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The Senate was informed on Wednesday that appreciation of the PKR against the US dollar helped reduce the debt obtained from the International Monetary Fund (IMF) to Rs 44.39 billion. Replying to a supplementary question on behalf of federal minister for finance Ishaq Dar, during question-hour in Senate, state minister for finance Baleeghur Rehman said the appreciation of the rupee helped reduce the IMF loans to Rs 44.39 billion.

A calling attention notice was moved in Senate on Wednesday against an officer currently posted as secretary Benazir Income Support Programme (BISP). Senator Colonel Syed Tahir Hussain Mashhadi (Retd) of Muttahida Qaumi Movement (MQM) drew the attention of minister in-charge of cabinet division regarding the posting of new secretary BISP, declaring him unsuitable and junior for the slot.
Pakistan Petroleum Limited (PPL), one of the leading oil/gas exploration and production (E&P) companies, is committed to adding up to 3.23 Trillion Cubic Feet (TCF) gas within next three years. Asim Murtaza Khan, Managing Director (MD) PPL, informed the National Assembly's Standing Committee on Petroleum and Natural Resources here on Wednesday that the company was committed to increase local oil and gas production, as per Petroleum Ministry's directives.
Sindh High Court (SHC) on Tuesday rejected a civil suit through which K-Electic had urged the court to direct Federal Board of Revenue (FBR) not to recover the tax collected by it from industrial and commercial consumers. However, on the request of Abid S. Zuberi, the counsel for K-Electric, the court granted 10 days to the plaintiff to file an appeal.
China on Wednesday defended the valuation of its currency and pushed back against a US Treasury report expressing concerns over the yuan's sharp slide since January. The statement by Chinese foreign ministry spokeswoman Hua Chunying came a day after the Treasury issued its twice-yearly report, in which it declined to brand China a currency manipulator but said that the yuan, or renminbi (RMB), "remains significantly undervalued".
South Africa's central bank fined four of the country's biggest commercial banks on Wednesday for weak controls against money laundering and financing for terrorism. The banks - including Absa, FirstRand, Nedbank and Africa's largest operator Standard Bank - were charged a total of 125 million rand ($11.8 million).
The Federal Board of Revenue will maintain its legal stance at all fora, including the Economic Co-ordination Committee (ECC) of the Cabinet for charging sales tax on the supply of electricity including subsidy granted to power consumers. Sources told Business Recorder here on Wednesday that the FBR will charge sales tax on electricity as per sales tax law and rules. The high court has upheld the interpretation of the FBR on charging sales tax on electricity.


Index Closing Chg%
Arrow DJIA 16,424.85 1.00
Arrow Nasdaq 4,086.23 1.29
Arrow S&P 1,862.31 1.05
Arrow FTSE 6,584.17 0.65
Arrow DAX 9,317.82 1.57
Arrow CAC-40 4,405.66 1.39
Arrow Nikkei 14,417.68 3.01
Arrow H.Seng 22,696.01 0.11
Arrow Sensex 22,277.23 0.92

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln