November 29, 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.
Events of Importance through the Week:
On Friday, President Tanzania Chamber of Commerce, Industry & Agriculture (TCCIA) Paul F. Koyi urged the Pakistani businessmen & industrialists to improve ties with Tanzanian counterparts by exploring more avenues of trade and investment cooperation between the two countries in different sectors of the economy.
Besides, the State Bank of Pakistan (SBP), in order to facilitate Exchange companies and Exchange companies of “B', has extended the validity period of enhancement in exposure limit up to March 31, 2021.
On the upside, Asian Development Bank (ADB) approved a $300 million policy-based loan to help promote macroeconomic stability in Pakistan by facilitating improved trade competitiveness and export diversification.
Moreover, a Dutch company expressed willingness for the establishment of plants for desalination of water and power generation from the garbage in Karachi with the investment of 1.3 billion dollars.
On Thursday, Advisor to PM for Commerce and Investment Abdul Razzaq Dawood chaired the first consultative session with the stakeholders on proposed Pakistan-Afghanistan PTA at the Ministry of Commerce (MOC) today, where various stakeholders provided their valuable inputs.
Furthermore, Pakistani expats have deposited over $100 million in the Roshan Digital Accounts since its launching, disclosed Senator PTI -Chairman Standing Committee on Information Broadcasting Faisal Javed on Thursday.
Besides, the government is expected to hire prospective advisers to float Eurobond and Sukuk bonds in the international market by this or early next week.
On Wednesday, World Bank signed an agreement to provide 19.85 million dollars to Pakistan for Covid-19 response, recovery and resilience in education project.
In pursuance of PM’s directive to kick-start operations at the Gwadar Port, the Ministry of Commerce & Pakistan Customs successfully handled the first fish cargo to be trans-shipped to China. This was a trial run handling 200 MT of fish catch.
Meanwhile, as the Faisalabad textile industry sees a massive rise in demand & export orders, Prime Minister Imran Khan has instructed the Commerce & Industries Ministries to ensure all necessary support to the textile sector to enable them to meet their growing demands.
On the vaccine front, a Memorandum of Understanding (MOU) was signed between Pfizer and Chughtai Labs to establish Vaccination Centers. According to a note released on social media by the lab, these vaccination centers will improve access to vaccines across the country.
On Tuesday, Independent Power Producers (IPPs) refused to accept the proposed payment of Rs 400 billion from the federal government in three years, which is a breach of a memorandum of understanding (MoU) signed between them.
Dun & Bradstreet Pakistan and Gallup Pakistan issued their third report on ‘Pakistan Consumer Confidence Index (CCI)’ as per which Pakistan’s Consumer Confidence improved in 3QCY20 on account of optimistic future expectations.
On Monday, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its meeting held in Karachi, decided to maintain the Policy Rate at 7 percent.
Announcements
On the equity front, Avanceon secured three high-value contracts for Oil & Gas and Infrastructure projects in UAE. Avanceon also won Contract to upgrade Critical Infrastructure for multiple sites across Qatar. In addition to this,
In addition to this, Avanceon’s subsidiary awarded 1.2M QAR Infrastructure Project in Preparation for FIFA World Cup 2022
Besides, National Refinery Limited clarified the refinery is not, in any manner, involved in the joint venture with Mari Petroleum Company Limited (MPCL).
Oil and Gas Development Company Limited (OGDCL) as Operator (100%) of Lakhirud Exploration Licence discovered gas from its exploratory well Lakhirud X-1, which is located in District Musa Khel, Balochistan Province.
The Organic Meat Company purchased land to set up an offal facility.
Hinopak Motors informed the Exchange that the company raised Rs2.86 bln against issue size of Rs2.89 bln through rights issue of shares.
The Shareholders of Fauji Fertilizer Bin Qasim Limited (FFBL) in Extra General Meeting held today, have authorized the company to invest, provide and continue sponsor support to Fauji Foods Limited (FFL) the amount not exceeding in the range of Rs 3,500,000,000.
Pakistan Petroleum Limited (PPL) has been allowed to continue production from the Sui mining lease for another period of six months with effect from the expiry of the existing lease period on 30th November 2020.
Mari Petroleum Company Limited (MPCL) entered into an agreement with Y.B. Pakistan Limited, Arif Habib Equity (Private) Limited, Liberty Mills Limited, and Reliance Commodities (Private) Limited pertaining to a joint venture arrangement through a company (National Resources (Private) Limited (NRL) to potentially undertake mineral mining projects in the Province of Balochistan.
Agha Steel Industries through a notice to PSX, has informed that Military Engineering Services (MES) of Pakistan Army enlisted Agha Steel Industries Limited as the manufacturer cum supplier of deformed steel bar for its projects.
The Federal Board of Revenue (FBR), after a rigorous qualification process, has selected TPL Trakker Limited (TPLT), as one of the approved vendors till December 30, 2023 to avail video monitoring system (System) as required under the newly implemented Video Analytics Rules 2020.
Apart from this, K-Electric Limited announced its financial results for the 1st quarter ended September 30,2020 as per which, the company earned net profits of Rs 1.11 billion (EPS: 0.04), i.e. 58% lower than the net profits recorded in the same period of last year.
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