Last update: Fri, 12 Feb 2016 08am

Stocks and Bonds: Pakistan


Prime Minister Nawaz Sharif on Thursday said Pakistan's economy has witnessed a great economic turnaround and the progress and development was taking the country forward to a bright future at a fast pace. He was addressing the Pakistani community here during his two-day official visit to Qatar. Prime Minister Sharif shared details of his meetings with the Qatari leadership and said they particularly lauded the role of Pakistani community in the development and progress of Qatar.

The management board of Pakistan State Oil (PSO) has approved the state-run oil importer's entry into and execution of LNG Sale Purchase Agreement (LSPA) with Qatar Liquefied Gas Company Limited2 (QG2). According to a stock filing, the multibillion dollars deal was signed between PSO and QG2 as, respectively, buyer and seller in Doha, Qatar. The 15-year long-term LSPA envisages PSO importing LNG from Qatar at relatively lower price of 13.37 percent of British Brent.
Prime Minister Nawaz Sharif on Thursday invited Qatari investors to explore investment opportunities in Pakistan with particular focus on energy related projects, infrastructure development, and consumer based industry. The Prime Minister was talking to Chief Executive Officer of Qatar Investment Authority (QIA) Sheikh Abdullah bin Muhammad Al-Thani, who along with his delegation called on him here.
The government came up with a 'revised' strategy while splitting the ailing national flag carrier, PIA, into two, operations and services, headed by Federal Secretary Aviation Division Irfan Elahi, an Acting Chairman PIA, who will also serve as Chairman PIA Board of Directors (BoD), however, the post of Managing Director (MD) remains vacant.
IMF chief Christine Lagarde beca-me assured Thursday of a second five-year term after the global financial institution announced there were no other candidates for the position. "One candidate, current Managing Director Christine Lagarde, has been nominated," the IMF executive board said in a statement. The new term begins in July. The United States, the largest IMF stakeholder and long a strong supporter of Lagarde's leadership in steering the crisis lender through a critical time for the global economy, swiftly declared its official backing Thursday.
The prime minister's special assistant on revenue Thursday warned that the withholding tax on banking transactions will revert to 0.6 percent for non-filers once the time to opt for the Voluntary Tax Compliance Scheme introduced by the government is over. The stern warning by special assistant Haroon Akhtar Khan came as he addressed a seminar arranged at the Regional Tax Office (RTO) Lahore and attended by tax lawyers, traders and officers of the Federal Board of Revenue (FBR) here.
Federal Board of Revenue (FBR) is all set to grant immunity from income tax audit for the tax year 2014 to the taxpayers, who will pay 25 percent more income tax on the declared tax for the tax year 2013, it was learnt here on Thursday. According to sources, Vishno Raja Qavi, chief Income Tax policy II, during a recent visit to Karachi hinted that the board was considering the proposal of Karachi Tax Bar Association (KTBA) for granting immunity from income tax audit for the tax year 2014 to the taxpayers, who would pay 25 percent more income tax on the declared tax for the tax year 2013.