Economic and Business Updates From August 09 to 15, 2010

  • The World Bank commits $900 million for relief and reconstruction of flood-ravaged areas and to undertake damage and needs assessment exercise from next week.
  • The country suffers a loss of about Rs250 billion in agriculture and livestock sectors, and the flood recovery costs may run into billions of dollars, say local experts and a UN spokesman.
  • The government increases the Treasury bills rates on all tenors of the paper up to 41 basis points, reflecting the existence of higher inflation in the economy.
  • Pakistan is likely to lose 1-1.5 per cent of its GDP growth against its target of 4.5 per cent as the devastation caused by floods is unfolding and some key sectors of the economy have been damaged.
  • The United Nations appeals for $459 million in aid for flood-hit Pakistan, warning of a second wave of death among sick, hungry survivors unless help arrived quickly.
  • Diplomats from 14 Islamic states assure Pakistan of financial support for the victims of the devastating floods.
  • The donors provide $38.2 million to the United Nations besides pledging $90.9 million for the flood rescue operations in Pakistan.
  • The Trading Corporation of Pakistan awards a tender for import of 205,000 tons of sugar to M/s Al Khaliji Sugar Company, Dubai, at the lowest bid price of $674.80 per ton C&F for containerised shipment.
  • The federal minister for food and agriculture announces finalisation of a National Commercial Seed Production Programme to strengthen the seed market enforcement capacity of the Federal Seed Certification and Registration Department.
  • The withholding tax at the rate of 0.3 per cent will not be deductible on cash deposits in the bank from account holder under Section 231AA of the Income Tax Ordinance 2001.
  • One-year collection of withholding tax shows that the Federal Board of Revenue collected nearly Rs21 billion from mobile phone subscribers using prepaid calling cards in 2009-10, against about Rs20 billion in the same period of last year, depicting a steep rise in the use of prepaid calling cards facility.
  • About 400 steel re-rolling mills unanimously decide not to buy steel products from Pakistan Steel Mills Corporation in protest against FIA’s harassment of millers regarding recovery claim. 
  • The centre advises the provinces that instead of complaining of less funds coming from the center, they should reprioritise their budgetary allocations by putting a freeze on expenditures and pumping maximum funds to relief, reconstruction and rehabilitation activities in the flood-affected areas.


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