Economic and Business Updates - August 03 to 09, 2009
Wednesday, August 12, 2009
- THE International Monetary Fund Board decides to release $840 million to Pakistan.
- THE Sindh government fixes issue price for wheat at Rs975 per 40kg or Rs24.35 per kg against the procurement price of Rs950 per 40kg.
- TWO liquefied petroleum gas companies – Lub Gas and Mehran LPG – reduce their nationwide ex-plant wholesale price by up to 10 per cent.
- THE Zarai Taraqiati Bank Limited unveils credit plan amounting to Rs80 billion for the financial year 200910 for various development schemes.
- THE State Bank of Pakistan decides to end the single policy rate regime by introducing new mechanism for liquidity management to fulfill the International Monetary Fund condition.
- THE federal government borrows Rs121.744 billion for budgetary support from the banking system during the first three weeks of the current fiscal year 2009-10 due to the rising expenditures and shortfall in revenue collection.
- OVER 54 per cent of the registered corporate sector, 76 per cent individuals, and 83 per cent of the Association of Persons are non-filers of income tax returns for the tax year 2008, reflecting non-compliance by majority of the registered persons.
- ALL outstanding circular debt of power companies will be paid during the current month, says Finance Minister Shaukat Tarin.
- CHINA shelves the coastal oil refinery project at Gwadar in Balochistan, and deletes it from the list of financial development plan 2009-10 agreed with Pakistan.
THE World Bank again postpones two key loans for national trade corridor worth $834 million for a year on the government’s lethargic attitude towards transport sector investment. - FEDERAL Minister for Water and Power Raja Parvaiz Ashraf tells the National Assembly that the government has no option but to go for power rentals as hydro, coal and IPPs could take from three to eight years, but people cannot afford power outages any more.
- THE Federal Board of Revenue collects over Rs74 billion during the first month of the current fiscal year 2009-10 against the target of Rs78 billion for July 2009, reflecting a shortfall of Rs3.9 billion.
- THE producer prices of liquefied petroleum gas decreases by Rs10 per 11.8kg cylinder across the country, reflecting lower prices in global oil and gas markets.
- CEMENT sales in the first month of the fiscal year 2009-10 shows a strong growth, recording an increase of six per cent compared to sales in the same month of the last fiscal year.
Labels: Economy and Business, Pakistan Economy
posted @ 10:08 AM,
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