Financial Risk Manager: Economic and Business Updates

Economic and Business Updates - January 19 to 25, 2009
Monday, January 26, 2009

The Stare Bank announces a Rs,12 billion plan, to help borrowers of the export financing scheme, deferring payment of their loans for one year.

The securities and Exchange commission of Pakistan (SECP) issues draft of , the companies (Buy-back of shares) Regulation, 2009 to elaborate the procedure, for the listed companies to buy back/repurchase their own shares.

The UAE government agrees to initiate a $5 billion Khalifa point oil refinery project in Balochistan.

The manufacturing industry has opposed further rise in gas price being suggested by the sui southern gas company Limited. The adjustment is in addition to Rs,18.55 per MMBTU allowed in November last year.

The export of non-textile products soared by 29.3 percent in the first half of the current fiscal year to $4.436 billion as against $3.43 billion over the same period last year mainly on the back of massive export of rice.

The world Bank blocks lending for two key market based loans of at least $834 million due to the country,s low credit rating, says an official.

Pakistan's rice export may be affected badly as India abolishes $200 per ton export duty on basmati, imposed last year, say local exporters.

The Federal Board of revenue exempts import of capital equipment including plant machinery equipment and accessories for development of projects in special industrial and economic zones from customs duty and sales tax.

The government refuses to remove the five per cent duty on imports of capital good despite Minister for investment Waqar Ahmad’s efforts to appease the international retail store companies, say source in the ministry.

Due to non-payment of Rs.1-Rs.1.5 billion by KESC the independent power producers have reduced power supply to KESC by 50 percent which has increased suffering if the people with frequent power outages in the city.

The world Bank asks the government to collect at least Rs.30 billion revenues through petroleum development levy (PDL)on petroleum products during the quarter (January March) to achieves the revenue target and ease budget deficit.

The Federal government orders investigation against oil refineries for misusing deemed duty primary purpose of which was upgradation of the facilities well informed sources in the petroleum ministry reveal.

The green tractor scheme of the Punjab government aimed at providing 10,000 tractors to farmers at subsidised rates is in jeopardy due to elimination of subsidy to tractor manufactures say sources.

South Korea will give a soft loan of $30 million to Pakistan to purchase urea fertiliser to meet the farm sector requirement.

Ref: Dawn dated 26-01-2009 (Economic and Business Review)

posted @ 1:40 PM,

At January 26, 2009 at 3:08 PM, Anonymous said...: Need the details on export re-finance facility offered by State bank???? eligibility criteria????
At January 27, 2009 at 9:46 AM, Mubeshir said...: its not export re-finance, this package is offered for deferrement of LTFF AND LTF-EOP. Detail are posted just below this post in home page.
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