October 27, 2019 (MLN): Apart from political uncertainty that weighed on Pakistan economy, the departed week remained satisfactory from an economic perspective. The highlights of some of the important economic events and policy-oriented developments over the week are:
On Friday, a delegation of the US investors announced to invest one-hundred million dollars in the tourism sector of Pakistan.
The same day, an adviser to Prime Minister on Commerce, Investment, Industries and Textile, Abdul Razak Dawood said that Chinese companies have started locating business centres in different parts of the country. Talking to a private news channel, he said the Chinese companies started construction work in Lahore and Faisalabad to explore business in textile sectors.
On Thursday, State Bank of Pakistan issued detailed instructions on the alternate arrangement to facilitate their biometric verification after realizing difficulties being faced by overseas Pakistan in operating their bank accounts due to non-biometric verification of their accounts.
Meanwhile, Pakistan Energy Sukuk-I (PES-I) issue of Rs200 billion, issued by Power Holding Limited (PHL) got listed at the Pakistan Stock Exchange (PSX). PES-I is the largest Shariah-compliant financial instrument ever listed at a stock exchange in Pakistan.
Furthermore, Federal Minister for Economic Affairs Hammad Azhar on Thursday said that Pakistan is committed to complete all the points in the action plan of Financial Action Task Force by next year.
On the upside, the World Bank Group’s Doing Business 2020 study says due to a concerted improvement in business regulation, Pakistan climbed 28 places and rose to a rank of 108 in the global Ease of Doing Business rankings this year from 136 the previous year.
On Wednesday, the State Bank fo Pakistan(SBP) conducted an auction in which it sold Market Treasury Bills (MTBs) worth Rs.670.62 billion for 3, 6 and 12 months. Cut off yield for 3, 6 and 12 months were 13.2981, 13.2999 and 12.79 percent, which showed a reduction of 39, 26 and 68 basis points.
In addition, the Securities and Exchange Commission of Pakistan (SECP), to attract new listings in the stock market, proposed amendments in the IPO Regulations 2017, to make the IPO processes more easy, simple and cost-effective.
On Tuesday, the Central Power Purchase Agency Guarantee Limited (CPPA-G) sought Rs 2.97 per unit increase in power tariff for the month of September under monthly fuel adjustment formula.
Besides, a Chinese Company Shanghai Electric announced to invest an amount of four billion dollars at Thar Coal block one and to establish two power plants of 1320 megawatt of electricity there.
Lastly, the Oil and Gas Development Company Limited (OGDCL) on Monday, informed that the company has planned to start drilling activities in potential areas of Sindh in December this year for exploration of Shale gas and oil deposits identified almost five years ago, which would also help determine the cost of fuel extraction.
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