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Pakistan Gets Saudi Package
It was announced, after the PM’s Saudi visit, that Pakistan got a Saudi package worth $8 billion, including doubling of the oil financing facility and rolling over of the existing $4.2 billion facilities. Technical details are expected to be worked out.
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US Economy Shrinks for a Quarter
The US economy shrank in 1QCY22 by -1.4% (last: 6.9%), with slowing activity due to lag created by the COVID / OMICRON restrictions set earlier, rising oil prices and slower than expected growth in other larger economies. Adding to this are the inflationary pressures rising in the US.
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KIBOR at 13 Year High
Pakistan’s KIBOR stood at a 13 year high of 14.1%, with a gradual rise over time, with limited liquidity.
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Religious Freedom Worsens in India
It was reported by the US Commission on International Religious Freedom, that religious freedom worsened in India, significantly. The Commission recommended targeted sanctions over the abuses. This is the third consecutive year that the US Commission placed India in the list of “countries of particular concern”. The Commission pointed to “numerous” attacks on religious…
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IMF Extends Program for Pakistan
Pakistan’s Fiance Minister Miftah Ismail reported that the IMF agreed to send its mission to Pakistan in mid May 2022 for a continuation of its Extended Fund Facility (EFF) program. IMF agreed to extend the program for a year and increase it from $6 billion to $8 billion. Nathan Porter, the IMF Mission Chief for…
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Pakistan ICT Exports Rise
Pakistan ICT export remittances (including telecommunication, computer and information services) for the period July – March FY22 increased 29% to $1.95 billion (last: $1.51 billion).
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National Security Committee Meets
Pakistan’s National Security Committee met to again discuss the letter received from Pakistan’s Embassy in Washington, US, which spoke of regime change in Pakistan. The NSC reaffirmed the previous meeting’s decisions and reiterated that there was no evidence of foreign conspiracy, while endorsing that there is interference. The new PM of Pakistan Shahbaz Sharif…
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Ease for Afghans to Register Companies in Pakistan
Pakistan eased the registration of companies for Afghan nationals. The Securities and Exchange Commission of Pakistan (SECP) abolished the condition of security clearance from the Ministry of Interior (MoI) of companies having foreign subscribers/officers who are Afghan national or of Afghan origin. SECP amended the Companies (Incorporation) Regulations, 2017 through an SRO 530 (I)/2021. …
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FDI into Pakistan Dips
FDI coming into Pakistan for the period July to March FY22 dipped to touch $1.29 billion (last: $1.31 billion). During this period FDI inflows were $1.97 billion against $682.4 million outflow. FDI from China fell 48% but still remained the highest with $333.5 million (last: $641 million), from US $183 million (last: outflow of…
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New PM of Pakistan Takes Oath
The new PM of Pakistan, Shahbaz Sharif, took the oath to the office. He is the 23rd Prime Minister of Pakistan.
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Pakistan PM Loses Vote of Confidence
The Prime Minister of Pakistan Imran Khan faced a vote of no confidence, which he lost to the opposition. They mustered 174 votes against the mandated requirement of 172 votes. The opposition comprised of 11 parties. This is the first time a PM of Pakistan has faced and lost a vote of no confidence.…
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SBP Raises Policy Rate by 250 Basis Points
The State Bank of Pakistan‘s Monetary Policy Committee (MPC) held an emergency meeting, where it was decided to increase the key policy rate by 250 basis points (bps) to 12.25% from 9.75%. The main reasons cited were to to address inflation and external stability.
