【Daily】22 June Brief of Pak BizNews
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Lifeline’ IMF deal secured
In a breakthrough, Pakistan and the International Monetary Fund (IMF) on Tuesday night reached an understanding on the federal budget for 2022-23, leading to revival of the extended fund facility (EFF) after authorities committed to generate Rs436 billion more taxes and increase petroleum levy gradually up to Rs50 per litre.
RDA receives highest single day deposits of $57 million
Roshan Digital Account (RDA) received $57 million from overseas Pakistanis on Tuesday, setting an all-time deposits record for a single day.
Govt mulls pledging five federal assets to issue sukuk
Cabinet on Tuesday approved the issuance of domestic and sovereign sukuk, signifying need to raise funds from local and international debt markets to fix deteriorating finances and boost the Islamic finance industry.
PKR still under immense pressure
High demand for the US dollar kept Pakistan's rupee under pressure, as the local currency registered a decline for the eighth consecutive session, closing at yet another all-time low of 211.48 in the inter-bank market on Tuesday.
10pc RD imposed on motor spirit’s import till 30th
The Federal Board of Revenue (FBR) has imposed a 10 percent regulatory duty on the import of motor spirit till June 30, 2022. However, the imports of motor spirit where 10 percent customs duty is paid shall be exempted from the levy of regulatory duty.
Power tariff raise put off
The Federal Cabinet on Tuesday decided to postpone Rs7.99 per unit increase in the basic power tariff. The Economic Coordination Committee had proposed the increase that was part of the cabinet meeting agenda for ratification, but it was dropped.
Subsidy waiver on use of HSD by power sector
The Economic Coordination Committee (ECC) of the Cabinet is all set to consider a proposal of the Petroleum Division regarding withdrawal of subsidy on consumption of High Speed Diesel (HSD) by the power sector, sources told Business Recorder.
Fundamental policy for IPPs changed, points out tax expert
The Federal Board of Revenue (FBR) has placed a time limitation on the income tax exemption of the power generation projects to be set up by the independent power producers (IPPs) by changing the fundamental policy for the IPPs through the Finance Bill, 2022.
US firm offers coal supply on credit
A Florida, United States, based company M/s Spinnaker- Project 1, LLC has offered minimum quantity of 0.5 million tons of coal to Pakistan per annum on 270 days revolving credit facility against GoP guarantees, well informed sources told Business Recorder.
May banking spread plunges by 42bps MoM
The provisional banking spread has declined by 42bps on month-on-month basis during May 2022 and stood at 4.6 percent. This is the highest level of monthly decline in the spread during last 20 months.
Palm oil import sans from Indonesia; FBR abolishes 2pc additional duty
The Federal Board of Revenue (FBR) has abolished 2 per cent additional customs duty on the import of edible palm oil for shipments originating from all sources except Indonesia from June 10, 2022, and June 30, 2022.
Commodities and Currency: 1-Day Change