Economic and Business Review - From 13th to 19th September, 2010
Thursday, September 23, 2010
• The United Nations appeals for a record two billion dollars in emergency aid for the millions of victims of Pakistan’s devastating floods. • FOREIGN direct investment becomes rare for Pakistan as there is a steep fall of inflows in the first two months of the current fiscal year.
• The Sindh government makes 50 per cent cut in its Annual Development Plan for 2010-11 and asks departments to submit revised programmes for projects sanctioned for this year.
• The European Union foreign ministers promise to allow quick, increased – and time-limited – market access to Pakistan’s textile exports in response to Islamabad’s repeated appeals for help to rebuild its textile industry following the recent floods.
• The government revises its estimates for current year’s rate of inflation to up to 14 per cent from the budget target of 9.5 per cent owing to a number of factors, particularly the rising food prices as a result of devastations by floods.
• Despite massive devastation by floods, the country’s exports may register around six per cent increase to $20 billion in the financial year 2011, as most of the fundamental pillars of the country’s economy have been saved.
• The International Monetary Fund board approves a $450 million emergency assistance for flood recovery efforts in Pakistan.
• Just with 10 days to go before the deadline, the authorities are still not clear if the reformed general sales tax on services can be introduced on October 1, as proclaimed in the federal budget and promised to the International Monetary Fund.
• The United States suspends talks on bilateral investment treaty with Pakistan, saying it plans to change its template, says a senior official of the commerce ministry.
• The federal government granting guarantees asks the State Bank to enhance the overdraft limits of provinces to 86 per cent to meet their current expenditures, in case of non-availability of funds.
• The country’s refinery production declines by 28 per cent in August 2010 as compared to that of previous month mainly due to production stoppage at Parco after the flood devastated the transportation network in the surrounding region.
• Pakistan Railways is going to increase fares by 15 per cent as the government approves the demand of the institution which is facing huge financial crunch.
• The Kenyan government restricts import of rice from Pakistan by stopping clearance of consignments at the custom’s stage.
• The Sindh government strongly protests over the centre’s decision to shelve Rs490.48 million Thar coal gasification project and decides to take up the matter with the President and the Prime Minister.
Labels: Economy and Business, Pakistan Economy
posted @ 1:08 PM,
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