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  • Foreign Direct Investment falls by 51.4 percent in nine months

    Foreign Direct Investment falls by 51.4 percent in nine months

    KARACHI: The foreign direct investment (FDI) has declined by 51.4 percent to $1.27 billion during first nine months of current fiscal year as compared with $2.6 billion in the corresponding period of the last fiscal year, according to statistics issued by State Bank of Pakistan (SBP) on Thursday.

    The inflows of FDI fell by 20.9 percent to $2.51 billion during the period under review as compared with of $3.18 billion in the same period of the last fiscal year. While the outflows sharply increased by 121.8 percent to $1.24 billion as compared with $560 million.

    The portfolio investment in the stock market witnessed massive outflow during the first nine months of current fiscal year. The stock market witnessed outflow of $409 million during July – March 2018/2019 as compared with the outflow of $118.6 million in the corresponding period of the last fiscal year, showing sharp decline of 245 percent.

    The foreign private investment with both the component of FED and portfolio investment declined by 65.5 percent to $864 million during first nine months of current fiscal year as compared with $2.5 billion in the same period of the last fiscal year.

    The total foreign private investment after inclusion of foreign public investment witnessed decline of 82.4 percent to $873 million during July – March 2018/2019 as compared with $4.95 billion in the corresponding period of the last fiscal year.

  • ECC directs USC to ensure essential items availability during Ramazan

    ECC directs USC to ensure essential items availability during Ramazan

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday directed Utility Stores Corporation (USC) to ensure availability of essential items during the holy month of Ramazan.

    The ECC meeting was held with Finance Minister Asad Umar in the chair.

    The Committee reviewed proposals of various ministries/divisions.

    The committee also considered and approved various demands of division ministries for supplementary and technical supplementary grants.

    Industries and Production Division gave a presentation to update the Committee about status of Ramazan Package.

    The committee directed the USC to expedite the procurement of essential consumer items so as to provide timely relief to the people in Holy Month of Ramazan.

    The ECC constituted a four-member Committee to be headed by Railways Minister, Sheikh Rashid Ahmed, to oversee the implementation of Ramazan Package.

    The Ministry of Petroleum briefed the ECC on the implementation of the Committee’s decision regarding utilization of services of Pakistan Railways for transportation of petroleum products across the country.

    The ministry of Railways informed the committee that it had the capacity to carry higher volumes and would work with the Ministry of Petroleum to explore further possibilities.

    The ECC approved, in principle, the proposal of Ministry of Information & Broadcasting for media campaign aiming to disseminate information relating to initiatives on Poverty Alleviation, Sehat Insaaf Scheme, PM’s Naya Pakistan Housing Scheme etc.

    The committee also directed the Ministry of Finance and National Bank of Pakistan to extend maximum facilitation to the USC in this regard.

    The finance minister said that the budgetary needs of many organizations had not been properly assessed at the time of preparation of budget estimate last year which was leading to a large number of demands for supplementary grants.

    He emphasized the need for proper budgeting of the financial needs of various departments, which would obviate the need for supplementary grants during the currency of the fiscal year.

    He stated that the government is determined to phase out the supplementary grants in the future budgets.

  • Senior citizens allowed investment in national savings on expired CNICs

    Senior citizens allowed investment in national savings on expired CNICs

    KARACHI: The Central Directorate of National Savings (CDNS) has issued directives to its zonal offices, instructing them to follow the policy outlined by the central bank to facilitate older citizens aged 65 years and above in making investments using expired Computerized National Identity Cards (CNICs).

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  • ECC may approve sovereign guarantee for Utility Stores Corporation

    ECC may approve sovereign guarantee for Utility Stores Corporation

    ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) may grant formal approval for sovereign guarantee for Utility Stores Corporation (USC) in its meeting scheduled for April 17, 2019.

    According to agenda of the ECC meeting scheduled for Wednesday, the ministry of industries and production had proposed for the sovereign guarantee for the public sector store chain in order to overcome its financial crisis.

    The USC is providing consumer items at low priced and subsidized rates to masses. The government has also approved an amount of Rs2 billion for Ramazan package to be provided to masses through the USC.

    In other agenda items, the ECC may approve an amount of Rs700 million in favour of National Commission for Human Development under the ministry of federal education and professional training.

    A supplementary grant of Rs337.02 million likely to be approved in respect of Gilgit-Baltistan Council for Financial Year 2018/2019.

    Provision of supplementary grant of Rs1.33 billion to department of immigration and passport likely to be approved.

    Further, on the recommendation of petroleum ministry, the ECC likely to approve utilization of Railways services by PSO for transportation of petroleum products.

  • IMF mission to visit Pakistan by end of April

    IMF mission to visit Pakistan by end of April

    KARACHI: An IMF mission will visit Pakistan by the end of April to continue discussions for new loan program, a statement said on Monday.

    It said that the Pakistani authorities and IMF staff held constructive discussions during the IMF/World Bank Spring Meetings in Washington DC towards an IMF-supported program.

    At the request of the authorities, an IMF mission will be going to Pakistan before the end of April to continue the discussions.

  • Sensitive price inflation grows by 12.02 percent

    Sensitive price inflation grows by 12.02 percent

    KARACHI: The prices of essential items have registered 12.02 percent growth by week ended April 11, 2019 as compared with corresponding week last year, according to data released by Pakistan Bureau of Statistics (PBS) on Monday.

    The Sensitive Price Indicator (SPI) based inflation has shown the increase with the average inflation for all income groups.

    The weekly data revealed that the inflation grew by 16.31 percent for income group above Rs35,000. While the SPI based inflation grew by 12.89 percent for the income group range between Rs18,001 – Rs35,000.

    Meanwhile, the inflation increased by 8.9 percent, 9.07 percent and 8.97 percent for income group up to Rs8,000, Rs8,001-Rs12.000 and Rs12,001 – Rs18,000, respectively.

    The PBS calculates the weekly SPI with base 2007-08=100 covering 17 urban centres and 53 essential items for all income groups/quintiles and combined has been computed.

  • AGP asked to conduct special audit of DRAP

    AGP asked to conduct special audit of DRAP

    ISLAMABAD: Auditor General of Pakistan (AGP) has been asked to conduct special audit of Drug Regulatory Authority of Pakistan (DRAP) for past five fiscal years.

    On the directives of Aamer Mehmood Kiani, Federal Minister for National Health Services, the health ministry had written a letter to AGP and requested to conduct the special audit of DRAP for the fiscal years 2012-2013 to 2017-2018, a statement said on Saturday.

    According to letter DRAP was established through DRAP Act promulgated on November 13, 2012.

    The Authority is mandated to regulate Allopathic, Homoeopathic, Unani and Herbal drugs, medical devices, medicated cosmetics etc.

    In view of its role that has a direct impact on the health and wellbeing of the people, the authority remains a subject of public scrutiny.

    DRAP receives continued media attention alleging irregularities and malpractices regarding diverse areas being dealt by the authority as per its mandate.

    It goes without saying that transparency and efficiency in functioning of the organization is of critical importance to meet the targets and ensure sustained availability of quality medicines to the masses.

    In view of the foregoing, to further instill public confidence in the authority, it is requested to conduct a Special Audit of DRAP for the period 2012-2013 to-date of the Pricing Mechanism to ascertain whether prices of drugs are determined justly, in accordance with the laid down policy and as per law.

  • CPEC to open new vistas of opportunities for entire region: Imran Khan

    CPEC to open new vistas of opportunities for entire region: Imran Khan

    ISLAMABAD: Prime Minister Imran Khan on Thursday said that China-Pakistan Economic Corridor (CPEC) project will open new vistas of opportunities for the entire region.

    The prime minister said that the government accords top priority to the CPEC project.

    He said: “The project will not only help in translating all weather Pak-China relations into mutually beneficial economic equation but will also open new vistas of opportunities for the entire region.”

    The prime minister was meeting with representatives of 15 leading Chinese companies working on various CPEC and other projects in Pakistan.

    The Chinese delegation included representatives from Power China, Three Gorges Corporation, CMEC Neelum Jhelum Power Plant Project, Cr-Norinco Orange Line Project, Huawei, Zong, Port Qasim Power Plant, China Gezhouba Corporation, China State Construction, China Harbour, Matiari-Lahore Transmission Line Project, Haier and other companies.

    Chinese Ambassador to Pakistan Yao Jing accompanies the delegation. Omar Ayub Khan, Minister for Power, Makhdoom Khusro Bakhtiar, Minister for Planning, Haroon Sharif, Chairman BOI, Nadeem Babar, Chairman Energy Task Force and other senior officials were also present.

    Talking to the Chinese delegation, the prime minister said that the government will provide all possible facilitation to the Chinese companies in undertaking profitable business ventures and taking advantage of business friendly policies of the present government.

    Chinese Ambassador while conveying greetings from Chinese President and Premier, said that Chinese leadership is looking forward to the visit of Prime Minister to China.

    He thanked the prime minister on behalf of Chinese leadership and business community for his personal interest in facilitating Chinese businessmen and addressing their issues.

    He assured the prime minister that Chinese companies will continue to partner with the government in socio-economic development of Pakistan.

  • forex reserves deplete by $169m to $17.228bn

    forex reserves deplete by $169m to $17.228bn

    Karachi – The foreign exchange reserves of Pakistan experienced a decline of $169 million, reaching $17.228 billion for the week ended April 5, 2019, according to the State Bank of Pakistan (SBP).

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