Pakistan Daily Economy Update - 10 April

Transcription

1. Apr . 9-10, 2017 KCCI - eBulletin Pakistan can become world’s 20th biggest economy During a visit to ‘My Karachi Exhibition’ organized by KCCI, a British parliamentarian said that Pakistan has immense potential to become the world’s 20th largest economy by 2030, terming the country as a land of opportunities, particularly in Karachi. He said that reality about Pakistan is totally different from perception and Karachi is a safe place for travel. On CPEC, the UK lawmaker said that they are reviewing all the aspects of the corridor and it seems that it has a potential for British investment. The News – Sun. FBR weighs sensitizing non-filers by publishing their names FBR is likely to issue a directory of non-filers of income tax returns in May – much like the list of active taxpayers – in order to sensitize them of their liabilities. According to the FBR, this exercise would help FBR broaden the tax base. The News- Sun. Sindh unhappy with Centre’s policy of ‘census secrecy’ The Sindh government has expressed its discontent over the procedures that the federal government has adopted in carrying out census in the country after it was apprised by the provincial census commissioner in a recent meeting of the Sindh cabinet that he himself was not aware of the exact figures vis-a-vis number of houses that had so far been counted. CM Sindh told the meeting that a huge expenditure of PKR 25Bn was being incurred on census exercise therefore it needs to be transparent and open to the public. Dawn-Sun. Rice traders need govt. support to arrest declining exports Basmati rice exporters are in dire need of govt. support in form of incentives or rebate as the country’s premier commodity is fast losing its global market share to neighboring India. Rice exports fell 15% to $ 1.03Bn and basmati exports decreased 17% to $ 249Mn in 8MFY17. During the 14th “My Karachi Exhibition” at Expo Centre organized by KCCI, rice exporters said that the govt. has announced incentive package to boost basmati rice exports, but it has not yet been implemented. The News - Sun. SECP registers 819 companies in Mar’17 SECP has registered 819 new companies during the month of Mar’17, an increase of 34% as compared to Mar’16. In 9MFY17, total 5,858 new companies were registered, which represents a growth of 33% as compared to 9MFY16. Around 86% of companies were registered as private limited companies, while around 11% were registered as single member companies. Meanwhile, 3% were registered as public unlisted association’s not-for-profit and foreign companies. Tribune – Sun. Govt. likely to bound energy investors to lay transmission lines Govt. is mulling a proposal to pass on the responsibility of laying power transmission lines to the energy investor in order to share the cost as well as accelerate pace of a project’s execution. The power ministry and the National Transmission and Despatch Company (NTDC) may formally take up this issue with the relevant authorities within the next couple of weeks. The News – Sun. Ministry seeks to import LNG from Italy Petroleum Ministry has submitted a proposal to the federal Cabinet on LNG import from Italy on government-to-government basis, a country which itself is a major importer of gas, which may make the proposed deal controversial. The federal Cabinet headed by Prime Minister Nawaz Sharif will consider the proposal of Ministry of Petroleum and Natural Resources next week. BR – Sun. World Bank vows support for Pakistan Infrastructure Bank The World Bank (WB) has offered Pakistan its support to realize the dream of Pakistan Infrastructure Bank as well as to help the country improve its economic data complication system. Country Director Patchamuthu Illangovan at the WB, during a meeting with FM Ishaq Dar discussed plans for establishing the Pakistan Infrastructure Bank (PIB), in cooperation with the International Finance Corporation. The News – Sun. SBP borrowing dollars to arrest fall in reserves Currency dealers have said that the SBP has been buying dollars from local banks and borrowing from overseas commercial banks to maintain foreign exchange reserves at the current level of $ 21.5Bn. Reserves of the SBP fell 2.5Bn to $ 16.5Bn in the last six months. The country’s overall reserves declined by the same amount over that period, which shows the reserves held by private banks recorded no decline. Dawn-Sun. Federal Budget: Well-being of public top priority: Dar Finance Minister Ishaq Dar chaired a meeting to discuss matters related to the SECP where budget proposals with respect to the corporate sector have been reviewed. He said that ensuring well-being of the general public will be accorded the utmost priority. In meeting, Finance Secretary informed that the Finance Division is working in close co-ordination with the SECP and that interaction with various other stakeholders is also being actively undertaken for the budget preparations where prescribed timelines for the budget are strictly being followed. BR - Mon. First-ever digital policy in the offing Given the augmented demand and growth for the IT sector, IT and Telecommunication Ministry has reformulated the National IT Policy and renamed it as "Digital Pakistan Policy 2017." The policy would be presented before the ECC to get its approval after which it will be the first-ever digital policy of the country. The policy would encourage the use of Information & Communications Technology (ICT) in public schools and ensure they are online and have a meaningful impact on the current education ecosystem within three years in a phased manner. BR – Sun. PKR 546Bn released under PSDP in 9MFY17 The govt. has released over PKR 546Bn for various development projects across the country under the PSDP till 9MFY17. In this regard, National Highway Authority (NHA) has been provided over PKR 166Bn while over PKR 24Bn have been given to Railways Division. The Nation – Mon. Pakistan can make most of 85Mn jobs on offer under CPEC: Ahsan Planning and Development Minister Ahsan Iqbal has said that 85Mn jobs have been up for grabs in China due to the relocation of those industries there that had lost their competitive advantage, and CPEC has provided Pakistan with an opportunity to have a major share in these jobs. In a meeting with youth delegation from Balochistan, Planning Minister further said that the establishment of economic zones would bring maximum employment for local youth. The Nation – Mon. SNGPL removes 18,735 connections over PKR 894Mn default SNGPL, providing gas supply throughout Punjab and KP, has removed gas connections of almost 18,735 consumers in 3MCY17 on account of default of around PKR 894.21Mn. The Nation – Mon. Pakistan improves ranking on tourism competitiveness index Travel and Tourism Competitiveness Index 2017 released by the World Economic Forum has revealed that Pakistan’s ranking has improved to 124 in 2017 form 125 in 2016. Average receipts per arrival have been estimated at $ 328.3 whereas total receipt has been amounted to $ 317Mn, with travel and tourism has a share of 2.8% of GDP. Dawn-Sun. Economic Indicators List of Indicators Date / Period Unit Value Change Daily 7-Apr 7-Apr 7-Apr 7-Apr 7-Apr 7-Apr 7-Apr 7-Apr 7-Apr 7-Apr PKR PKR Pts. $ Mn $/bbl $/oz PKR $/oz PKR % 104.85 106.35 47,889 -0.08 52.70 1,255 43,671 18.05 7,234 6.17% 31-Mar $ Bn 21.55 0.00% -0.09% 1.13% NM** 1.99% 0.26% 0.39% -1.20% 0.00% 0.00% WoW -1.12% YoY -2.52% -3.90% 15.99% -34.33% -120.51% USD-Interbank USD-Open MKT KSE-100 index FIPI Crude (AP'17) Gold (MA'17) Gold (10g) Local Silver (MA'17) Cotton(KHI)-40 kg Kibor-6M Forex Reserves Jul-Feb 17 Remittances $ Bn 12.36 Jul-Feb 17 Exports* $ Bn 13.32 Jul-Feb 17 Imports* $ Bn 33.52 Jul-Feb 17 Trade Balance* $ Bn -20.20 Jul-Feb 17 Current Account $ Mn -5,473 % 4.01 Avg. CPI-FY17* Jul-Mar 17 Mar-17 Discount Rate % 5.75 Sources: KCCI Research, PMEX , NCCPL, KSE, SBP, PBS* ** Not Meaningful WoW= week on week; YoY=Year on Year Major Currencies 175 165 155 145 135 125 115 105 95 85 75 Apr-16 GBP, 9-Apr-17, 129.9 EUR, 9-Apr-17, 111.2 USD, 9-Apr-17, 105.0 Jul-16 USD Oct-16 GBP Jan-17 Apr-17 Source: KCCI Research ; Oanda.com EUR Quote of the Day "Always be a first-rate version of yourself, instead of a second-rate version of somebody else." Judy Garland Chart of the Day Standings on Networked Readiness Countries Index (2016) 12 10 8 (Rank out of 143) 6 4 2 1 2 3 4 5 6 7 8 9 10 0 * Networked Readiness Index (NRI) measures the propensity for countries to exploit the opportunities offered by Information and Communications Technology (ICT). Source: KCCI Research, World Ecnomic Forum Disclaimer This report has been prepared by KCCI Research & Development Cell. The information contained herein have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified. icon represents the sole viewpoint of the KCCI R&D Cell, and is stated to enrich the readers' understanding of the news item. The R&D Dept. bears no responsibility for its correctness or accuracy. Contact: res@kcci.com.pk