Economic and Business updates - From 18th May to 24th May, 2009
Monday, May 25, 2009
- THE government borrowing surges by Rs110 billion in the fortnight from April 18 to May 2, 2009 which pushes up money supply from Rs76.1 billion on April 18 to Rs132.8 billion on May 2, 2009, an increase of Rs56.7 billion or 121 bps during the period.
- FOREIGN direct investment declines by 13 per cent during the ten months of the current fiscal year as compared to the corresponding period of last year, but the fall is mainly because of sharp reduction in inflows from the United States.
- PAKISTAN’s current account deficit narrows down by 23.5 per cent in first 10 months of the current fiscal year against severe crisis of imbalances faced by the country for the last couple of years.
- NON-performing loans of the banking system post a noticeable increase of Rs35 billion during the first quarter of the current calendar year mainly due to the high interest rate and slow economic activities.
- INTERNATIONAL bids have been invited for the construction of Bhasha dam project with incentive clause for early completion. Three Chinese companies are among the bidders.
- FEDERAL Minister for Water and Power Raja Pervez Ashraf has said that a sum of $4.5 billion is being invested in the power generation sector to add 4,000 megawatt electricity to the system to overcome power shortage by the end of the current calendar year.
- BANKS improve their lending to the agricultural sector but remain far behind the target during the first 10 months of the current fiscal year.
- FEDERAL Minister for Industry and Production Manzoor Ahmad Watto has said that 10-year tax holiday has been granted to the Gwadar Port Authority and the export processing zone established their.
- THE federal cabinet decides to bring real estate, agriculture, stock exchanges, services and agriculture sectors under the tax net step by step. Two of them will be taxed in the next fiscal year to broaden the tax base.
- THE Asian Development Bank approves $5.3 billion for 60 ongoing development projects in the country as of July 2008, which includes financing of $2.166 billion energy projects.
- THE Sindh government abandons $800 million Karachi Mega City Project, which was being funded by the Asian Development Bank, says City Nazim Mustafa Kamal.
- THE Economic Coordination Committee of the Cabinet rejects proposal to export wheat and to levy a 15 per cent regulatory duty on import of hot/cold rolled and galvanised steel products.
- PAKISTAN increases the size of farmland open to foreign investors to six million acres, but will require them to share half of the crop yield with local growers, says investment minister.
Source: Dawn Economic and Business Review dated May 25th, 2009
Labels: Economy and Business, Pakistan Economy
posted @ 4:11 PM,
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