Karachi, February 11, 2014 (PPI-OT): Monetary policy: Analysts revise policy rate expectation for remainder of FY14
According to MR Securities,
With lower than expected inflation numbers for two consecutive months, analysts have now revised their expectation of a policy rate hike in the remainder of the current fiscal year – something they believed was inevitable just a few months ago.
Remaining months (February-June): 27% growth needed to achieve FY14 tax target
FBR is facing an uphill task to sustain the 26 percent growth in revenue collection during the remaining months (February-June) of 2013-14 to meet the ambitious target of Rs 2,475 billion by the end of current fiscal year. Sources told Business Recorder here on Monday that the required growth to meet the annual revenue collection target for 2013-14 is 27 percent against Rs 1,946 billion total tax collection in 2012-13.
CY13 NPLs down Rs 27 billion
The Non-Performing Loans (NPLs) of the banking industry are showing a very encouraging trend as they fell by some Rs 27 billion during last calendar year, mainly due to lower interest rate and restructuring of loans. “The current momentum of the NPLs is a positive sign for the country’s growing banking industry that has taken several steps to curtail the rising trend and clean their books from huge burden of NPLs,” said Sayem Ali, an economist at Standard Chartered.
IMF not imposing privatisation agenda: Franks
International Monetary Fund (IMF) hopes that Pakistan will be out of troubled waters in one year if Government of Pakistan (GoP) and State Bank of Pakistan (SBP) continue to implement agreed time bound reforms. This optimism was shown by the IMF Mission Chief Jeffery Franks in an exclusive telephonic interview with Business Recorder from Dubai.
Borrowing limit: government papers’ auction to help meet IMF target
Pakistan has assured the International Monetary Fund (IMF) that the auction for Treasury Bills, Pakistan Investment Bonds (PIBs) and Ijara Sukuk would enable the country to meet the Fund programme target of ceiling on government borrowing from the central bank, it is learnt.
Meezan Kafalah: customer-friendly savings product launched
Meezan Bank, Pakistan’s first and largest Islamic bank has launched Meezan Kafalah, a Shariah-compliant alternative to Bancassurance, in collaboration with Pak Qatar Family Takaful Limited (PQFTL), the county’s largest Takaful provider, says a press release issued here.
Energy woes: Govt to go ahead with Discos sell-off plan
The Council of Common Interests (CCI), the top constitutional decision-making forum between the federation and federating units, has decided to privatise all electric power distribution companies (DISCOs) after the provinces refused to take ownership of their respective utilities.
Fiscal prudence: Govt shifts numbers to show ‘impressive’ performance
Pakistan was able to show an exceptional fiscal performance in 1HFY as a result of smart accounting, as the federal government reflected an unprecedented increase in income from the State Bank of Pakistan (SBP) and Water and Power Development Authority (WAPDA) instead of showing any belt tightening.
Claims filed: Turkish RPP seeks $2.1b in damages
Karkey Karadeniz Electricity Production Corporation (Karkey) has filed a ‘memorial on the merits’ with the World Bank’s International Centre for Settlement of Investment Disputes (ICSID), claiming $2.1 billion in damages from the Government of Pakistan. The damages have been calculated by independent international experts, it claims.
Gas supply: IP pipeline still not shelved, says government
Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi has declared that the Iran-Pakistan (IP) gas pipeline project is not a ‘gone story’ despite the threat of US sanctions and has sought an extension in the timeframe for its implementation.
Line extension: Pakistan looks for $10 billion oil credit facility
Pakistan is seeking a long-term oil credit facility valuing about $10 billion from major oil suppliers Saudi Arabia and Kuwait, a move that comes in the backdrop of weakening foreign currency reserves and rising circular debt in the energy chain.
Revenue body not to ask source of investment
FBR will not ask about the source of investment made on the purchase of shares till June 30, 2014 provided the investment remains untouched for another 120 days, a senior tax official said on Monday.
Auto vending units closing down on inept policies: exporter
A large number of auto vendor units have closed down with all auto manufacturers operating much below their peak capacities due mainly to flawed government policies, said a top auto part exporter. Tahir Javaid Malik said only those who are innovating, diversifying and expanding are the survivors in this turmoil.
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