Economic and Business Updates From June 21 to 27, 2010

  • BRITAIN’S new government will provide 665 million pounds sterling to Pakistan in assistance for the next four years, says British Foreign Secretary William Hague. 

  • THE Federal Board of Revenue provisionally collects Rs1.252 trillion in JulyJune 23 (2009-10) as compared to Rs1.090 trillion in the corresponding period last fiscal, reflecting growth of 14.9 per cent. 
  • THE government is to relax the ban on wheat export for one month after formal clearance from the Economic Coordination Committee of the Cabinet as efforts to strike government-to-government deals have failed.
  • THE government will introduce reformed General Sales Tax from October 1to withdraw exemptions, which will be a major step towards documentation of the economy. 
  • THE provincial government announces over Rs152 billion Balochistan budget for the next financial year, with a development programme of Rs26.75 billion and net deficit of Rs7.1 billion. 
  • THE Balochistan government will invest over Rs12 billion in various mineral projects, including Reko-diq copper-gold project. 
  • WATER and Power Minister Raja Pervez Ashraf will visit Iran in August to sign an agreement for importing 1,000MW of electricity. The project is expected to be completed in five years. 
  • A 150 megawatt rental power plant installed at Samundari in Faisalabad after consuming furnace oil worth Rs225 million provided by the government, fails a reliability test run. 
  • THE government has assigned the National Savings Organisation to raise Rs248 billion through its various schemes in fiscal year 2010-11.
  • THE Finance Act 2010 will amend the Income Tax Ordinance 2001to charge 0.3 per cent withholding tax on cancellation of pay orders, obtained by issuing cheques in the name of banks. 
  • THE Gilgit-Baltistan government presents its first ever budget with an outlay of Rs12.984 billion and Rs6.404 billion non-development expenses. 
  • SINDH borrows heavily from the State Bank within a weak and equalises its debt with Punjab reflecting the weak economic management of the provincial government. 
  • CHINA grants four types of trade concessions to Pakistan unilaterally which will help increase its export to China by one billion dollar annually. 
  • THE persistently rising circular debt compromised the country’s balance of payment ability as oil refineries hit by debt slash their production resulting into higher import of petroleum products. 
  • THE Pakistan Steel Mills will not be given Rs25 billion bail out package, says Finance Minister Hafeez Sheikh.


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