Karachi, May 23, 2012 (PPI-OT): GDP growth projected at 4.3 percent for fiscal year 2012-13
According to MR Securities,
The government has fixed GDP growth target at 4.3 percent for 2012-13. Current account deficit has been projected at $4.8 billion while the growth of exports and imports will be 4.1% and 7.8% respectively
Govt aims to reduce fiscal deficit to 4.9 per cent
The federal government is aiming for a 4.9 per cent fiscal deficit in the new budget . Despite a perception that the government was planning an extravagant budget to gain popular support before general elections, the budget makers had decided to reduce the fiscal deficit by 0.5% of the GDP from 5.5% currently.
Government intends to import 500 megawatts of power from India: Naveed
Minister for Water and Power, Syed Naveed Qamar and Indian High Commissioner, Sharat Sabharwal on Tuesday discussed electricity trade between the two countries.
Govt borrowing swells to Rs 1tr from banking system
The government’s borrowing has been on the rise as the closing of financial year is approaching, surpassing Rs 1 trillion collectively from the banking system, including the central and scheduled banks primarily on budgetary support.
NEC may approve Rs 825.2 billion PSDP
NEC will meet on Thursday to discuss and approve Rs 825.2 billion Public Sector Development Programme (PSDP) for next fiscal year
Upcoming budget likely to be a non-event for oil sector
Market analysts expect the upcoming budget to be a non-event for the oil downstream sector, oil marketing companies and refineries, with the government likely to reveal the customary petroleum levy and dividend targets from the state-owned Pakistan State Oil (PSO)
Foreign investors assured of no new tax
Finance Minister Dr. Abdul Hafeez Shaikh has assured the foreign investors that no new taxes would be imposed in the upcoming federal budget of 2012-13.
Funds for Thar project: LHC issues notice to government
The Lahore High Court on Tuesday issued notice to federal government, for October 10, in a petition seeking directions, to reserve funds for Thar coal project in the coming budget.
Rs 82 billion PPTFCs to resolve circular debt problem
The Economic Co-ordination Committee (ECC) of the Cabinet has reportedly approved Private Placed Term Finance Certificates (PPTFCs) worth Rs 82 billion to resolve the problem of circular debt, but it is yet to be decided whether CCPA or Power Holding Company Limited (PHCL) will issue papers.
China approves $448 million loan for Neelum-Jhelum project
China’s EXIM bank has approved the much-awaited loan of $448m for the strategic 969MWNeelum- Jhelum hydropower project following which construction work on the project is likely to get accelerated.
‘PEL can capture 20% of Indian fridge market’
Pak Electron Limited (Pel) is planning to take advantage of the blossoming ties India by rolling out its products in Indian Punjab, a market larger than all of Pakistan.
PSO to maximise product uplift from local sources
Pakistan State Oil to strengthen petroleum products supply line by maximizing fuel uplift from local refineries and local fuel oil blenders that would also help contain inter-corporate circular debt.
Power companies reluctant to make advance payments
A persistent tussle between power companies and a major oil supplier on advance payments may aggravate the energy crisis as power producers have so far been reluctant to buy petroleum products by opening letters of credit which will ensure prompt payments for oil supplies.
Retrospective adjustment: Nepra hikes power tariff by up to Rs1.79
The National Electric Power Regulatory Authority (Nepra) has raised power tariff by up to Rs1.79 per unit on account of retrospective fuel adjustment for February and March 2012.
Textile industry: Exports surge with sustained energy supply
APTMA Chairman Mohsin Aziz has said that textile exports have surged by 10% in April 2012 after President Asif Ali Zardari directed authorities to provide energy to the textile industry on a sustained basis.
Centre’s revenue share down after NFC: Shaikh
Finance Minister Dr Abdul Hafeez Shaikh has pinned hopes on provinces taking lead in new development projects as he says that after the seventh NFC award, the central government’s revenue share has dropped significantly without a corresponding reduction in debt servicing.
Automobile industry may lose protective tariffs
The government has proposed to abolish protections extended to the auto industry in order to control rising prices of locally made vehicles.
Cotton output may fall 15pc on water scarcity
Due to water shortage of around 50 percent for the current kharif season, cotton production was likely to come down by 15 percent or more than 2.2 million bales