June 13, 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, Federal Minister for Finance and Revenue, Mr. Shaukat Fayaz Tarin presented the budget for the financial year 2021-22 in the federal cabinet session. The total outlay of budget 2021-22 is Rs8.4trillion.
• During the departed week, a major breakthrough in rice exports has been achieved as Russia has allowed the import of Pakistan’s rice from June 11, 2021.
• Governor State Bank of Pakistan, Dr. Reza Baqir has been appointed as the Chairman of the General Assembly of Islamic Financial Services Board (IFSB) for the year 2022.
• The Securities and Exchange Commission of Pakistan (SECP) clarified that mere registration of a company with SECP does not authorize it to seek deposits from the general public.
• On the investment front, Special Economic Zones (SEZs) attracted investment worth $646.59mn between Jan 1, 2021, and May 4, 2021.
• Pakistan's Forex Reserves increased by $283.80mn or 1.22% and the total liquid foreign reserves held by the country stood at $23,577.9mn on Jun 04, 2021.
• The inflation measured by the Consumer Price Index (CPI) was recorded at 8.6 percent during July-April 2020-21.
• On Thursday, Pakistan Economic Survey 2020-21 was officially launched by Ministry of Finance.
• During the last week, Saudi Arabia announced to provide over Rs37bn for Mohmand Hydropower Project with two percent interest rate and 25-years repayment period.
• On the positive side, Workers' remittances extended their record run of above $2bn in May 2021.
• ECC expressed the government’s commitment to providing $1.1billion for procurement of COVID-19 Vaccines for achieving the vaccination target till December 2021.
• Last week, National Electric Power Regulatory Authority (NEPRA) took serious notice of excessive load shedding faced by the consumers throughout the country.
• A joint venture of Service Group and Chinese firm Chaoyang Long March Tyre Co Ltd is all set to commence the Tyre manufacturing plant this month in Pakistan.
• According to Fitch Solutions, Pakistan’s cotton production is expected to reach 5.3 million bales during the upcoming FY2021-22.
• On the positive side, the government's Roshan Digital Account scheme turned out to be a reliable platform for overseas Pakistanis including the diaspora in France.
• During 10MFY21, Pakistan's meat exports reached $280million.
• On the health front, Pakistan hailed the administering of 10 million doses of coronavirus vaccines as an important step towards its goal of vaccinating 70 million people by the end of the year.
• To promote investment in the real estate sector through Real Estate Investment Trusts (REITs), the SECP introduced a new Public Private Partnership (P3) model under REITs, besides completely revamping the regulatory framework for REITs.
• The government of Pakistan has acquired an additional debt of Rs.98.62 billion during the week ended May 28, 2021.
• During the departed week, Ministry of Commerce announced that Electric Fans' exports grew by 41.47 % during the first ten months of the fiscal year 2020-21.
• Central Directorate of National Savings (CDNS) received an increased investment of Rs52bn by June 2, of this Fiscal Years 2020-21 from the registered Premium Prize Bond of Rs40,000 and Rs25000 recently initiated by the institution.
• Last week, National Electric Power Regulatory (NEPRA) approved 44 paisa per unit reduction in power tariff under monthly fuel adjustment (FCA) for April.
• On Monday, Indus River System Authority (IRSA) released 246,200 cusecs water from various rim stations with inflow of 321,100 cusecs.
• Pakistan started producing the single dose Chinese CanSinoBio COVID-19 vaccine to be able to deliver 3 million doses a month.
• The Executive Committee of the National Economic Council (ECNEC) has approved various projects worth over Rs326billion rupees related to transport and information technology.

Announcements:

• On the equity side, the shareholders of Unity Foods Limited (UNITY) approved the acquisition of 16,467,818 ordinary shares of Sunridge Foods (Pvt.) Limited.
• The Board of Directors (BoD) of Dawood Lawrencepur Limited approved a renewal of the subordinated loan facility of up to Rs1bn to its subsidiary, Tenaga Generasi Limited (TGL),
• During the same week, Sazgar Engineering Works Limited (SAZEW) sold a total of 912 units of three-wheeler against the production of 955 units during the month of May 2021.
• The Board of Directors of Kot Addu Power Company Limited (KAPCO) announced an Interim Cash Dividend of Rs5 per share i.e 50% for the year ending June 30, 2021.
• The Board of the Directors of Askari Bank Limited decided not to renew the contract of its President and Chief Executive Officer upon its expiry on the 8^th of August 2021.
• Image Pakistan Limited (IMAGE) has taken the lead to become Pakistan’s first approved seller on Amazon.
• Dolmen City Reit (DCR) informed that the Dolmen Mall Clifton will be closed for two days in the week along with operating at restricted timings.
• The Board of Directors of Service Global Footwear Limited (SGFL) decided to utilize the excess IPO funds for making an additional equity investment in Service Long March Tyres Pvt Limited.
• The Board of Image Pakistan Limited approved the incorporation of a wholly-owned subsidiary under the name & style of Image Tech Limited to avail incentives.
• Lalpir Power Limited (LPL) received Rs6.193bn from Power Purchaser in the form of one-third cash, one-third Government Ijara Sukuk, and one-third Pakistan Investment Bonds.
• Pakgen Power Limited received Rs6.535bn from the Power Purchaser in terms of the first installment of 40% of receivables at the cut-off date of November 30, 2020.
• Kohinoor Energy Limited (KOHE) acquired Rs1.989bn from Power Purchaser in the form of one-third cash, one-third Government Ijara Sukuk, and one-third Pakistan Investment Bonds.
• JDW Sugar Mills Limited obtained first installment of 40% i.e. Rs816mn from the Government of Pakistan through Central Power Purchasing Agency Limited (CPPA).
• Unity Foods announced its association with Systems limited in its journey to implement SAP S4/HANA, SAP Success Factor and Ariba Implementations.
• Synthetic Products Enterprises Limited (SPEL) completed its new project in Karachi and the commercial production and operations under this project have started on June 7, 2021.
• Central Power Purchasing Agency Limited (CPPA) paid Rs39.602bn to Kot Addu Power Company Limited (KAPCO) in terms of first installment of 40% of receivables.
• The management of Balochistan Glass Limited successfully managed to complete the refurbishment of the second Furnace having a capacity of 65 metric tons per day at Unit-III (factory situated at Kot Abdul Malik Lahore).

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