Foreign Direct Investment (FDI) in Pakistan rose sharply by 137 percent YoY during the first nine months of this fiscal year (FY20).The State Bank of Pakistan (SBP) Monday reported that Pakistan fetched FDI amounting to $2.148 billion during July-March of FY20 compared to $905 million in the same period of last fiscal year (FY19), showing an increase of $1.243 billion. Pakistan’s inflation and debt-to-GDP ratio were expected to fall respectively to 4.8% and 73% by 2025, the International Monetary Fund (IMF) said Monday. In a five-year forecast, the IMF said there would be a considerable slump in the country’s loans, as well as inflation. This decrease, it added, would be witnessed starting 2021.
Market View: The KSE100 Index gained 667.8 points on Monday, ending the session at 33,499.65 points. We expect the market to remain range bound in the upcoming as the number of COVID 19 cases and death toll per day are increasing across the country. Moreover, pressure on international oil price might drag the index down.
Brent oil (USD/bbl): 25.43 (-0.55% D/D)
WTI Crude oil (USD/bbl): 1.41 (+39.04% D/D)
Gold (USD/oz): 1,706.40 (-0.2805% D/D)
Jul-Mar FDI jumps 137pc YoY
KARACHI: Foreign Direct Investment (FDI) in Pakistan rose sharply, ie, by 137 percent YoY during the first nine months of this fiscal year (FY20).
Pakistan’s inflation to decrease to 4.8%, debt-to-GDP ratio to 73% in 2025: IMF
WASHINGTON: Pakistan’s inflation and debt-to-GDP ratio were expected to fall respectively to 4.8% and 73% by 2025, the International Monetary Fund (IMF) said Monday. In a five-year forecast, the IMF said there would be a considerable slump in the country’s loans, as well as inflation. This decrease, it added, would be witnessed starting 2021.
Going forward in COVID-19 times: Pakistan has not so far applied for debt relief from G20 countries
ISLAMABAD: Pakistan has not so far applied for debt relief from G20 countries as neither Islamabad nor any other country made any formal request to this effect, said IMF’s Resident Chief Teresa Daban Sanchez on Monday.
Power sector: Decision on inquiry report to be taken by cabinet
A meeting of the Cabinet Committee on Energy (CCoE) has decided that a decision on making the inquiry report on power sector public would be taken by the federal cabinet.
FY21 budget: IMF working closely with authorities: Sanchez
While emphasising the need for adopting good taxation principles with sometime increase in the tax-base and sometime increase in rates, the International Monetary Fund (IMF) Monday, stated that it was working closely with the Pakistani authorities on preparing budget for the next fiscal year.
Covid-19 crisis: KPT extends free period from 5 to 15 days
Karachi Port Trust (KPT) has extended free period from 5 days to 15 days to facilitate the businesses during Covid-19 crisis.According to the notification issued here on Monday, the federal cabinet has approved the extension of the free period from 5 days to 15 days and asked KPT to take necessary measures accordingly.
IMF to continue support Pakistan to cope with COVID-19 challenges: Resident Representative
ISLAMABAD: Resident Representative of International Monetary Funds (IMF) in Pakistan, Maria Teresa Daban Sanchez said Monday that IMF would continue to provide its support to Pakistan to face the socio-economic challenges posed by COVID19.
Wheat & sugar crisis: AGP to conduct audit to ascertain facts
Auditor General of Pakistan (AGP) has decided to commence special audit to ascertain the facts behind wheat and sugar crisis. According to details, the AGP under articles of 169 to 171 of the Constitution of the Islamic Republic of Pakistan is going to audit the accounts of the federal government and accounts of all relevant authorities and bodies established by or under the control of the federal government.
Pakistan seeks LNG supplies for next six to 24 months on fixed price
ISLAMABAD: The Cabinet Committee on Energy (CCOE) on Monday rejected the proposal for invoking clause of forced majeur for supply of LNG contracts keeping in view the reduced prices in the international market. However, the highest forum of CCOE approved to authorize PSO/PLL to negotiate with ENI and Gunvor for fixed price of supplies for the next six to 24 months period.
Non-textile exports witness double-digit decline in March
KARACHI: Non-textile exports logged double-digit decline in March as the pandemic lockdown brought economic activities to almost a grinding halt during the month, adversely hurting port operations, the latest official data showed.
AL&R of Diamer-Bhasha Dam project’s cost goes up
KARACHI: The cost of “Acquisition of Land & Resettlement of Diamer-Bhasha Dam Project ” went up to Rs164.050 billion in 2nd revised PC-I against cost of Rs60.051 billion in original PC-I and Rs101.732 billion in 1st revised PC-I.
Pakistan sees spike in virus deaths as toll surges to 192
As the number of coronavirus death toll hitting 192 with 24 deaths, diplomats visited the National Command and Operation Centre (NCOC) to observe the countrywide arrangements to control the deadly virus.
The SBP to conduct Auction of 5 year GOP Ijara Sukuk on April 23, 2020
April 20, 2020 (MLN): The State Bank of Pakistan (SBP) will conduct an auction on Thursday April 23, 2020 for a 5 year Variable Rental Rate (VRR) GOP Ijara Sukuk in which it hopes to raise Rs.75 billion.
An oil futures contract expiring Tuesday went negative in bizarre move showing a demand collapse
A futures contract for U.S. crude prices dropped more than 100% and turned negative for the first time in history on Monday, showing just how much demand has collapsed due to the coronavirus pandemic.
Gold eases on firm dollar, weak equities caps losses
Gold prices slipped on Tuesday, having risen as much as 1% in the previous session as the dollar firmed, although losses were capped by a fragile equities market.Spot gold eased 0.2% to $1,689.45 per ounce by 0031 GMT, while plummeting U.S. crude oil prices increased bullion’s safe-haven appeal on Monday.
Asia stocks drop as uncertainty weighs over health of North Korea’s Kim Jong Un
tocks in Asia fell in Tuesday morning trade as uncertainty weighed over the health of North Korean leader Kim Jong Un.CNN reported Tuesday, citing an unnamed U.S. official with direct knowledge, that Washington is “monitoring intelligence” that Kim is in “grave danger after a surgery.”