commodity Multinational, Trafigura reconfirmed their cooperation agreement for the terminal capacity and supply of LNG / gas to UGDC.
On Wednesday, the State Bank of Pakistan (SBP) conducted an auction on in which it sold Market Treasury Bills (MTBs) worth Rs.567.75 billion for 3, 6 and 12 months. Auction target was Rs.1,000.00 billion against a maturing amount of Rs.114.12 billion.
Meanwhile, indicating that Pakistan’s economy was showing signs of recovery owing to government’s fiscal consolidation and austerity measures, the Asia Development Bank (ADB), in its Asian Development Outlook (ADO), projected Pakistan’s GDP growth rate at 2.8 percent during the fiscal year 2019-20.
On Tuesday, the Pakistan Bureau of Statistics (PBS) published its methodology of price statistics with base year 2015-16 following the re-basing of National Accounts from the base of 2005-06 to 2015-16. The salient feature of the new base includes the introduction Rural Price Index (RPI), Urban Consumer Price Index (UCPI) and National CPI against a single number of CPI under the old base.
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