IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS FRIDAY 15th July, 2022

S.# Description Pg. # Source
1. IMF agrees to resume loan after much delay • $1bn more and 9-month extension of EFF Pakistan and the International Monetary Fund (IMF) reached staff-level agreement in the early hours of 14 July, Pakistan time, on the combined seventh and eight reviews, with an additional one billion dollars and a nine-month extension of Extended Fund Facility (EFF) programme. https://epaper.brecorder.com/2022/07/15/1-page/936692-news.html 1 Business Recorder
2. Foreign exchange reserves down by $132m The country’s total liquid foreign exchange reserves dropped by $132 million during the last week. https://epaper.brecorder.com/2022/07/15/1-page/936687-news.html 1 Business Recorder
3. IMF for strengthening of anti-graft institutions including NAB: Tarin Former federal finance minister Shaukat Tarin Thursday shared that the IMF has asked the government to strengthen the anti-graft institutions, especially the National Accountability Bureau (NAB). https://epaper.brecorder.com/2022/07/15/1-page/936694-news.html 1 Business Recorder
4. PM announces cut in fuel prices Prime Minister Shehbaz Sharif Thursday announced a reduction of Rs18.50 per litre in the price of petrol and that of Rs 40.54 per litre in diesel keeping in view reduction in oil prices in the international market. https://epaper.brecorder.com/2022/07/15/1-page/936688-news.html 1 Business Recorder
5. THE RUPEE: PKR settles with marginal gain Pakistan’s rupee settled with a marginal gain against the US dollar in the inter-bank market on Thursday over news that the International Monetary Fund (IMF) finally reached the staff-level agreement with Islamabad, paving way for an inflow of $1.17 billion. https://epaper.brecorder.com/2022/07/15/1-page/936699-news.html 1 Business Recorder
6. CTBCM design Nepra, NTDC on the warpath National Electric Power Regulatory Authority (Nepra) and National Transmission and Despatch Company (NTDC) are said to be on the warpath with respect to implementation on Competitive Trading Bilateral Contract Market (CTBCM), sources close to Chairman Nepra told Business Recorder. https://epaper.brecorder.com/2022/07/15/1-page/936690-news.html 1 Business Recorder
7. Campaign on energy conservation Power Division seeks Rs100m supplementary grant Power Division has reportedly sought Rs 100 million as supplementary grant for public awareness campaign about conservation of energy, well informed sources told Business Recorder. https://epaper.brecorder.com/2022/07/15/1-page/936691-news.html 1 Business Recorder
8. Stocks maintain bullish tone A bullish trend continued on Pakistan Stock Exchange on Thursday after announcement of the IMF’s staff level agreement with Pakistan. https://epaper.brecorder.com/2022/07/15/1-page/936698-news.html 1 Business Recorder
9. Imposition of supertax Prgmea conveys its reservations to Miftah Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) on Thursday conveyed its reservations to Finance Minister Miftah Ismail over the imposition of the supertax on the industry, pleading that now the industry will pay a total of 39 percent tax including 29 percent corporate tax and 10 percent supertax. https://epaper.brecorder.com/2022/07/15/3-page/936718-news.html 3 Business Recorder
10. 87pc of investment in Solar PV plants has come from China Currently, out of the $144 million in foreign investment in Solar PV plants in Pakistan, $125 million is from China, accounting for nearly 87% of the total. https://epaper.brecorder.com/2022/07/15/3-page/936714-news.html 3 Business Recorder
11. Rabi season Irsa predicts over 50pc water shortage The Indus River System Authority (Irsa) has projected over 50 percent shortage of water during Rabi season with current level of rains in the country. https://epaper.brecorder.com/2022/07/15/4-page/936720-news.html 4 Business Recorder
12. Coal-fired Jamshoro power plant MoF to issue LoC for Rs10bn loan pact with Faysal Bank   The Finance Ministry is to issue Letter of Comfort (LoC) for signing of agreement with M/s Faysal Bank Limited for a loan of Rs 10 billion for coal-fired Jamshoro power plant prior to issuance of sovereign guarantee enabling JPCL to proceed further for finalization of loan, well-informed sources told Business Recorder. https://epaper.brecorder.com/2022/07/15/4-page/936726-news.html 4 Business Recorder
13. NBFI and Modaraba sector holds enormous untapped potential: SECP The NBFI and Modaraba sector holds enormous untapped potential to support the growth of the economy by serving as a conduit between businesses and the capital market and needs to expand its role from complementing the banking sector to being at forefront of advancing financial inclusion in Pakistan. https://epaper.brecorder.com/2022/07/15/5-page/936729-news.html 5 Business Recorder
14. Spare parts for essential industries PBC urges SBP to allow import without prior permission The Pakistan Business Council (PBC) has urged the State Bank of Pakistan (SBP) to allow the import of spare parts and other important instruments of essential and export-oriented industries without prior permission to keep the industries functional. https://epaper.brecorder.com/2022/07/15/5-page/936730-news.html 5 Business Recorder
15. Gold prices decline Gold on Thursday saw a sizeable value loss in the local market, traders said. https://epaper.brecorder.com/2022/07/15/5-page/936736-news.html 5 Business Recorder
16. Assets of NBFCs sector post 79pc growth in 10 years: SECP chief The Securities and Exchange Commission of Pakistan (SECP) Chairman Aamir Khan on Thursday said that the assets of the overall Non-Banking Finance Companies (NBFCs) sector grew by 79 percent during the past 10 years, which is comparable to the growth of the banking sector at the rate of 72 percent. https://epaper.brecorder.com/2022/07/15/7-page/936746-news.html 7 Business Recorder
17. The LNG conundrum “Buy late in summers and early in winter”. https://epaper.brecorder.com/2022/07/15/13-page/936798-news.html 13 Business Recorder
18. Stability in the offing? Markets abhor political instability and power vacuum. After almost four months of turmoil, there are signs that the dust may soon be settling down, paving the way for further economic measures that are required to significantly slow down the economy and reduce the pressure on external accounts. https://epaper.brecorder.com/2022/07/15/13-page/936800-news.html 13 Business Recorder
19. Oil price: Market remains incredibly tight As the US inflation number has surprised all and sundry, rate hike expectations by the Fed have gone up too. https://epaper.brecorder.com/2022/07/15/13-page/936799-news.html 13 Business Recorder
20. MMBL joins hands with IBP to ensure quality banking services Pakistan’s largest digital bank – Mobilink Microfinance Bank Limited (MMBL), has joined hands with the Institute of Bankers Pakistan (IBP), the country’s leading premier banking training institute, to up-skill and develop the capacities of its valued workforce and help strengthen banking experience of its customers and delivery standards. https://epaper.brecorder.com/2022/07/15/13-page/936804-news.html 13 Business Recorder
21. Non-issuance of refund FTO directs FBR to pay compensation to taxpayer The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to pay compensation to the taxpayer for delaying income tax refund since 2014-15. https://epaper.brecorder.com/2022/07/15/13-page/936802-news.html 13 Business Recorder
22. Prices fall amid modest business on cotton market The Spot Rate Committee of the Karachi Cotton Association (KCA) on Thursday decreased the spot rate by Rs 500 per maund and closed it at Rs 15,500 per maund. https://epaper.brecorder.com/2022/07/15/16-page/936807-news.html 16 Business Recorder
23. Banks` advances rise sharply in FY22 Banks` advances witnessed a significant increase of 21 per cent in the outgoing fiscal year (FY22), reflecting the higher economic growth during the year ended on June 30. https://epaper.dawn.com/DetailImage.php?StoryImage=15_07_2022_009_003 9 Dawn
24. HCCI for enhanced business hours The Hyderabad Chamber of Commerce and Industry (HCCI) on Thursday urged the Sindh government to lif t business hours restrictions, stressing that trade and businesses are nearing bankruptcy amid rising power prices and depreciating rupee. https://epaper.dawn.com/DetailImage.php?StoryImage=15_07_2022_009_005 9 Dawn
25.  Rs487.5m relief granted to banking customers The Banking Mohtasib Office (BMO) on Thursday said monetary relief amounting to Rs487.55 million was granted to the banking customers by disposing of 14,070 complaints during the first half (January to June)ofcalendar2022. https://epaper.dawn.com/DetailImage.php?StoryImage=15_07_2022_009_006 9 Dawn
26. ICI to sell stake in NutriCo Morinaga for $56.6m ICI Pakistan Ltd said on Thursday Japan`s Morinaga Milk Industry Company Ltd wants to buy an aggregate of 33.3 per cent shares of NutriCo Morinaga, a subsidiary of the Pakistani conglomerate. https://epaper.dawn.com/DetailImage.php?StoryImage=15_07_2022_009_004 9 Dawn
International News
27. Oil prices tumble more than $4 ahead of potential large US rate hike Oil prices fell more than $4 on Thursday as investors focused on the prospect of a large US rate hike later this month that could stem inflation but at the same time hit oil demand. https://epaper.brecorder.com/2022/07/15/1-page/936689-news.html 1 Business Recorder
28. World stocks, oil drop on fresh inflation spikes Stock markets mostly retreated on Thursday as fresh evidence of runaway global inflation ramped up expectations of more aggressive interest rate hikes by central banks, while disappointing earnings revived recession fears. https://epaper.dawn.com/DetailImage.php?StoryImage=15_07_2022_009_008 9 Dawn
Editorial News
29.  IMF staff-level agreement at last The staff-level agreement with the International Monetary Fund (IMF) was reached in the early hours of 14 July but with the seventh and eighth reviews clubbed together — delayed from the sixth review scheduled seventh review availability date of 4 March 2022 and the eighth review availability date of 3 June 2022, delays that implicate both, the previous administration as well as the incumbent government in dragging their feet to implement the agreed conditions. https://epaper.brecorder.com/2022/07/15/6-page/936741-news.html 6 Business Recorder
30. The challenge of economic revival Pakistan’s macroeconomic imbalances have assumed dangerous proportions and the hope for economic recovery is yet to materialize. https://epaper.brecorder.com/2022/07/15/6-page/936743-news.html 6 Business Recorder
31. A cruel IMF programme ‘The pandemic triggered a dramatic increase in public debt in developing economies, from 54 to 65 per cent of GDP between 2019 and 2021. https://epaper.brecorder.com/2022/07/15/6-page/936744-news.html 6 Business Recorder
32. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   209.50 248.00 210.00 32.00 55.60
17 Business Recorder

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