Economic and Business Updates - From 25th to 31st October, 2010
Monday, November 1, 2010
- Pakistan and Afghanistan sign Transit Trade Agreement.
- Forcasting a 2-3 per cent real GDP growth against the target of 4.5 per cent for fiscal year 2010-11, the State Bank of Pakistan says the negative shocks stemming from floods further exposes the existing structural weaknesses in the economy.
- Government borrowing for budgetary support from the banking sector increases to Rs198.25 billion during the period ended on October 15.
- Poverty ratio in the country is rising rapidly due to economic slowdown, high inflation and reduction in subsidies, and as per the central bank estimates some 40 per cent population in the country lives around the poverty line.
- The overall budget deficit rises to 6.3 per cent of the GDP Rs929.1 billion against the target of Rs722.1 billion.
- The Food and Agricultural Organisation begins distribution of wheat seed among 500,000 families in Pakistan affected by the catastrophic flood.
- The European Union completely lifts the ban imposed on the Pakistan International Airline allowing its planes to travel to European destinations
- The domestic industrial sector recovers from the longest-ever slump in previous years, to record a decent growth of 4.9 per cent during financial year 2009-10.
- The agriculture sector posts a growth of two per cent against the target of 3.8 per cent during the last fiscal year 2009-10.
- Posting an increase of Rs77 billion in the fiscal year 2009-10, the outstanding stocks of commodity financing registers a decline of Rs25 billion during the initial months of the current fiscal year 2010-11.
- Services trade deficit narrows down by two per cent, or $13 million, during the first quarter of the current fiscal year mainly due to highest exports and slow down in imports.
- Gas supplies to entire textile ginning and processing mills and captive power plants in Punjab have been completely suspended ahead of the closure of Zamzama gas field for its annual turn-around.
- The Sindh Engro Coal Mining Company completes the feasibility study of the coal mining project with the capacity to produce 6.5 million tons per annum coal from Block-II of the Thar coalfield, as per schedule.
- The government awards a $55 million feasibility study contract to ILF of Germany for the $2.5 billion IranPakistan gas line project with the condition that the consultant will complete its job in 12 months.
- The government disallows oil refineries and oil marketing companies to charge prices of petroleum products over and above the bench mark price (imported price).
Labels: Economy and Business, Pakistan Economy
posted @ 4:41 PM,
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