Karachi, May 11, 2012 (PPI-OT): Trade deficit reaches record high of $17.65bn
According to MR Securities, Pakistan’s economy has racked up another all-time record high trade deficit, as during July-April 2011-12, the gap between what it sells abroad and what it imports zoomed to a massive $17.65 billion
Remittances grow by 20pc to $10.88 billion
Remittances sent home by overseas Pakistanis increased by over 20 percent to $10.88 billion during July/April 2011/12 against $9.046 billion in the corresponding period last year.
FY 2012-13: Govt sets 4.3pc growth target, Rs825.2bn development outlay
The government has set 4.3 percent growth target and Rs 825.2 billion development outlay for the next fiscal year on the conclusion of the day long meeting of the Annual Plan Coordination Committee (APCC).
Forex reserves drop to $16.416 billion
Pakistan’s foreign exchange reserves dropped to $16.416 billion in the week ending May 4, from $16.43 billion the previous week
Suspension of IMF SBA to bode ill for CA
Large current account deficit for Pakistan is expected after the suspension of the IMF Stand-By Arrangement (SBA), UN Economic and Social Survey of Asia and the Pacific (ESCAP) 2012 warns.
Pay up, or else: PARCO seeks advance payment for oil supply to PSO
Pak-Arab Refinery Company (Parco) has warned Pakistan State Oil (PSO) that it will stop the supply of fuel if the latter does not introduce a mechanism according to which it will open letters of credit to make advance payment for oil supply rather than getting deliveries on credit.
Government concedes delay in IP gas pipeline project
A top official from the petroleum ministry has said Pakistan is lagging 45 days behind scheduled completion of the Iran-Pakistan gas pipeline because Islamabad is facing difficulty arranging finances.
Govt seeks more time for payment to IPPs
The government has approached the independent power producers (IPPs), requesting them to hold their legal proceedings enabling the ministry to hold meeting of the Economic Coordination Committee (ECC) of the Cabinet to resolve the overdue payment issue, sources said on Thursday.
Govt to spend Rs55.52bn on two major infrastructure projects
The federal government, in its upcoming financial year 2012-13, will spend Rs55.52 billion on two major infrastructure projects including Diamer-Basha dam and Neelum-Jhelum power project, while on improvement of Karakoram Highway (KKH) about Rs3.8 billion will be expended.
Fauji Fertilizer cuts prices to regain market
In a bid to regain the local market, Fauji Fertilizer Company has reduced urea prices to make its fertilizer competitive against cheaper imports. The fertiliser manufacturer cut down prices by 9% to Rs1,650/bag on Thursday, bringing the difference between the local and imported fertilizer to Rs50 per bag.
Government may cut GST on POL products
The Senate was informed Thursday that the government intends to reduce general sales tax (GST) on petroleum products to provide relief to the masses and consultations with provinces are underway.
Rs 82 billion TFCs to be floated next week to resolve circular debt
President Asif Ali Zardari on Thursday expressed displeasure over massive power loadshedding in the country and directed all concerned departments to take immediate steps to overcome the crisis.
Insurance sector profits up 39pc
After witnessing a decline of 16 percent in its profitability during CY11, the non-life insurance sector’s profits bounced back during the first quarter of CY12 showing an enormous growth of 765 percent on QoQ and 39 percent on YoY basis in net profits
Trade, investment roadmap launched
The United Kingdom Thursday vowed to build on a deeper and stronger relationship with Pakistan, saying its future matters greatly to Britain and agreed on building up ties in trade, defence, health and education sectors.
Dishonoured urea contract costs TCP Rs616m in losses
Trading Corporation of Pakistan (TCP), the state-run commodity procuring institution, has suffered losses of Rs616 million ($6.5 million) for awarding a tender to a company for the import of urea that has failed to perform the contract
US aid linked to Nato supply resumption
A US congress committee has passed a bill wherein economic and military aid to Pakistan had been linked with resumption of Nato supply and action against terrorism
Indus Motor for gradual cut in import duties
Rejecting the Auto Industry Development Plan-II (AIDP) for 2013-2017 proposed by the Engineering Development Board (EDB), Indus Motor Company CEO Parvez Ghias has said the current difference of 17.5% between import duties of completely built units (CBU) and completely knocked down (CKD) kits should be maintained.