Important Business News 26th June, 2020

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1. SBP cuts policy rate by 100bps to 7pc The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP), in its emergent meeting held on Thursday, decided to further cut the key policy rate by 100 basis points (bps) to 7 percent aimed to address the domestic economic slowdown due to the Covid-19 pandemic. 1 Business Recorder
2. FY 2019-2020 GDP growth rate may remain lower than -0.4pc
Pakistan’s GDP growth rate is expected to remain lower than -0.4 percent for the outgoing year projected by the government and International Monetary Fund (IMF) as it is based on data available till March/April 2020.
1 Business Recorder
3. TPPA on 1124MW Kohala hydropower project signed A Tripartite Power Purchase Agreement (TPPA) for 1124 MW Kohala Hydropower Project was signed on Thursday between Government of Pakistan (GoP), Government of Azad and Jammu and Kashmir (AJ&K) and Chinese company M/s Three Gorges Corporation. 1 Business Recorder
4. Seminar told      A senior economist at the State Bank of Pakistan, Asma Khalid, has said that a rising population and climate change will create challenges for Pakistan to secure food. 5 Business Recorder
5. Fresh inflows of $725m received from multilateral agencies Pakistan has received some $725 million fresh inflows from multilateral agencies.   7 Business Recorder
6. Export-oriented units PRGMEA seeks lockdown exemption on Saturdays The Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) has urged the government to exempt the export-oriented units in Punjab from lockdown restrictions on Saturdays too, besides allowing them to work in two shifts to complete their export orders under full SOPs. 12 Business Recorder
7. July-May 2019-20 Provisional external inflows stand at $7.451bn
Total provisional external inflows from multiple financing sources were $7.451 billion during July-May of fiscal year 2019-20 against the budgeted amount of $12.958 billion for the entire fiscal year which is around 58 percent of the budgeted amount.
16 Business Recorder
8. LCCI seeks extension in tax amnesty scheme The Lahore Chamber of Commerce and Industry (LCCI) has urged the Federal Board of Revenue (FBR) to extend the last date of tax amnesty scheme till 31st Aug of this year. 19 Business Recorder
9. PM hails accord on $2.4bn hydel project A tripartite agreement was signed between a Chinese company and the governments of Pakistan and China on Thursday for construction of a 1,124-megawatt hydropower project at Kohala on the Jhelum river at a cost of $2.4 billion. 2 Dawn
10. Two more international airlines suspend flights from Pakistan Two more international airlines one from the United Arab Emirates and the other from Qatar on Thursday suspended their flight operations from Pakistan, a day after several passengers who had travelled to Hong Kong by another airliner tested positive for Covid-19. 2 Dawn
11. Rs6.2bn released to textile sector The federal government has released an amount of Rs6.2 billion to the textile sector as cash subsidies under the PM`s Export Enhancement Package. 9 Dawn
12. Three Chinese hydel projects get ECC approval after a one year wait  In fast moving developments, the Economic Coordination Committee (ECC) of the Cabinet on Thursday approved important revisions to the terms on which three hydropower projects, worth more than $5 billion in total, are being executed by Chinese companies.   9 Dawn
13. Tax exemptions on official perks cost Rs30bn in 2019, says FBR An official report of the Federal Board of Revenue (FBR) has shown income tax exemptions and concessions worth Rs30 billion given to the top government officials, military officers and judges of superior courts on perks and privilegesin the taxyear2019. 12 Dawn
  Editorial News    
14. The rupee erosion  The rupee lost 2.8 percent value against the dollar in June before very slightly recovering on news of a dollar one billion package from the World Bank and the International Monetary Fund ($500 million from each).   18 Business Recorder
  International News    
15. Market ‘disconnect’ could worsen virus downturn: IMF WASHINGTON: Recent gains in global financial markets despite the coronavirus downturn’s “huge” economic uncertainties are a potential threat to the recovery if investors abruptly change their minds, the IMF cautioned Thursday.   1 Business Recorder
16. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   167.35 207.58 188.14 23.76 44. 55
9 Business Recorder

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