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The foreign exchange reserves held by the central bank decreased 0.48% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On May 8, the foreign currency reserves held by the SBP were recorded at $12,270.7 million, down $59 million compared with $12,329.4 million in the previous week. According to the central bank, the decrease came mainly on account of external debt repayments. Moody’s has placed Pakistan’s long-term B3 ratings on review for downgrade as it expects the country to request bilateral debt service relief from G-20 creditors under the recently-announced initiative causing losses to private sector creditors. Pakistan’s fiscal deficit will be significantly worse than projected this fiscal year, with the fallout from the novel coronavirus pandemic pushing millions into unemployment and poverty, according to government estimates reviewed by Reuters. The proposals firmed up by the tax authorities for making part of next year’s finance bill do not represent the vision of the government and need to be simplified and kept fewer than before to ensure ease of doing business and reduce compliance costs.
Market View: The KSE100 Index gained 111.86 points during Thursday’s trading session. We expect the market to remain stable and range bound in the upcoming session.
Commodities:
Brent oil (USD/bbl): 31.61 (+1.54% D/D)
Crude oil (USD/bbl): 27.80 (+0.76% D/D)
Gold (USD/oz): 1,743.50 (+0.1493% D/D)
Foreign exchange: SBP reserves fall $59m to $12.27b
KARACHI: The foreign exchange reserves held by the central bank decreased 0.48% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
Pakistan credit rating under review on debt relief concerns, says Moody’s
KARACHI: Moody’s has placed Pakistan’s long-term B3 ratings on review for downgrade as it expects the country to request bilateral debt service relief from G-20 creditors under the recently-announced initiative causing losses to private sector creditors.
Fertiliser prices expected to decline 28 percent on subsidy
KARACHI: Fertiliser prices are expected to decline up to 28 percent owing to subsidy announced by the government for agriculture sector to offset the pandemic impact on the economy, a brokerage reported on Thursday.
Pakistan’s deficit and poverty rate to soar due to coronavirus, govt estimates show
Pakistan’s fiscal deficit will be significantly worse than projected this fiscal year, with the fallout from the novel coronavirus pandemic pushing millions into unemployment and poverty, according to government estimates reviewed by Reuters.
FBR tax proposals not in line with govt’s vision: Hafeez
ISLAMABAD: The proposals firmed up by the tax authorities for making part of next year’s finance bill do not represent the vision of the government and need to be simplified and kept fewer than before to ensure ease of doing business and reduce compliance costs.
Debt relief for poorest countries will not penalise MDB’s ‘preferred creditor’ status: Moody’s
LONDON: The world’s big development banks will not see their coveted credit ratings penalised for providing temporary debt relief to the world’s poorest countries during the coronavirus crisis, rating agency Moody’s said on Thursday.
Chambers demands reduction in sales tax, interest rates
RAWALPINDI: The 12th All Pakistan Chambers Presidents Conference, organized by the Rawalpindi Chamber of Commerce and Industry (RCCI), on Thursday unanimously demanded the government to reduce the sales tax rate to 5 percent from 17 percent.
FPCCI urges SBP to bring policy rate at 5 percent
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) president Mian Anjum Nisar has urged the Spate Bank of Pakistan (SBP) to bring down the interest rate to 5 percent.
All efforts being made to control economic losses: Razak
Government is making all out efforts to control the economic losses incurred by our fragile economy in the wake of coronavirus lockdown, said Abdul Razak Dawood, Advisor to PM on Commerce, Textile and Investment.
Covid-19: Minister welcomes 150 million euros aid offer by EU
Matters of mutual interest were brought under discussion, on exchanging views about the pandemic, the European Union ambassador offered aid of worth 150 million euros to assist Pakistan in combating the novel coronavirus.
Over Rs 101 billion distributed under Ehsaas Programme so far
The amount distributed by the federal government under ongoing Ehsaas Emergency Cash Programme, has crossed Rs100 billion among over 8.2 million families.
Smuggling, hoarding pose threat to food security: PM Imran
ISLAMABAD: Prime Minister Imran Khan was on Thursday informed of the various measures taken to make the recently promulgated anti-smuggling ordinance more effective.
International News
Pandemic clouds US-China trade deal: Trump
WASHINGTON: US President Donald Trump said on Thursday he was very disappointed in China over its failure to contain the novel coronavirus, and that the worldwide pandemic had cast a pall over his trade deal with Beijing.
Asia markets little changed as China’s industrial output in April rose more than expected
Stocks in Asia traded little changed Friday morning as a data release showed China’s industrial output bouncing back more than expected in April.
Oil mixed as coronavirus risks offset hopes that crude stockpiles will shrink
Oil prices were mixed on Friday after big gains a day earlier when the International Energy Agency (IEA) predicted crude stockpiles would start to shrink in second-half 2020 after surging while the coronavirus pandemic slashed fuel demand.
WTO chief to step down early as global economic crisis rages
GENEVA: The World Trade Organization chief announced Thursday he will step down on August 31, a year before his term ends, despite the COVID-19 pandemic ravaging the global economy.
