July 18, 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.

• Economic Coordination Committee (ECC) of the Cabinet approved a summary tabled by the Power Division regarding non-cash settlement for Power Sector re-lent loans against subsidies payable by Government of Pakistan equal to Rs116billion. ECC also approved the financial setoff mechanism for government-owned IPPs.
• Foreign direct investment in Pakistan stood at $135.4 million during June 2021, showing a decline of 23% MoM and 32% YoY.
• In order to strengthen ties with the Central and South Asian countries, Prime Minister Imran Khan joined other regional leaders at a conference held in Uzbekistan’s capital Tashkent where he offered Uzbekistan to benefit from Pakistan’s geo-strategic location.
• For the smooth continuation of GSP Plus status, the Ambassador of European Union in Pakistan stressed the need to ensure implementation of conventions on human and labor rights.
• Indus River System Authority (IRSA) released 268,700 cusecs water with inflow of 363,800 cusecs on Friday, while a day before, IRSA released 304,700 cusecs water with inflow of 431,400 cusecs. Furthermore, 293,300 cusecs water was released from various rim stations with inflow of 349,200 cusecs on Monday.
• On the upside, housing and construction finance outstanding increased by Rs111bn or 75% over FY20, reaching Rs259bn by end June’21.
• To stimulate business activities further, the government is up to removing impediments in the way of various businesses and industries.
• The departed week also witnessed the hike in the price of petrol per liter by Rs5.40.
• The Federal Government released Rs658.5bn out of total allocation of Rs650bn for various ongoing and new social sector uplift projects in FY21 under its Public Sector Development Programme (PSDP).
• The government also provided 100 percent funds, amounting to Rs1,339.589million, allocated under the PSDP 2020-21 to execute petroleum sector projects.
• During the departed week, the State Bank of Pakistan has received $1bn of the government’s tap offering of its recently issued Euro Bond.
• Pakistan International Airlines (PIA) is going to issue a 10-year Sukuk, amounting to Rs20bn inclusive of Rs5bn greenshoe option.
• On the positive side, the government is all set to launch the country’s biggest welfare ‘Kamyab Pakistan’ programme on July 29, 2021.
• The Securities and Exchange Commission of Pakistan (SECP) took notice of HASCOL’s reported accounts for the period ending June 30, 2019 during October 2019.
• CDWP approved five Projects worth Rs405.7bn related to Governance, Physical Planning & Housing, Transport & Communications and Education.
• To mechanize the local agriculture sector, the government is all set to provide a Rs28bn subsidy on the purchase of agriculture tools and equipment.
• Pakistan Post with the collaboration of the Ministry of commerce would inaugurate nine Amazon facilitation centres in major cities.
• Workers' remittances rose to a historic annual high of $29.4bn in FY21. This has helped improve the country’s external sector position despite the challenging global economic conditions in the past year.
• Pakistan Stock Exchange (PSX) held a Gong Ceremony to mark the listing of Citi Pharma Limited.
• Federal Board of Revenue issued a draft of rules for the new Export Facilitation Scheme 2021, and sought comments from industry, exporters and other stakeholders.

Announcements:

• Lucky Motor Corporation Limited (LMC) has entered into an agreement with Samsung Gulf Electronics Co., FZE (“Samsung”) for producing Samsung branded Mobile Devices in Pakistan.
• The Board of Directors of Indus Dyeing and Manufacturing Company Limited approved to purchase/acquire a piece of land measuring 31 acres situated at Nooriabad.
• The shareholders of Chashma Sugar Mills Limited approved an investment of Rs204mn i.e., 51% shareholding in Ultimate Whole Foods Pvt Limited.
• Pakistan Telecommunication Company Limited (PTCL) has unveiled its financial results for the six months ended June 30, 2021 wherein the company posted a remarkable profit of Rs2.93bn.
• Citi Pharma Limited (CPHL) and CCL Pharma (Pvt) Limited executed an agreement to manufacture Formulation Products on their behalf.
• The Shareholders of Dawood Lawrencepur Limited (DLL) approved to renew the second unsecured subordinated loan facility of up to Rs1bn provided to its subsidiary, Tenaga Generasi Limited (TGL.
• WorldCall Telecom Limited (WTL) has revealed its financial statement for the year ended December 31, 2020 as per which the company incurred a loss of Rs146.33mn
• The Board of Directors of Image Pakistan Limited resolved to increase the ordinary Paid-up Capital of the company from Rs568.79mn to Rs995.386mn.
• Pakistan State Oil (PSO) appointed Ms. Gulzar Khoja as Chief Financial Officer of the company with effect from July 12, 2021.
• Service Fabrics Limited increased its authorized share capital from Rs160 million to Rs2,500 million.
• Sui Southern Gas Company Limited (SSGC) has announced its financial results for the year ended on June 30^th, 2019 as per which the company posted net loss worth Rs18.36bn.

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