Economic and Business Review -Last Week till 05 September 2010
Tuesday, September 14, 2010
• The GDP will decline to 2.5 per cent from the projected 4.5 per cent for the current fiscal year 2010-11 as a result of damages to various sectors of the economy due to floods.
• The non-performing loans are likely to cross Rs500 billion marks by the end of current fiscal year in the wake of flash floods that have wiped out trade and business in affected areas across the country, say bankers.
• The World Bank increases funding to help Pakistan cope with the catastrophic flooding by $100 million, to a total of one billion dollars, the WB says in a statement.
• The United Nations Food and Agriculture Organisation announce that it has completed procurement of seeds for the coming Rabi season for distribution among 200,000 flood-affected farming families.
• The government decides in principle to impose a two per cent flood tax on all imports to generate about Rs50 billion in additional revenues for undertaking reconstruction and rehabilitation projects.
• The multi billion dollar Reko Diq project in Balochistan may be further delayed due to scarcity of funds and misunderstanding between the federal and the provincial governments over the funding percentage issue.
• Turkmenistan, which failed to submit third-party certification of Dauletabad gas field reserves, has now offered a new supply source, Osman/Yolatan gas field, which raise serious concern in Pakistan.
• The government increases HSD and kerosene prices while prices of petrol and HOBC are slashed in line with the revision in global oil prices effective September 1.
• The consolidated budget deficit of the federal and provincial governments mounted to 6.3 per cent for last year – July-June 2009-10 – against 5.1 per cent of GDP committed with the International Monetary Fund.
• The Federal Board of Revenue will be forced to revise downward the sales tax collection target in the second quarter (October –December) of 2010-11, in case the reformed general sales tax is not implemented from October 1, 2010.
• The Trading Corporation of Pakistan establishes two Letters of Credit worth $243 million for import of 320,000 tons of white refined sugar.
• The Cabinet Committee on Restructuring decides to wind up Pakistan Electric Power Company by October 31.
• The Federal Board of Revenue collects nearly Rs87 billion up to August 30 as compared to Rs73.7 billion collected in the corresponding period last fiscal year, reflecting an increase of 18.1 per cent.
• The government announces Rs1,800 per 40kg procurement price for canola and sunflower and sets a target of one million acres for sowing the two crops in the floodaffected areas. Estimated benefit to growers: Rs3bn.
posted @ 12:33 PM,
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