Monday, March 21, 2011

News snapshot

Ec onomic Indic ators Tax net needs to be broadened: Hafeez Shaikh

GDP Growth FY11E 2.74%

Finance Minister, Dr. Adbul Hafeez Shaikh, has sought cooperation of
Per Capita Income FY10 $1,051 the business community to broaden the tax net and revenue generation
Population 174.97mn equally from all sectors of the economy. "There is also a need to
eliminate undue tax exemptions," the Minister said while talking to a
Forex Reserves
group of the representatives of business community and office bearers
(15-Jan-11) $17.28bn of Karachi Chamber of Commerce and Industry (KCCI) here on Sunday
Inflation CPI % at the KCCI office. He underscored the need to devise a mechanism to
curb smuggling under Afghan Transit Trade (ATT).
(Jul10-Dec10) 14.61%

Exports Textile, food exports surge by 28.67pc, 18.28pc respectively

(Jul10-Dec10) $10.98bn
Exports of textile and food groups have witnessed considerable growth
Imports
during the first 8 months of the current year as these surged by 28.67
(Jul10-Dec10) $19.13bn percent and 18.28 percent respectively. The textile exports during July-
February (2010-11) were recorded at US$8.637 billion against the
Trade Balance
exports of US$6.708 billion during the same period of last year, Federal
(Jul10-Dec10) $(8.15)bn Bureau of Statistics reported. On the other hand, the food exports
Current A/C during the period under review stood at US$2.465 billion against the
exports of US$2.084 billion during last year.
(Jul10-Dec10) $26mn

Remittances WB offers $200m loan to SSGC

(Jul10-Dec10) $5.29bn
The World Bank (WB) has offered a loan of $ 200 million to the Sui
Foreign Invest
Southern Gas Pipelines Company (SSGC) for improving its efficiency. "A
(Jul10-Dec10) $1.05bn six-member World Bank's energy mission has in a recent meeting with
Revenue SSGC's senior management, offered $200 million loan to bring down
UFG," an official source said. The bank's team discussed the projected
(Jul10-Dec10) Rs 638bn
economic and financial analysis for investment in the company's five
year UFG (unaccounted-for gas) reduction plan.
Foreign Debt (Sep-10) $58.41bn

Pakistan's trade concessions clear EU Parliament: Sajjad Karim

Domestic Debt (Nov-10) Rs 5348.6bn
Repatriated Profit (Jul- Dec10) $323.6mn
The European Union's efforts to provide assistance to Pakistan's
Market Statistic s economy through trade concessions following the floods have passed
KSE-100 Index through the European Parliament. Speaking from the European
Parliament in Brussels, British MEP Sajjad Karim who is also chair of the
Index Close 11,606.61
European Parliament Friends of Pakistan Group stated: "Within the EU
Index Open 11,858.27 this has been a British lead initiative in Council, Commission and
(+/-) Change -251.66
Parliament. We are delighted to have achieved this despite attempts by
French socialists to scupper the deal.
Index High 11,897.81

Index Low 11,589.19 SBP conducts Open Market Operation

V olumes Traded
State Bank of Pakistan (SBP) conducted Open Market Operation (OMO)
Current Volumes 125,130,000 and injected Rs 46.5 billion under its 7-day reverse repo operation on
Previous Volume 117,200,000 Friday. The SBP received offers worth Rs 95.85 billion for Market
Change in Volumes(%)
Treasury bills and Pakistan Investment Bonds (PIBs). It accepted the
6.77%
bids at the rate of 12.96 percent.