IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS TUESDAY 23rd NOVEMBER, 2021

S.# Description Pg. # Source
1. SBP autonomy, Sales Tax exemptions PTI allies drag their feet over key draft bills
Allies of the ruling party, Pakistan Tehreek-e-Insaf (PTI), have conveyed to it that they would first review two crucial bills — grant of autonomy to State Bank of Pakistan (SBP) and withdrawal of sales tax exemptions of Rs330 billion— and then decide, accordingly. https://epaper.brecorder.com/2021/11/23/1-page/908643-news.html
1 Business Recorder
2. FBR to withdraw Rs330bn ST exemptions  “The Income Tax (Second Amendment) Bill, 2021” issued subsequent to its passage through the Finance Act, 2021, has a revenue impact of Rs 140 billion and sales tax/federal excise duty (FED) exemptions deferred on June 30, 2021 amounted to Rs 100 billion. https://epaper.brecorder.com/2021/11/23/1-page/908644-news.html 1 Business Recorder
3. Govt eyes further Rs2/unit hike in base power tariff The Federal Government is to further raise the base power tariff by over Rs2 per unit in months to come, aimed at trimming existing level of subsidies as per agreement with the International Monetary Fund (IMF) and adjustment in Discos’ tariffs in accordance with their annual revenue requirements. https://epaper.brecorder.com/2021/11/23/1-page/908645-news.html 1 Business Recorder
4. Cabinet to meet today Drug price hike on the cards
The Federal Cabinet that is scheduled to meet on Tuesday (today) with Prime Minister Imran Khan in the chair will discuss the country’s economic and political situation and other related issues. https://epaper.brecorder.com/2021/11/23/1-page/908646-news.html
1 Business Recorder
5. Kibor surges to double-digit The benchmark six-month Karachi Inter Bank Offered Rate (Kibor) Monday surged to double-digit owing to sharp increase in the key policy rate by the State Bank of Pakistan (SBP). https://epaper.brecorder.com/2021/11/23/1-page/908633-news.html 1 Business Recorder
6. Tarin says ‘prior actions’ required to be taken Adviser to Prime Minister on Finance Shaukat Tarin on Monday said “prior actions” – withdrawal of exemption of Rs350 billion, petroleum levy increase of Rs4 monthly, as well as, ex-post audit of Covid expenditure and amendments in SBP Act would be taken to pave the way for International Monetary Fund (IMF) Board meeting for approval of sixth review. https://epaper.brecorder.com/2021/11/23/1-page/908634-news.html 1 Business Recorder
7. Sixth review under $6bn EFF IMF, govt reach staff-level agreement
Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement on policies and reforms needed to complete the sixth review under the $6 billion Extended Fund Facility (EFF), which is subject to approval by the Executive Board, following the implementation of prior actions, mainly on fiscal and institutional reforms. https://epaper.brecorder.com/2021/11/23/1-page/908635-news.html
1 Business Recorder
8. Inflation: SBP says it only issues forecasts The State Bank of Pakistan (SBP) Monday said that it only issues forecast and not fixes the inflation target. https://epaper.brecorder.com/2021/11/23/1-page/908636-news.html 1 Business Recorder
9. Real Estate Investment Trusts Special purpose vehicles to get income tax exemption
The government has decided to grant income tax exemption to the special purpose vehicles (companies) of the Real Estate Investment Trusts (REITs) through the Tax Laws (Fourth) Amendment Bill, 2021. https://epaper.brecorder.com/2021/11/23/1-page/908647-news.html
1 Business Recorder
10. Pakistan to send Rs5bn relief goods to Afghanistan The government has decided immediate shipment of food in humanitarian assistance worth Rs5 billion to Afghanistan, which will comprise edibles including 50,000 MT of wheat, emergency medical supplies, winter shelters, and other supplies. https://epaper.brecorder.com/2021/11/23/1-page/908637-news.html 1 Business Recorder
11. THE RUPEE: Rupee gains on IMF deal The rupee appreciated against the US dollar on Monday after Pakistan finally reached a staff-level agreement with the International Monetary Fund (IMF), registering a 0.27% increase to close below 175 in the inter-bank market. https://epaper.brecorder.com/2021/11/23/1-page/908648-news.html 1 Business Recorder
12. Various items currently imported from Afghanistan ECC decides to eliminate/reduce tariffs
Economic Coordination Committee (ECC) of the Cabinet Monday decided elimination/reduction of tariffs on various items currently being imported from Afghanistan as goodwill gesture. https://epaper.brecorder.com/2021/11/23/1-page/908638-news.html
1 Business Recorder
13. SBP raises profit rate on saving accounts After the surge in policy rate, the State Bank of Pakistan (SBP) Monday announced increase in the minimum profit rate on the saving accounts. https://epaper.brecorder.com/2021/11/23/1-page/908639-news.html 1 Business Recorder
14. Cabinet to exempt urea import tender from PPRA Rules The Cabinet is to exempt 0.1 million tons of urea import tender from PPRA Rules in view of the emergency related to food security, official sources told Business Recorder. https://epaper.brecorder.com/2021/11/23/1-page/908640-news.html 1 Business Recorder
15. Stock market nosedives Pakistan Stock Exchange Monday nosedived and closed in deep red due to across-the-board selling on investor concerns over higher than expected increase in policy rate by the State Bank of Pakistan. https://epaper.brecorder.com/2021/11/23/1-page/908642-news.html 1 Business Recorder
16. $3.898bn foreign debt incurred in 4 months Pakistan incurred foreign debt of $3.898 billion from multiple financing sources in the first four months (July-October) of 2021-22 including $866.43 million from foreign commercial banks (22 percent) against the total budgeted external loans of $14.088 billion for the entire fiscal year. https://epaper.brecorder.com/2021/11/23/4-page/908668-news.html 4 Business Recorder
17. Pakistan likely to get $1bn IMF tranche by Dec-end: analyst Pakistan and IMF reached a staff-level agreement on policies and reforms needed to complete the sixth review under the Extended Fund Facility (EFF). The agreement is subject to approval by the Executive Board, following the implementation of prior actions, notably on fiscal and institutional reforms. https://epaper.brecorder.com/2021/11/23/5-page/908680-news.html 5 Business Recorder
18. Tax breaks kick country’s electric car shift into higher gear Business-man Nawabzada Kalam Ullah Khan had been planning to swap his family’s petrol-powered cars for electric models for years. https://epaper.brecorder.com/2021/11/23/7-page/908692-news.html 7 Business Recorder
19. Ghee, oil mills SC suspends IHC verdict
The apex court suspended the Islamabad High Court’s judgment restraining the Competition Commission of Pakistan (CCP) inquiry against the ghee and oil mills. https://epaper.brecorder.com/2021/11/23/12-page/908733-news.html
12 Business Recorder
20. IMF review: apprehensions abound Finally, the wait is over. Yet, the anxiety is not. The IMF mission’s concluding statement is out. Staff level agreement for the sixth review is reached. https://epaper.brecorder.com/2021/11/23/13-page/908735-news.html 13 Business Recorder
21. Microfinance: steady growth About a year and a half since the pandemic, the country’s microfinance sector is presenting a steady picture, as per the latest quarterly data released by the sector association Pakistan Microfinance Network (PMN). https://epaper.brecorder.com/2021/11/23/13-page/908737-news.html 13 Business Recorder
22. FDI keeps falling… Globally, foreign direct investment has made a comeback and has returned to pre-pandemic levels in the last couple of months with investments pouring in technology, software, and digital infrastructure sectors as well as the oil and gas sector amid the energy shortages worldwide. https://epaper.brecorder.com/2021/11/23/13-page/908736-news.html 13 Business Recorder
23. Spot rate stable amid lean business The Spot Rate remained unchanged at Rs 17500 per maund on the cotton market on Monday. https://epaper.brecorder.com/2021/11/23/16-page/908741-news.html 16 Business Recorder
24. Stability with growth PAKISTAN`S economic growth history is striking for its lack of stability. https://epaper.dawn.com/DetailImage.php?StoryImage=23_11_2021_003_007 3 Dawn
25. PPP wants details of IMF deal disclosed The Pakistan Peoples Party (PPP) has called upon the government to disclose details of a `secret` agreement with the International Monetary Fund (IMF). https://epaper.dawn.com/DetailImage.php?StoryImage=23_11_2021_005_005 5 Dawn
26. ECC scraps two wheat import tenders The Economic Coordination Committee (ECC) of the Cabinet on Monday scrapped two international tenders for the import of wheat over higher prices and allowed the floating of a fresh one. https://epaper.dawn.com/DetailImage.php?StoryImage=23_11_2021_009_007 9 Dawn
27. Revised code for banks, DFIs issued Conforming with international standards and best practices, the State Bank of Pakistan on Monday issued the revised Corporate Governance Regulatory Framework for banks and development finance institutions (DFIs). https://epaper.dawn.com/DetailImage.php?StoryImage=23_11_2021_009_006 9 Dawn
  Editorial News    
28.  IMF staff-level agreement at last The much awaited staff-level agreement with the International Monetary Fund (IMF) on the sixth review was reached after virtual discussions during October 4-November 18, 2021 and noted on the Fund’s website early Monday morning on 22 November. https://epaper.brecorder.com/2021/11/23/6-page/908682-news.html 6 Business Recorder
29. Growth in LSM The PBS (Pakistan Bureau of Statistics) has released the estimate of the growth in the Quantum Index of Manufacturing (QIM) in September 2021. https://epaper.brecorder.com/2021/11/23/6-page/908684-news.html 6 Business Recorder
30. Agreement with IMF THE good news is that Pakistan has finally struck a deal with the IMF for the resumption of the $6bn loan facility after more than six weeks of negotiations.  https://epaper.dawn.com/DetailImage.php?StoryImage=23_11_2021_006_002 6 Dawn
31. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   176.50 237.00 199.00 28.00 47.00
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