FDI witnesses modest growth of 6 percent in first half of FY13
Foreign direct investment (FDI) and foreign portfolio investment (FPI) witnessed growth in the first half of current financial year by 6.0 percent and 216 percent, respectively, State Bank of Pakistan (SBP) data stated on Tuesday, due to modest inflows of capitals in the real sectors and stock markets by investors of different countries.
Liquidity risks: SBP asks banks, DFIs to report gaps
The State Bank of Pakistan (SBP) asked all banks and development financial institutions (DFIs) to report the maturity gaps of all assets and liabilities based on ‘contractual maturities’, in addition to the reporting based on ‘expected maturities’ to further enhance disclosures on liquidity risk. more... (ET)
Trade deficit narrows by 14%
In a positive development, the country’s trade deficit decreased by 14 percent during the first half of the current fiscal year as exports expanded by 7.58 percent and imports witnessed negative growth of 3.33 percent.
Ministry refuses guarantees to Engro coal mining firm
The Ministry of Finance has turned down the demand for sovereign guarantees made by Engro Corporation for loans of $3 billion it is seeking from banks for developing a Thar coal mining project. more... (ET)
'Long march' causing Rs one billion loss per day: FBR
The Federal Board of Revenue is daily suffering a revenue loss of roughly Rs 1 billion in the federal capital alone following complete closure of business and trading activities due to long-march of Tehreek-e-Minhajul Quran led by Dr Tahirul Qadri. Sources told Business Recorder here on Tuesday that the revenue loss may cross Rs 3 billion on January 16 in case shutdown of business centers of Islamabad continues on Wednesday. more... (BR)
IMF fears fiscal deficit may reach seven percent of GDP: technical-level talks end
The technical-level talks between International Monetary Fund (IMF) and Pakistani authorities concluded here on Tuesday with IMF expressing serious concern over the government's failure to implement reforms in the power sector and broaden tax revenue, informed sources told Business Recorder. more... (BR)