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Nine-month fiscal deficit widens to 3.6pc


May 7, 2021

ISLAMABAD: The country’s fiscal deficit has increased to 3.6 per cent of gross domestic product (GDP) or Rs1.652 trillion during the first nine months (July-March) of the current fiscal year despite a drastic cut in development, almost static defence expenditure, healthy provincial cash surpluses and record petroleum levy collections. The consolidated data on fiscal operations for the first three quarters …

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PIBs rates cut again by up to 65bps


May 7, 2021

KARACHI: The most attractive long-term domestic papers — Pakistan Investment Bonds (PIBs) — witnessed another significant cut up to 65 basis points in the auction held on Thursday. The auction was held for fixed rate PIBs. The government, which has been raising maximum liquidity from banks, slashed cut-off yields on all PIBs for all tenors. The details issued by the …

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Sindh E&T collection soars 26pc in 10MFY21


May 7, 2021

KARACHI: Despite second and third waves of Covid-19, the collection of the Sindh Excise and Taxation Department rose Rs17 billion, or 26.36 per cent, to Rs81.5bn during the first 10 months of the current fiscal year compared to Rs64.5bn collected in the same period last year. Data released by the E&T department showed that in July-April FY21 the total collection …

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Chinese firm awarded $355m Tarbela project


May 7, 2021

ISLAMABAD: The Water and Power Development Authority (Wapda) on Thursday awarded a $354.6 million worth of contract to Power Construction Corporation of China Ltd (PCCCL) for civil works of the 1,530MW Tarbela 5th Extension Hydropower Project after completion of an international competitive bidding process. The contract was signed by Project Director Tarbela 5th Extension Project Muhammad Azam Joya and PCCCL …

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Export sector to remain operational on May 10-12


May 7, 2021

KARACHI: For facilitating trade and industry, the State Bank of Pakistan (SBP) has decided to keep banks open on May 10-11, while the Ministry of Commerce also announced that export industries and their suppliers — indirect exporters — will remain operational on May 10-12. Earlier, the SBP announced that banks will remain closed from May 10 to 15th for Eid …

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Trade deficit widens by 21.6pc in 10MFY21


May 6, 2021

ISLAMABAD: Pakistan’s trade deficit posted double-digit rise as it widened by 21.6 per cent to $23.83 billion in the 10 months of 2020-21 from $19.59bn over the corresponding period last year, Pakistan Bureau of Statistics (PBS) data showed on Wednesday. The trade gap has been widening since December 2020. The surge in trade deficit is mainly led by exponential growth …

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Govt raises Rs618bn, slashes yields on T-bills again by 14bps


May 6, 2021

KARACHI: The government again slashed the cut-off yields on treasury bills (T-bills) while it raised Rs617.8 billion in an auction on Wednesday. The cut-off yield on the benchmark six-month T-bills was slashed by14 basis points to raise Rs299.4bn. In the last auction held on April 21 the rate was slashed by 11bps. The bidding trend showed presence of huge liquidity …

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ECC okays Rs90bn payment to IPPs


May 6, 2021

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved payment of Rs90 billion to 35 independent power producers (IPPs). The ECC also decided to give a last chance to K-Electric (KE) for settling Rs212bn payments and inking an agreement for additional power intake from the national grid on timely payments. The ECC meeting, presided over by Minister …

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NCCPL discloses number of stock market investors — 252,322


May 6, 2021

KARACHI: The National Clearing Company of Pakistan (NCCPL) has set the long-held speculation on the number of investors who trade at the Pakistan Stock Exchange at rest. The clearing company disclosed on its website that the active Unique Identification Numbers (UINs) — allotted to each investor — as of April 30, 2021 stood at 252,322. These include individual accounts at …

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Pakistan to be added to Amazon’s sellers list within next few days: PM’s aide


May 6, 2021

Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood said on Thursday that Pakistan would be added to e-commerce giant Amazon’s sellers list within the next few days. “We have finally made it. We have been engaged with Amazon since last year and now it’s happening. It is a great opportunity for our youth, small and medium …

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