【Daily】18 May. Brief of Pak BizNews
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KSE 100 42,726.06▲ 0.14% KMI 30 68,855.78▼ 0.01% KASB Tech Index 259.33 ▲ 1.12%
KASB Market View
· Talks with IMF program will begin today and market participants await resumption of the program in order to take position. · Market is also expecting a hike in upcoming monetary policy in light of rising inflationary pressure. This would continue to keep cyclical sectors under pressure.
National News
IMF talks to begin today at Doha Finance Minister Miftah Ismail said on Tuesday that a team of the Finance Division has gone to Doha (on Tuesday) to hold consultations with the International Monetary Fund (IMF) Mission. https://www.brecorder.com/news/40173957/imf-talks-to-begin-today-at-doha
PD all set to share ‘reform plan’ with IMF Power Division is all set to share its ‘power sector reforms plan’ with the International Monetary Fund (IMF) on Wednesday (today) including a commitment to increase about Rs 7 per unit in tariff, a mix of base tariff, QTAs and FCAs under the 7th Review Extended Fund Facility (EFF), well informed sources told Business Recorder. https://epaper.brecorder.com/2022/05/18/1-page/929876-news.html
Rupee sinks for ninth successive session, closes at 195.74 in inter-bank trading The local currency sustained a downtrend for the ninth consecutive session on Tuesday as the rupee closed at an all-time low of Rs195.74 against the greenback in the inter-bank market.
Pakistan set to achieve 6pc GDP growth this year Pakistan is all set to achieve GDP growth in the range of approximately 6 per cent for the current fiscal year mainly because of the improved contribution of industrial and services sectors. https://www.thenews.com.pk/print/958714-pakistan-set-to-achieve-6pc-gdp-growth-this-year
Govt to raise Rs4.05tn via treasury auctions The government aims to raise Rs4.050 trillion through the auction of Market Treasury Bills (MTBs), Pakistan Investment Bonds (PIBs), and Sukuk in May-July period to meet its financing needs, the central bank said on Tuesday. https://www.thenews.com.pk/print/958578-govt-to-raise-rs4-05tn-via-treasury-auctions
Govt allows import of 0.2MMTs of urea The federal government has allowed import of 0.2 million metric tons of urea on G2G and deferred payment basis, official sources told Business Recorder. https://epaper.brecorder.com/2022/05/18/1-page/929879-news.html
FY22 budget deficit likely to stand at 9pc of GDP — highest-ever in country’s history Former finance minister Dr Abdul Hafiz Pasha has projected Pakistan’s budget deficit for the fiscal year 2021-22 at Rs5,000 billion or nine percent of the Gross Domestic Product (GDP) which is the highest in the history of the country.
Telecom industry attracts $6.1bn FDI in less than 4 years The telecommunication industry attracted foreign direct investment of $6.1 billion during July 1, 2018, to March 30, 2022, said Federal Minister for IT and Telecommunication Syed Aminul Haque. https://www.brecorder.com/news/40173952/telecom-industry-attracts-61bn-fdi-in-less-than-4-years
Commodities and Currency: 1-Day Change
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