07012016Fri
Last update: Fri, 01 Jul 2016 01pm

Business and Economy: Pakistan

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With a healthy growth of 31 percent, foreign investors repatriated $1.8 billion on account of profit and dividend during July-May of this fiscal year (FY16). Economists said that improved financial results of the corporate sector have scaled up repatriation of profit and dividend by foreign investors. Although presently foreign investors are reluctant to invest in Pakistan due to energy crisis, poor law and order situation, political instability and unsustainable economic policies, the repatriation trend shows that despite these issues, Pakistan's economy is still delivering huge margins on already executed investments, they added.
The country's total liquid foreign reserves fell slightly $4 million during the last week. According to the State Bank Pakistan (SBP) weekly report issued on Thursday, the country's total liquid foreign reserves stood at $21.766 billion as on June 24, 2016 declined from all time high level of $21.77 billion as on June 17, 2016. During the week under review, SBP's liquid FX reserves increased by $4 million to $16.820 billion compared to $16.816 billion in the previous week. However, reserves held by banks fell $8.8 million to $4.946 billion end of last week.
The National Assembly Standing Committee on States and Frontier Regions (SAFRON) has expressed serious concerns over non-inclusion of its proposed road project in Public Sector Development Programme (PDSP). A meeting of the committee presided over by Muhammad Jamal-ud -Din expressed serious concern over deletion of the FATA schemes and told the senior officials of ministry that this was inappropriate. The committee also inquired as whether 200-kilometers road projects recommended for South Waziristan was included in the PSDP for financial year 2016-17 or not.
The Federal government has released Rs 670 billion (95.7% of the total budgeted for the year) under Public Sector Development Programme (PSDP) for various development projects against the budgeted allocation of Rs 700 billion for 2015-16, it is learnt.
Zachray Harkenrider, Consul General of the US Consulate Lahore has said that the USAID is making serious efforts to alleviate rural poverty by helping Pakistan to reinvigorate its agriculture on modern scientific lines. He expressed these views while talking to a delegation of the Faisalabad Chamber of Commerce & Industry (FCCI) that met him under the leadership of its President Chaudhry Muhammad Nawaz. The delegation comprised of Senior Vice President Syed Zia Alamdar Hussain, Engineer Suhail Bin Rashid and Sh. Abdul Qayyum.
Lahore Chamber of Commerce and Industry has urged the Civil Aviation Authority to stop overcharging and impose equal rates across the country as importers have shifted their 40 percent business from Lahore airport to other airports due to heavy overcharging.
Khyber Pakhtunkhwa's Chief Minister Pervez Khattak has directed the concerned officials to work out a transparent mechanism to modernise the existing system of exploration and exploitation of mineral resources on scientific lines. "A transparent and ideally open system for modern and scientific exploration and exploitation is more needed today than before," he said presiding over a meeting convened here at the CM Secretariat to discuss Khyber Pakhtunkhwa Mineral Act 2016.