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Banks Disburse Rs. 1.22 trillion To Agri sector in FY20
Banks in Pakistan disbursed Rs. 1.22 trillion to the agriculture sector in FY20 which is 3.5% percent higher than last year. The credit target of Rs 1.35 trillion which was set by Agricultural Credit Advisory Committee (ACAC) in November 2019.
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275,000+ COVID Recoveries In Pakistan
275,836 recoveries from COVID in Pakistan have happened with infected cases having touched 292,765 with 6,235 deaths. Earlier Stats. Government link.
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Extreme Poverty Could Rise by 100 million: WB
The World Bank President David Malpass said that the COVID pandemic may have driven as many as 100 million people back into extreme poverty. Inability to pay debt, loss of jobs, loss of revenue are some of the major reasons. This estimate has been revised upwards from 60 million.
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MOC Preparing 3 Year Tariff Plan
Pakistan’s Ministry of Commerce (MoC) said that it is preparing a 3 year tariff rationalization plan for key value chains. This will also include textiles, which account for 60% of the exports.
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Debt Repayment Capacity
Pakistan’s Finance Ministry said that the cost of country’s domestic debt has been reduced by re-profiling of debt and its tenure has been increased. The Ministry also acknowledged that the International Monetary Fund (IMF) has said that there has been an erosion of debt repayment capacity with a suggestion to not take more loans.
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July FDI Into Pakistan Increases 61%
Foreign Direct Investment (FDI) coming into Pakistan for July FY21 posted a 61% growthto touch $114.3 million (last: $71.1 million).
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Pharma Sales Up 9% in FY20
Pharmaceutical sales in Pakistan increased 9% for FY20 at Rs. 453.5 billion, The market share of local drug-makers was 68%, up 10%, while foreign drug markers’ was at 32%, up 8%. This was reported by IQVIA.
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FBR’s Collection in July at Rs. 300 billion
The FBR‘s provisional collections for July 2020 increased 23% to touch Rs. 300 billion (last: Rs. 262 billion), against a target of Rs. 243 billion, reflecting a growth of 23%.
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Fitch Affirms Pakistan B- Rating, Stable Outlook
Global credit rating agency Fitch affirmed Pakistan’s long-term foreign currency issuer default rating at ‘B-’ with a outlook at stable, saying COVID has dented the country’s growth strategy and stressed public finances. Fitch said, “Pakistan’s ‘B-‘ rating reflects weak public finances, including large fiscal deficits and a high government debt/GDP ratio, a challenging external position…
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Israel’s President Invites UAE’s Leader
Israel’s President invited the United Arab Emirates’ de facto leader to visit Jerusalem. He praised him for achieving a “noble and courageous” deal to normalize relations between Israel and the UAE.
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Remittances Touch Monthly Record High
Remittances from overseas Pakistanis reached $2.8 billion in July 2020, which is the highest ever amount recorded in a one month period, in the history of Pakistan. This represents a 37% increase over July 2019.
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GOP & IPPs Sign Agreement To Reduce Costs
The GOP and Independent Power Producers (IPPs) signed an agreement, as a first major step, towards providing cheap electricity to consumers. A part of this is that capacity charges will be reduced.
