“Too reluctant to pick up the phone and dial ‘15’ to launch a complaint against an eye-witnessed street crime in the past few minutes”-–the maddening feeling sounds familiar? Then how about interacting with cops on facebook and twitter?
Ironically, the key macroeconomic data projected for FY14 in SBP’s annual report varies considerably from the one presented in the revised Letter of Intent (LoI) with the IMF. How could it happen when SBP’s Governor is a signatory of the LoI as well! And with government’s targeted data moving in third direction it’s become hard for business analysts and economists to pick the appropriate numbers for their own projections and simulations.
Having had more than its (un)fair share of misfortunes, lady luck is at last smiling at Engro. ECC’s latest meeting gave Engro reason enough to cheer, which was taken well by the investors jacking the firm’s stock price significantly at the market close on Friday. The gas pricing issue, which had become a pain in the neck of late, seems to be going exactly on the lines of what Engro was hoping for.
The State Bank seems all in for the privatisation and restructuring of state owned gencos and discos. The solution for the excruciating energy sector crisis that SBP presents in its much delayed Annual Report 2013 revolves around the reform agenda: unbundle, restructure and privatise. Though, the most persistent hurdle was addressed earlier in June 2013, the fact of the matter remains that energy sector mess has become so pervasive that there are no quick fixes.
With each month’s FDI data release this fiscal year, that sinking feeling sinks even further. The latest released central bank data show that FDI in the first half of FY14 fell 27 percent year on year. Net FDI inflow stood at $416 million in 1H FY14, down from $568 million in the same period of last year.
"If I can meet all my financial needs in a religious manner and without an albatross of usury (interest) around my neck, why would I go to a conventional bank? This is the mentality of most of the Muslims across the globe and Pakistan is no exception," a regional Islamic banking head of a multinational bank told BR Research.
The decision to dollarize Pak-Afghan trade from mid-March looks like a quick and easy move to increase the supply of dollars in Pakistan. Pakistan has been running a constant trade surplus with Afghanistan and if the bilateral trade is denominated in dollars--instead of Pak rupee--then it only means more dollars flowing into the economy, which is what Pakistan desperately needs.