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Finance Minister Ishaq Dar Saturday chaired a meeting to review the public debt-related matters. The DG Debt Policy Co-ordination Office briefed the Finance Minister on the overall debt portfolio of the country, its composition, cost and maturity. The minister was informed that the maturity profile of the domestic debt had improved over the last two years along with a reduction in cost.

Senate Standing Committee on Textile Industry has recommended to the Federal Board of Revenue (FBR) to introduce "no payment no refund" system for exporters and immediately withdraw increase in import duty on coal from 1 percent to 5 percent, as this would nullify the government's positive initiative to use coal as an alternative fuel. It is learnt that the FBR has received recommendations of the committee pertaining to changes in the tax regime for the textile sector.
The State Bank of Pakistan has reportedly directed banks not to deprive politically exposed persons (PEPs) of financial services after criticism by the Senate Standing Committee on Finance that banks are not providing services to PEPs. Sources revealed that senior officials of SBP informed an in-camera session of the meeting of the Senate Standing Committee on Finance that banks have been directed to ensure provision of banking services to PEPs without any discrimination as they cannot refuse to open or operate accounts of PEPs on the pretext of high risk.
Ministry of Water and Power is reportedly mulling initiating probe into massive irregularities in the hiring process in Lahore Electric Supply Company (Lesco) and Peshawar Electric Supply Company (Pesco), well-informed sources told Business Recorder .
Officials from 12 countries including the US, Japan and Australia appeared close to a deal on an ambitious Pacific Rim trade pact Saturday as negotiations went into the second day of overtime. Late Friday officials said an agreement on the Trans-Pacific Partnership was within reach, though it was not clear if the final grudging issues of protections for certain drug patents, and lowered trade barriers on auto parts and dairy products, were fully resolved.
The Inter-national Monetary Fund (IMF) has stated that China Pakistan Economic Corridor (CPEC) is of great significance to economic development in Pakistan. While giving an interview to a Pakistani TV channel, the IMF's mission chief for Pakistan Herald Finger said Pakistan can improve its competitiveness through reforms and business friendly environment. He urged to give priority to infrastructure projects included in CPEC and assured that the funding will be monitored in a better way.
Regional Tax Office (RTO) Lahore, Federal Board of Revenue (FBR) has reportedly booked former Pakistan Sugar Mills Association (PSMA) President Riaz Qadeer Butt for allegedly massive evasion of tax, FBR RTO soures said here on Saturday. The sources said the detected tax evasion scam is being assessed to be the highest in terms of amount involved in the history of RTO Lahore. The sources said that a few arrests have been made while efforts are being made to arrest Riaz Qadeer Butt and other directors nominated in FIR NO.04/2015.


Index Closing Chg%
Arrow DJIA 16,472.37 1.23
Arrow Nasdaq 4,707.77 1.74
Arrow S&P 1,951.36 1.43
Arrow FTSE 6,129.98 0.95
Arrow DAX 9,553.07 0.46
Arrow CAC-40 4,458.88 0.73
Arrow Nikkei 17,725.13 0.02
Arrow H.Seng 21,506.09 3.17
Arrow Sensex 26,220.95 0.25

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.998 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklySeptember 21, 2015
Reserves $18.726 bln