Karachi, May 28, 2012 (PPI-OT): Budget would focus on macro-economic stability, growth and relief to public: PM
According to MR Securities, the Prime Minister expressed satisfaction that the coming year’s federal development budget would be increased from Rs300 billion to Rs360 billion, which would be used for regionally balanced development and completion of projects, especially in the areas of energy, infrastructure and food security.
Fiscal year 2012-13: MQM presents Rs3.61 trillion shadow budget
MQM presented a shadow budget of Rs3.61 trillion on Sunday, a day ahead of consultations with Prime Minister Yousaf Raza Gilani and prominent members of parties in the PPP-led ruling coalition.
Economic growth: Energy deficit big constraint: ADB report
ADB in its recent report has said that the energy deficit is a major constraint on efficient economic growth in Pakistan. The report titled ’2011 Clean Energy Investments’ notes that energy deficit is a major constraint on efficient economic growth in Pakistan.
No cartel operating in cement industry
Cement industry circles has termed increase of Rs 10 per 50kgs cement bag by the south zone’s cement companies and decrease of Rs 20 per bag in the north zone as a proof that there is no cartel working in the industry.
ARL increases lube base oil price by Rs3.50 per litre
Attock Oil Refinery (ARL) has increased the prices of lube base oil by Rs3.50 per litre, which would result in sharp increase in all the lubricating oils, adding another burden of Rs5 per litre to the end-consumers.
Foreign firms repatriate $916.7m abroad in ten months
The growth in repatriation of profits and dividends of the foreign companies increased by 40 percent in the ten months of current fiscal year (July-April) as investors speedily transferred their earnings on portfolio and foreign direct investments, and interest payments abroad.
Public debt surges by Rs1,315bn to Rs12,024bn
Pakistan’s public debt surged by Rs1,315 billion and peaked to Rs12,024 billion till March in the wake of rising fiscal deficit, as well as depreciation in the rupee against the dollar, sources said. In percentage of the GDP, the country’s total public debt stood at 58.2 percent in March.
Budget deficit financing through external funding shrinks by 43pc
The federal government has failed to bring in foreign funding to the finance budget deficit as it reduced by 43 percent during July-March 2012-13, which resulted in shifting of burden to local financial institutions through borrowing.
Weaving industry may get zero-rated facility
To give tax incentives to the textile sector in coming budget, the government has decided to extend zero rating facility to sizing, weaving and warping industry in the upcoming Finance Bill (2012-2013). Currently, a reduced rate of 5 percent is applicable on unregistered segments of textile industry.
Ruling on rental power plants: Turkish firm takes dispute to international court
Rejecting the Supreme Court’s ruling on rental power plants (RPPs), Turkey-based power firm Karkey Karadeniz Elektrik Uretim (KKEU) has instead moved the International Court of Arbitration – seeking compensation from the Government of Pakistan for losses that it says have arisen out of the latter’s alleged breach of contract.
OGRA revises wellhead gas prices for OGDCL fields
The Oil and Gas Regulatory Authority (OGRA) has revised the wellhead gas prices for Oil and Gas Development Company Limited (OGDCL) operated fields for the period January 1 to June 30.
Boosting exports: Textile association demands duty free access to West
Pakistan Textile Exporters Association (PTEA) released a statement on Saturday that greater duty free access to Pakistani exports to the US and European markets are imperative to cope with the current economic recession and the government of Pakistan should take immediate administrative and diplomatic initiatives to achieve this objective.
Textile exports suffer a drop of $124.1 million in April
Textile exports continued their downward trend, showing a monthly decline of 10 percent since the beginning of FY 2011-12 and the overall textile exports registered a loss of $124.137 million in April this year against the same period last year.
‘Positive list’ of items from India expanded: Trade Policy 2011-12 announced
The Ministry of Commerce (MoC) on Friday notified ‘Trade Policy 2011-12′, according to which ‘positive list’ of importable items from India has been expanded further by 18 additional items.
Manufacturers urge government to stop urea import
The fertiliser manufacturers in Pakistan have urged the government to take advantage of their offer to buy locally manufactured urea instead of buying the same from international market by spending huge foreign exchange.
10-month oil import bill soars to $12.5 billion
The country’s oil import bill surged to an all-time high level of $12.5 billion during the first 10 months of the current fiscal year because of soaring oil prices on the international front.