Weekly News Roundup

May 31, 2020 (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, the Pakistan Water and Power Development Authority (WAPDA) awarded the consultancy contract worth Rs. 156.226 million to a joint venture headed by NESPAK for a feasibility study, detailed engineering design, preparation of tender documents, and PC-I of Murunj Dam Project.

Meanwhile, SEARL company informed that it has been entered into an exclusive licensing & marketing agreement with Beximco Pharmaceuticals for Remdesivir.

Moreover, the Oil and Gas Regulatory Authority (OGRA) asked Oil Marketing Companies (OMCs) to furnish a three-month data regarding depot-wise sales and stocks of petrol and high speed diesel by June 1.

On Thursday, Advisor to Prime Minister on Commerce Razak Dawood said that Pakistani exporters have obtained large orders of face masks from United States, Canada and Europe. In his tweets, he described it a major breakthrough and congratulated the exporters for the achievement. 

Furthermore, President, Islamabad Chamber of Commerce and Industry (ICCI) Muhammad Ahmed Waheed on Thursday urged the government to cut high taxes on rental income to 10 percent in the forthcoming budget that would facilitate the growth of business activities and improve tax revenue of the government as well.

The same day, a delegation of Nishat Group called on Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh to apprise him of the damage done by COVID-19 related economic downturn to large-scale manufacturers.

Besides, International Monetary Fund (IMF) resumed discussions with Pakistan to complete the second review for extended fund facility program, which was deferred last month due to outbreak of the pandemic.

On the downside, Fitch Ratings made further cuts to world GDP forecasts in its latest Global Economic Outlook (GEO), but the slump in global economic activity is close to reaching its trough.

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