IN BRIEF $4.6 billion:
The federal government has obtained $4.6 billion loans and grants during the first five months of the current fiscal year 2021-22. The federal government borrowed the amount from commercial banks, multilateral institutions and different countries during the July-November period.
The government is likely to revise the State Bank of Pakistan (SBP) Amendment Bill once again, owing to reservations from different quarters. Sources said that various institutions have raised questions over the draft amendment bill, especially over unlimited powers of the central bank’s governor.
Fatima Fertilizer has confirmed its intentions to acquire Samba Bank Limited. According to an announcement made by Arif Habib Group, a consortium that includes Fatima Fertilizer has publicly announced its intention to purchase majority shareholding in Samba Bank Limited from the Saudi National Bank.
Rs 23.6 billion:
The Executive Committee of the National Economic Council (ECNEC) on Wednesday approved the Rawalpindi Ring Road project. The project will be financed under the provincial Annual Development Programme (ADP) while the Rawalpindi Development Authority (RDA) will execute the construction.
Reserves fall:
Foreign exchange reserves of the State Bank of Pakistan (SBP) decreased by $415 million to $18.15 billion during the week ending on Dec 17. The dip came because of external debt repayment during the period.
The benchmark index of the Pakistan Stock Exchange (PSX) barely inched up in rupee terms during the outgoing calendar year. With only seven trading sessions remaining in 2021, the KSE-100 index has gained just one per cent in rupee terms while the dollar-based return is -9pc.
Shaukat Tarin is set to take the oath as finance minister on Monday ending a period of protracted ambiguity around his role. As Advisor he was unable to chair key meetings or wield executive powers. The Utility Store Corporation (USC) has not been able to operationalise Point of Sales (POS) machines in all of its outlets due to a delay in the delivery of the machines. However, the USC has claimed that all outlets will have functional machines by Dec 31. The federal government on Tuesday assigned charge of the Petroleum Division to Ali Raza Bhutta, a BS-22 officer of PAS. He has come in after the removal of secretary Petroleum Dr Arshad Mahmood.
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