Another bailout package in sight: IMF delegation arrives today
With foreign inflows drying up and worsening balance of payment position, Pakistani authorities, who will start discussions with the International Monetary Fund (IMF) from Monday (today), are likely to float a request for another bailout package. more... (BR)
Rising debt payments: SBP's reserves fall by $1.7 billion in first half
Forex reserves held by the State Bank of Pakistan (SBP) have witnessed a massive decline of $1.7 billion during the first half of the current fiscal year, mainly due to rising debt payments. Sources in the banking sector told Business Recorder that the country's current account deficit was much lower during the first half of the current fiscal year than figures for the same period last fiscal year. more... (BR)
Privatisation process of PSM to begin afresh
Privatisation Commission is said to commence the privatisation process of Pakistan Steel Mills (PSM) afresh as continuous bleeding of scarce financial resources under the guise of Revitalisation is no longer feasible, sources close to Chairman PSM Board told Business Recorder.
Restoration of gas to four urea plants ordered
The government has directed the authorities concerned to workout a plan for restoration of gas supply to the four fertilizer plants on Sui-Northern Gas Pipelines Limited (SNGPL) network immediately, it is learnt.
Cement sales grow 7%, exports lag behind
Cement consumption in the country increased 11% to 2.24 million tons in December 2012, the highest-ever sales for the month, industry people say.However, a slump in exports persisted with overseas shipments declining by 10.55% to 580,000 tons in December.
Tax exemptions under review
At a time when Pakistan is under pressure to improve its low tax-to-GDP ratio, the government is giving away billions of rupees in tax exemptions to influential lobbies.Almost 84 per cent of tariff and duty rates have either been exempted or reduced for the benefit of special interests through statutory regulatory orders (SROs).