Weekly News Roundup

June 7, 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 Asian Development Bank (ADB) and the Government of Pakistan signed the loan agreement for a $300 million emergency assistance loan initially approved by the bank on 19 May.

In addition, the Asian Development Bank (ADB) and the Government of Pakistan signed an agreement today to expand support for Pakistan’s response to the novel coronavirus disease (COVID-19) pandemic in Khyber Pakhtunkhwa province through the National Disaster Risk Management Fund (NDRMF).

Meanwhile, Oil and Gas Regulatory Authority (OGRA) on Friday took up the matter of HOBC pricing with Oil Marketing Companies (OMCs), keeping in view the interests of the consumers. Taking to his social media handle, the OGRA’s spokesperson informed that all OMC’s have been advised to set reasonable prices in line with the declining oil prices in international market.

On Thursday, the Cabinet Committee on Energy (CCOE) approved the proposals of the Petroleum Division to make imports of diesel and petrol compliant with the Euro-V standard.

Besides, Minister for Industries and Production Hamad Azhar said that government has decided to privatize Pakistan Steel Mills in order to revive and steer it out of losses.

Earlier, in the ECC meeting, Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh allowed Pakistan Steel Mills to lay off staff.

Furthermore, the government distributed Rs 200 billion raised through Islamic Sukuk II amongst the power companies to ease out the liquidity crunch the energy sector of the country is facing.

On Wednesday, the Economic Coordination Committee (ECC) of the Cabinet set up a body headed by Special Assistant to Prime Minister for Petroleum Mr Nadeem Babar to explore various call options for hedging prices for the petroleum products imported by Pakistan.

With regards to upcoming budget, adviser to PM on Finance Abdul Hafeez Shaikh assured that no new tax will be introduced in the budget 2020-21. He said the government will fulfill the defense needs of the country as defense and security is the priority of the government. 

On Tuesday, a major milestone towards the successful implementation of 1,124MW Kohala Hydropower Project in Azad Jammu and Kashmir under the CPEC framework was achieved as Tripartite Agreement had been finalized and initialed between a Chinese company and governments of Pakistan and Azad Kashmir.

Moreover, the government on Tuesday reduced the price of Liquified Petroleum Gas (LPG) by Rs. 2 per kg to Rs. 110 rupees per kg.

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