Policy-level talks with IMF to begin tomorrow

ISLAMABAD: Pakistani officials and the visiting review mission of the International Monetary Fund (IMF) will start crucial policy level talks from Monday to decide the fate of the $1.7 billion tranche of the Standby Arrangement (SBA), it is learnt.

Federal Finance Minister Dr Abdul Hafeez Sheikh and SBP Governor Shahid Hafeez Kardar will lead the Pakistani side, while the IMF’s delegation will be headed by Adnan Mazarei, mission chief for Pakistan. The policy level talks, officials said, would continue for two to three days.
During the technical level talks, Pakistani and IMF officials finalised targets of real GDP growth at 2.8 percent, inflation at 14.5 percent, current account deficit at minus 2 percent and FBR’s revenue collection at Rs1,689 billion provided the government took additional measures such as imposing flood tax and abolishing sales tax exemptions.

Forex reserves dip to $16.88bn

KARACHI: Pakistan’s foreign exchange reserves slipped to $16.88 billion on regular debt payments by the week ended on October 22, the central bank said on Thursday.

The foreign exchange reserves held by the State Bank of Pakistan (SBP) declined to $13.09 billion while those held by other commercial banks came down to $3.79 billion, it said.

Reserves set new record at $17bn

Remittances sent by overseas Pakistanis and narrow current account deficit were the key reasons of record build up of reserves. — File Photo

KARACHI: For the first time, country’s foreign exchange reserves crossed the figure of $17 billion to set a new record, the State Bank reported on Thursday.
Remittances sent by overseas Pakistanis and narrow current account deficit were the key reasons of record build up of reserves.

Just two years back the country was about to default on foreign payments and it hurried to sign an emergency loan agreement with the IMF to avoid default. The agreement of $11.3 billion, of which over $7 billion have already landed into country’s reserves, boosted confidence and saved the country from another possible crisis.

July-Sept foreign investment falls 28.5pc

 News

 

July-Sept foreign investment falls 28.5pc

 

Updated at 1200 PST Friday, October 15, 2010

 

KARACHI: Net foreign investment in Pakistan fell 28.5 percent to $455.1 million in the first three months of the fiscal year 2010/11, compared with $636.1 million in the same period last year, the central bank said on Friday.

Out of the total foreign investment, foreign direct investment fell 9.5 percent in July and September to $387.4 million, from $427.9 million in the same period last year, the State Bank of Pakistan said.

Lotte Group plans to invest $40m in Pakistan

KARACHI: Lotte PA, the biggest producer of PTA (Purified Terephthalic Acid) in the country, plans to retire around 63 million dollars of foreign loans and invest 40 million dollars in Pakistan.

According to industry sources, the management reiterated its plan to invest S$40 million in a captive power plant for uninterrupted power supply and $5 million in a catalyst recovery plant for cost efficiency. This will help the company’s volatile margins to improve. The management endorses the news report that Lotte Group is considering acquiring confectionery business in Pakistan without giving much detail.

KSE attends capital markets moot in NY

KARACHI: The Karachi Stock Exchange (KSE) attended the Pakistan Day Capital Markets Conference held in New York.

A KSE statement issued here late on Monday said that 10 large, key listed Pakistani companies like Engro, OGDCL, UBL, Fatima Fertilizer, Lucky Cement etc, are attending the road show hosted by the Bank of New York which has attracted key institutional investors, leading fund managers and financial institutions of the USA.

IDC team to attract Italian investment to Pakistan

Saturday, January 09, 2010
KARACHI: Italian Development Council (IDC) is taking a delegation to Italy from January 15 to 25 to attract Italian investment in Pakistan.

This was disclosed by IDC President Tariq Ikram while talking to media along with BoI Chairman Saleem H Mandviwalla here on Friday. He termed it a groundbreaking event which would set the stage for a larger delegation of leading Pakistani businessmen to visit Italy later this year.

Forex reserves cross $15 billion mark: SBP

KARACHI: The total liquid foreign reserves held by the country stood at 15.0312 billion dollars on January 02, 2010, sources of State Bank of Pakistan (SBP) said here Thursday.

Foreign reserves likely to soar to $14.9bn

ISLAMABAD: Pakistan’s foreign exchange reserves are expected to shoot up to $14.92 billion by the end of December with the disbursement of $1.2 billion by the International Monetary Fund (IMF).
 
Sources in the ministry of finance told Dawn that the disbursement of the fourth tranche of SDR 766.7 million, equivalent to about $1.2 billion will be credited to the State Bank through the Federal Reserve Bank either on Dec 28 or 29.