Economic and Business Updates - April 20 to 26, 2009
Monday, April 27, 2009
- IMF Deputy Managing Director John Lipsky tells media persons in Washington that the fund will relax restrictions on Pakistan’s fiscal policy due to worsening global economic situation.
- THE State Bank of Pakistan, easing its monetary policy for the first time in 22 months, slashes key policy rate by 100 basis points to 14 percent citing positive inflation outlook.
- THE IMF projects Pakistan’s current account balance for 2009 at minus 5.9 percent of GDP in dollar terms.
- EXPORTS of textile products declines by 7.58 percent during July-March period of the current fiscal year to $7.193 billion as compared to &7.788 billion of the same period last year, says Federal Bureau of Statistics.
- THE government removes restrictions on industrial units including Al Tuwairki Steel Mills established in the premises of export processing zone from borrowing from local banks other than Industrial Development Bank of Pakistan, discloses the ministry of industries.
- SBP gives signal to HBL and MCB for commencing due diligence for the acquisition of the Royal Bank of Scotland, say sources.
- THE State Bank of Pakistan decides to allow a one-time opportunity for export-oriented industries to refinance their outstanding long-term loans availed from banks/DFIs for import/purchase of plant and machinery with loans under SBPs long-term finance facility scheme to facilitate exporters.
- PAKISTAN’S associated Group is awarding $100 million contracts to two Oklahoma-based companies for the construction of two power plant in Pakistan.
- THE federal cabinet blocks a package of incentive for the Gwadar Export Processing Zone, prepared by the industries ministry to facilitate one private entity, well in forme sources disclose.
- PRESIDENT Asif Ali Zardari approves nine mega projects including the mass transit and circular railway projects for Sindh estimated at Rs400 billion with a directive to the federal and provincial government to complete the projects in time.
- THE State Oil has set up a Jatropha Model Farm for the production of bio-diesel at the Pipri Marshalling Yard, gaged in trial production of bio-diesel from Jatropha seed meeting the standard specification of diesel.
- ICI Pakistan Limited announces commissioning of its Soda Ash expansion project of 65kpa increasing the nameplate capacity of the plant to 350,000 tons per annum.
- THE Federal Board of Revenue plans revenue generation enforcement measures to increase indirect tax collection in the remaining months of 2008-09 with focus on sales tax registration on units operating above the registration on units operating above the registration threshold of Rs5 million, say sources.
Source: Daily paper "Dawn" dated 27-04-2009
Labels: Economy and Business, Pakistan Economy
posted @ 3:07 PM,
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