June 6, 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.

• Federal government is all set to present its third budget on June 11, 2021, having a total outlay of around Rs8 trillion for FY22.
• Government is expected to cross $30 billion mark by the end of this fiscal year in terms of exports of goods and services.
• During the departed week, Pakistan achieved a compliant rating in 31 out of 40 FATF recommendations (MER technical compliance).
• To control the surging pension bill, Sindh Government in principle approved reforms to bring the pension bill under control.
• On the energy front, Oil and Gas Regulatory Authority (OGRA) postponed the public hearings, to determine SNGPL and SSGC's estimated revenue requirements and prescribed price of gas for the fiscal year 2021-22.
• Government is ready to update Oil Refining Policy in order to incentivize existing refineries and to meet the Euro-V requirements for locally-produced fuel and other value-added products.
• Meanwhile, Pakistan and Russia signed an inter-government agreement to develop Pakistan Stream Gas Pipeline for gas transportation from Karachi to Kasur.
• On the revenue front, Federal Board of Revenue (FBR) collected net revenue of Rs4,170bn during 11MFY21. Prime Minister Imran Khan also commended FBR for achieving this milestone.
• Provincially, Sindh Board of Revenue (SBR) increased revenue collection by 52% in May, 2021.
• In response to adequate performance, At-Tahur Limited (ATL) was assigned initial entity ratings of ‘A-/A-2’ (A Minus/A-Two) from a well-known rating agency, VIS Credit Rating Company Limited (VIS).
• Another milestone achieved by Pakistan, during the departed week, was acquiring approval from Japanese authorities for one mango export facility of Pakistan.
• Reaping out the maximum benefit of Roshan Digital Accounts, 160,000 Pakistanis from over one hundred and seventy countries have so far invested $1.25bn.
• On the upside, Capital Development Authority (CDA) is expected to close this financial year with Rs73bn surplus & Rs26bn already in accounts.
• Removing the trade barriers, government approved a new visa policy for Chinese nationals.
• During the week, Pakistan Kuwait Investment Company (Private) Limited (PKIC) announced to investment Rs500million in Planet N (Private) Limited.
• On Thursday, Indus River System Authority (IRSA) released 235,900 cusecs water from various rim stations with an inflow of 261,700 cusecs.
• Federal government increased power supply by 200 MW to K-Electric from the national grid.
• In order to boost the housing and construction sector, World Bank proposed credit facilities worth $200mn.
• To promote tourism, government is up to facilitate foreign tourists through a new visa regime. In addition, Tourism Development Corporation (PTDC) is all set to launch Pakistan's tourism brand campaign by the end of September 2021.
• During the departed week, Economic Coordination Committee (ECC) approved various technical supplementary grants worth billion Rupees including the grant of $130mn for procurement of Corona Vaccine.
• Last week, Pakistan Stock Exchange (PSX) joined the World Federation of Exchanges (WFE), the global industry association for exchanges and clearinghouses.
• In order to provide assistance to the real estate sector, State Bank of Pakistan (SBP) amended its capital adequacy regulations by significantly lowering the applicable risk weight on banks/ DFIs’ investments in the units of REITs.
• To make Pakistan a regionally competitive country, government is on its toes to spur economic growth and take it to around 6-7% in a couple of years.
• During the past week, CDWP  approved thirteen Projects worth Rs88.24 bn.
• Moreover, CDWP also approved fifteen Projects mainly related to transport and communication worth Rs169.2bn.
• The non-government sector borrowed another net sum of Rs45.16bn during the week.
• The government of Pakistan retired Rs63.56bn during the week ended May 21, 2021, which brings its total net borrowing for ongoing fiscal year 2021 to Rs557.75bn.
• On the positive front, Ministry of Commerce (MOC) announced that Pakistani food products are now available at the Kroger Company, USA.
• On Monday, Prime Minister Imran Khan formally launched Pakistan’s first Green Eurobond– issued by Water and Power Development Authority to raise $500 million for water reservoirs.
• To overcome the looming threat of water scarcity and global warming, government is planning to construct ten more dams.  
• On the same day, government announced to keep the petroleum prices unchanged.
• After a decade-long suspension, Kuwait resumed the visa  for Pakistani families and businessmen.
• On the Agriculture side, the production of wheat crop jumped by 27.3mn ton.
• During the departed week, all banks were directed by Finance Minister to prepare a design to provide loans at least possible interest rates under Kamyab Jawan Program.
• The federal government extended the date for encashment of Rs25,000 and Rs,40000 prize bonds.
• The Securities and Exchange Commission of Pakistan (SECP) registered 1,597 new companies in May 2021, witnessing a growth of 107 % as compared to corresponding period last year.

Announcements:

• On the equity side, the Board of Directors of Mian Textile Industries Limited, resolved to change the name of the company.
• The Board of Directors of The Searle Company Limited (SEARL) resolved to sell 100% of the Company's shareholding in IBL Identity (Private) Limited to Universal Ventures (Private) Limited.
• Waves Singer Pakistan Limited refuted the news regarding the joint venture (JV) with Mitsubishi Corporation Japan to produce and assemble its cars in Pakistan.
• Mughal Iron & Steel Industries Limited successfully completed the BMR of bar re-rolling project.
• GlaxoSmithKline Pakistan Limited appointed Mr. Hasham Baber as Chief Financial Officer (CFO) and Executive Director on the Board of GSK Pakistan Limited, with effect from June 1, 2021.
• The Board of Directors of Saif Power Limited (SPWL), approved the proposal to sell Saif Cement Limited (SCL)’s Freehold Land.
• The Board of Directors of Premier Insurance Limited recommended to make a long term equity investment in Associated Companies.
• Ghani Global Holdings Limited commenced the trading activities pertaining to Energy Storage Devices /equipment in Pakistan.
• Pakistan based Citi Pharma Ltd is planning to raise up to Rs2.8 billion through an initial public offer (IPO).
• The shareholders of JS Global Capital Limited (JSGCL) approved purchase (buy-back) of its own shares.
• The shareholders of Service Fabric Limited approved to change the name of the Company.
• Tariq Glass Industries Limited successfully managed to start commercial operations from its Float Glass Plant (Unit-II), with effect from May 31, 2021.

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