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Business and Economy: Pakistan


The country's total liquid foreign reserves rose by $29 million during the last week mainly due to increase in banks' reserves. According to State Bank of Pakistan's weekly forex reserve report issued on Thursday, the country's total liquid foreign reserves reached $13.465 billion as on October 17, 2014 compared to $13.436 billion as on October 10, 2014.

Finance Minister Ishaq Dar met his Chinese counterpart Lou Jiwei in Beijing on Thursday and the two ministers exchanged views on a wide range of financial and economic matters of interest and areas of co-operation between the two countries. According to a message received here, Dar appreciated China''''s all-out support in various fields with particular reference to its role in establishing Asian Infrastructure Investment Bank (AIIB).
Prime Minister Nawaz Sharif on Thursday said Pakistan wished to strengthen close economic and cultural relations with Nepal and stressed the active role of Joint Economic Commission (JEC) between the two countries. Talking to Nepal's Foreign Minister Mahendra Bahadur Panday at PM House here, the PM said apart from strengthening bilateral relations with Nepal, Pakistan was keen to promote Saarc activities in partnership with Nepal.
Ambassador of Denmark to Pakistan Jesper Moller Sorensen on Thursday said that Denmark focus on commerce was not only to strengthen bilateral ties but also help create maximum job opportunities for the citizens of Pakistan.
The Regional Standing Committee on Gems and Jewellery, Federation of Pakistan Chambers of Commerce & Industry (FPCCI), and Lahore Division Sarafa & Jewellers Association have urged the government to withdraw GST on jewellery to save the industry from collapse.
Officials from Dentsu Aegis Network recently visited offices of Synergy Group Pakistan. The objective of the meeting was to strengthen partnership and enhance their scope of services in Pakistan. Speaking on his visit, Koji Watanabe, Managing Director of Dentsu MEA expressed, "Our partnership with Synergy Group's media agency Synchronise Media as a Carat affiliate has generated encouraging results in the last two years.
President of Karachi Chamber of Commerce and Industry (KCCI), Iftikhar Ahmed Vohra has urged the Federal Board of Revenue (FBR) to extend the last date for filing of income tax returns and wealth statements as the taxpayers are facing immense hardships. President KCCI, in his statement on Thursday, emphasised FBR to restore the previous online system for filing of income tax returns to give relief to taxpayers who are trying to submit their returns online but the existing IRIS system continues to give errors.


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln