Economic and Business - Last Week Updates
Monday, December 29, 2008
THE Planning Commission constitutes a task force on maritime industry to propose amendments to the Merchant shipping ordinance 2001 that will target reduction of freight bill by $4 billion annually.
IRAN agrees to provide either furnace or light crude oil Pakistan for a two year period and a memorandum of understanding is likely to be signed by end of this month.
THE International Monetary Fund proposes to the Federal Board of Revenue to restore the authority of provinces to collect sales tax on services.
THE draft of the revised Afghan Transit Trade Agreement proposes establishment of a Transit Co-ordination Authority for monitoring and facilitation of transportation of containers and cargo between the two countries.
SAUDI Arabia has refused to provide $400 million additional credit facility to Pakistan for the purchase of urea on deferred payment.
THE Asian Development Bank observes that the lack of private sector participation in the development process further hurts growth prospects of Balochistan, which is rich in minerals.
THE Head of International Monetary Fund warns that the economic situation could get even worse in 2009 if governments fail to take firm enough action.
GAS exporting states finalize the creation of a new Qatar based forum aims at coordinating gas policy that consumer countries fear could become the gas equivalent of oil cartel opec.
THE federal minister for port and shipping lauds the efforts of Balochistan chief minister for making Gwadar Port functional.
THE Planning Commission moves a summary to the cabinet to make necessary arrangements for blending of 10 Percent ethanol in petrol to be sold in the country from late next year.
PRIME Minister Yousuf Raza Gillani says the IMF facility is the only viable option at the moment to acquire economic stability, contain inflation, build foreign exchange reserves and arrest budgetary deficit.
ZARI Taraqiati Bank will soon launch Benazir Zarai Credit Card and Benazir Tractor Scheme with Rs72 billion to provide easy credit facility to farmers.
THE government will be footing a bill of around Rs1 billion to provide subsidy for the haulage of three million tons fertilizer from the Gwadar Port to hinterland.
BANKS deposits have started shifting fast towares National Savings Scheme adding frustration to the already shaking banking industry.
PAKISTAN has withdrawn around $1.7 billion invested with selected fund managers out of total $3.2 billion largely put into various tools of the US Treasury and capital market.
THE country registers a deficit of some $2 billion in services sector in the first five months of the current fiscal year.
Labels: Economy and Business, Pakistan Economy
posted @ 2:20 PM,
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