May 30, 2021 (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 Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) decided to maintain the policy rate at 7 percent.
• The Annual Plan Coordination Committee endorsed the GDP growth forecast of 4.8% for next year estimated by the planning commission.
• Government is on its toes to broaden the tax base with the use of technology to generate revenue rather imposing new taxes in the upcoming budget.
• On the same day, Rashakai prioritized Special Economic Zone near Nowshera was inaugurated by Prime Minister Imran Khan.
• CDWP approved thirteen projects worth of Rs38bn which were mainly related to the domain of social sector, Industries & Commerce, Physical Planning & Housing and Water Resources.
• During the week, CDWP also approved development projects worth of Rs348.5bn.
• Fitch Ratings affirmed Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a Stable Outlook.
• Fitch Solutions projected that steel prices to hit $800 per tonne from $660 over the next three months.
• In order to extend better digital services, HBL invested Rs176million ($1.15mn) in digital fintech startup. 
• On energy front, Water and Power Development Authority (WAPDA) issued $500million Green Bonds in the global market to help accelerate the pace of expansion in the water reservoir.
• Trade Development Authority of Pakistan (TDAP) is all set to roll out a series of awareness & training sessions for Pakistani sellers about Amazon in collaboration with trade bodies.
• Economic Coordination Committee (ECC) approved provision of Rs12000 to each 8mn Ehsas Kafalat beneficiaries.
• During the same week, Executive Committee of the National Economic Council (ECNEC) approved multiple projects related to energy, infrastructure, irrigation, and health sectors.
• In order to facilitate the startup companies in raising financing from abroad, State Bank of Pakistan allowed them to avail “Convertible Debt”.
• The summary regarding cotton support price is ready to be presented before Economic Coordination Committee (ECC) in next meeting.
• Pakistan Stock Exchange (PSX) held Gong Ceremony for onboarding National Bank of Pakistan (NBP) as Market Maker.
• So far, $13billion has been invested in Pakistan under CPEC while another $12bn investment is in the pipeline.
• To foster the business activities and facilitate Chinese investors, Federal Cabinet approved a special CPEC Business visa.
• In order to remove trading barriers, concerned authorities were directed to issue long-term visas to foreign investors without any delay, especially the Chinese investors.
• The past week witnessed 5^th Round of Bilateral Political Consultations between Pakistan and Tajikistan, where both sides agreed to fast-track the finalization of various bilateral agreements and MoUs. 
• On the upside, Circular Debt buildup reached to Rs260billion during July and April FY21 reflected an improvement of Rs189bn over the last year.
• Another milestone achieved by the incumbent govt's tenure as National Accountability Bureau (NAB) recovered Rs484bn during 2018-2020.
• With respect to telecom sector, Pakistan Telecommunication Authority (PTA) issued Mobile Device Manufacturing Authorizations to 19 foreign and local companies for the production of mobile devices (2G/3G/4G) domestically.
• While refuting the news related to Pakistan Single Window Program, Federal Board of Revenue (FBR) stated that Revenue Division spent only Rs10,300 out of the allocated budget of Rs200mn for the said program in the last ten months.
• All Pakistan Fruit & Vegetable Exporters, Importers & Merchants Association (PFVA) announced a mango export target of 150000 metric tons for the current mango season.
• Past week observed great milestone achieved by horticulture sector as two mango treatment facilities including Mustafa Farm and IAC approved by Australian authorities.
• On the economic front, Pakistan’s current account balance posted a small deficit of USD 200 million in April 2021, depicting a decline of 61% when compared to April 2020.
• Central Power Purchasing Agency (CPPA) proposed a decrease of Rs0.8407/kWh over the reference fuel charges of Rs6.6087/kWh under fuel price adjustment for the month of April 2021 for Ex-WAPDA Discos.
• To execute around 15 aviation sector projects under the Public Sector Development Programme (PSDP 2020-21), government only released Rs707.78million during the current fiscal year.
• Last week, Prime Minister Imran Khan launched Ehsaas Saving Wallets for Ehsaas Kafaalat beneficiaries.

Announcements:

• In an announcement, Pakistan Petroleum Limited (PPL) informed that the company is allowed to continue production from the Sui mining lease for a further period of one year with effect from 1st June 2021.
• In view of the increasing demand for cement in the country, Bestway Cement Limited (BWCL) has decided to set up a Greenfield cement plant.
• Pioneer Cement Limited appointed Syed Mazher Iqbal as Chief Executive Officer (CEO) of the company with effect from June 1, 2021.
• To increase more visibility in market,  Siddiqsons Tin Plate Limited (STPL) increased its authorized share capital from Rs3bn to Rs6bn.
• Last week, Pakistan Petroleum Limited (PPL) refuted the news about winning of an offshore block for drilling of oil in Abu Dhabi
• Bank Islami Pakistan Limited (BIPL) informed that BankIslami Modaraba Investments Limited (BMIL) is no longer a subsidiary company of BIPL.
• Meezan Bank Limited (MEBL) re-appointed Mr. Irfan Siddiqui as President and CEO of the Bank, with effect from April 20, 2021 for a period of three years.
• Kot Addu Power Company Limited (KAPCO) notified that the Facilitation Agreement and the Amendment to the GoP Guarantee have been executed between the Company and the government of Pakistan.

Financial Result:

• During the week, Honda Atlas Cars (Pakistan) Limited shared its net profits which clocked in at Rs1.79bn for the year ended March 31, 2021, depicting a 2.6x YoY increase when compared to the same period last year.

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