Extract’s of Market and Economy
- Commerce Ministry has been directed to submit a summary on trade normalization process with India to Federal Cabinet for final clearance.
- Fifteen days to one month extension is expected in the PM’s multi-pronged tax incentive package expiring today, providing a last opportunity to the non-filer NTN holders and undocumented persons to come into the tax net.
- Pakistan’s total liquid foreign reserves have posted a notable increase of USD 660mn during the last week. According to the weekly forex report issued by the SBP, the country’s total liquid foreign reserves have surged to USD 8.654bn as on February 21, 2014 compared to USD 7.99bn as on February 14, 2014.
- During the week Pakistan paid a total of USD 172mn including USD 149mn to the IMF under the SBA.
- Some 8000 youth would get loan under the PMYLS in the maiden balloting of the loan scheme to be held today.
- An international mining exploration and development company Colt Resources is interested to invest over USD 4bn in the mining sector of Pakistan.
- Richard Quessnal, chairman of Colt Resources Inc, told FM Ishaq Dar that the company also had the capacity to invest USD 1bn/annum for the next 50 years in Pakistan.
- Against the agri credit target of PKR 380bn for Fy14, banks disbursed PKR 190bn during 7mFy14 which is 50% of the target.
- According to SBP, the agriculture credit disbursement by different banks rose by 12% to PKR 190bn during the 7mFY14 as compared to PKR 169bn in the same period last year.
