Pakistan has been included in the group of countries eligible for debt relief on all principal and interest payments to official bilateral creditors announced by the G20 countries in their Riyadh meeting on Wednesday. The G20 grouping had been urged by the World Bank and the International Monetary Fund (IMF) to extend debt relief to the poorest countries to free up their resources for the Covid-19 related challenge instead. The International Monetary Fund (IMF) has projected an increase in government gross debt by 1.9 percent to 85.4 percent of the Gross Domestic Product (GDP) in 2020 against 83.5 percent in 2019. According to the IMF report, “Regional Economic Outlook Update: Middle East and Central Asia”, it is projected that the government gross debt would rise to 85.4 percent of the GDP in 2020, and decrease to 83.3 percent in 2021. The State Bank of Pakistan (SBP) Tuesday announced some more incentives to motivate banks and exchange companies for enhancement of home remittances through formal channels.
Market View: The KSE100 Index gained 19.45 points during yesterday’s trading session. We expect the market to remain calm in the upcoming sessions. Easing of lockdown for business activity might provide some breather to the market.
Brent oil (USD/bbl): 38.11 (+1.52% D/D)
Crude oil (USD/bbl): 20.08 (+1.06% D/D)
Gold (USD/oz): 1,742.80 (+0.16% D/D)
Pakistan included in G20 debt relief plan
KARACHI: Pakistan has been included in the group of countries eligible for debt relief on all principal and interest payments to official bilateral creditors announced by the G20 countries in their Riyadh meeting on Wednesday.
SBP offers more incentives to boost remittances
KARACHI: The State Bank of Pakistan (SBP) Tuesday announced some more incentives to motivate banks and exchange companies for enhancement of home remittances through formal channels.
Govt debt: IMF projects 1.9pc increase
ISLAMABAD: The Intern-ational Monetary Fund (IMF) has projected an increase in government gross debt by 1.9 percent to 85.4 percent of the Gross Domestic Product (GDP) in 2020 against 83.5 percent in 2019.
SBP says all targets to be revised downward
KARACHI: The State Bank of Pakistan (SBP) on Tuesday said that the revised GDP growth target of three per cent was unachievable even after ignoring the impact of pandemic on the economy as the agriculture sector and large-scale manufacturing failed to compensate for subdued domestic market activity.
Wajid for developing ‘Export Credit Fund’ on modern lines
Wajid Jawad, former chairman of the Export Promotion Bureau (currently Trade Development Authority of Pakistan) has proposed establishment of ‘Export Credit Fund’ on modern lines for sustaining exports and generating growth
Pakistan’s exports to fall $3bn owing to coronavirus: Dawood
ISLAMABAD: Talking to reporters after the meeting, Dawood said as predicted by the IMF and the WB, the coronavirus could bring the country’s exports down by $3 billion.
Flight of hot money continues, further $52.3 mln has been detached from local debt market
April 15, 2020 (MLN): Foreign investors withdrew further $52.3 million yesterday from government securities particularly T-bills, bringing the total outflow for the month to clock in at $464.7 million.
State Bank of Pakistan raises margins on remittances
KARACHI: The State Bank of Pakistan (SBP) has increased profit margins of international and domestic commercial banks and currency dealers on brining workers’ remittances through legal channels apparently to mitigate the risk of a striking drop in the foreign currency inflows and to better manage foreign exchange reserves in response to the coronavirus pandemic.
Power purchase agreements: Ministry will start negotiations with IPPs today
ISLAMABAD: The Ministry of Energy (Power Division) would start negotiations of power purchase agreements with independent power producers (IPPs) on Thursday (today) under the direction of the prime minister for seeking relaxations based on mutual agreement after an inquiry report, which recommended recovering Rs100 billion immediately from the owner of power plants.
Toyota Pakistan Increases Car Prices by Up to Rs. 500,000
In a move that shouldn’t be a surprise to anyone, Indus Motor Company (IMC) has hiked the prices of its multiple models due to the devaluation of the rupee. The prices are effective from today i.e. 15 April 2020.
Vehicle Imports Fall to Lowest Level in 10 Years
According to new data released by the State Bank of Pakistan (SBP), there has been a fall in the imports of Completely Built Units (CBU) of cars due to the regulatory restrictions on car imports under the gift and baggage schemes.
Rs20bn principal amount of loans: Banks defer repayments
KARACHI: Under the State Bank of Pakistan (SBP) relief package, banks have deferred principal repayment of loans worth Rs 20 billion of over 80 thousands borrowers to facilitate them during the COVID-19 outbreak.
IEA predicts ‘worst year in the history’ of oil sector
The coronavirus outbreak will slash global oil demand in 2020 to erase a decade of growth and set up “the worst year in the history” of the sector, the International Energy Agency (IEA) said Wednesday.
Investors seek safety in dollar after bleak US data
NEW YORK: Investors fled riskier assets for safe-havens like the American dollar on Wednesday after U.S. data underlined fears that damage to the global economy from the coronavirus outbreak will be deep and protracted.
US yields drop as data puts pandemic’s economic punch in focus
NEW YORK: US Treasury yields fell across the board on Wednesday as risk aversion flared up again after data showed the coronavirus pandemic decimating U.S. consumer demand and manufacturing activity.
Oil bounces back as rising stockpiles seen pointing to lower output amid coronavirus
Oil rose on Thursday, with U.S. crude rebounding from near-20-year lows in the previous session on hopes that a big build-up in U.S. inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand.