The Federal Government and 44 Independent Power Producers (IPPs) are all set to sign the revised agreements on Thursday (today), with a clear understanding that there will be no halt in ongoing/future investigations in National Accountability Bureau (NAB), Securities and Exchange Commission of Pakistan (SECP) or the power regulator (Nepra) against them.

The State Bank of Pakistan (SBP) has notified revisions in chapter 20 of the Foreign Exchange Manual to facilitate startups, fintech and exports. The new policy for equity investment abroad will attract foreign direct investment through the establishment of holding companies by Pakistani fintech and startups.

The Federal Government has approved a massive increase in tariffs of Distribution Companies (Discos) – by approximately Rs 3.50 per unit, of which Rs 1.5359 per unit raise is for December 2020 under monthly fuel price adjustment mechanism and Rs 1.95 per unit raise in base tariff, days before formal resumption of IMF’s suspended program.

KASB Market View

Trading volume at the Pakistan Stock Exchange (PSX) touched a 16yr high as it rose past one billion shares yesterday. Oil and refinery sectors drove the uptrend on the back of a continued uptick in global oil prices coupled with likely finalization of an oil marketing policy by the government. Therefore, investors took new positions in oil and gas marketing, exploration and production and refinery sectors.

National News

Payment to IPPs: IMF has acquiesced to deal

The Federal Government and 44 Independent Power Producers (IPPs) are all set to sign the revised agreements on Thursday (today), with a clear understanding that there will be no halt in ongoing/future investigations in National Accountability Bureau (NAB), Securities and Exchange Commission of Pakistan (SECP) or the power regulator (Nepra) against them.

https://www.brecorder.com/news/40062746/payment-to-ipps-imf-has-acquiesced-to-deal

Automotive Development Policy: PAMA concerned over alleged extension in incentives to new entrants

Pakistan Automotive Manufacturers Association (PAMA) has raised concern over alleged extension in incentives available to the new entrants under the Automotive Development Policy (ADP) 2016-21.

https://www.brecorder.com/news/40062718/automotive-development-policy-pama-concerned-over-alleged-extension-in-incentives-to-new-entrants

Startups, fintechs and exports: SBP notifies revisions in chapter 20 of FE Manual

The State Bank of Pakistan (SBP) has notified revisions in chapter 20 of the Foreign Exchange Manual to facilitate startups, fintech and exports. The new policy for equity investment abroad will attract foreign direct investment through the establishment of holding companies by Pakistani fintech and startups.

https://www.brecorder.com/news/40062743/startups-fintechs-and-exports-sbp-notifies-revisions-in-chapter-20-of-fe-manual

Bank deposits jump 16pc YoY

Deposits of the banking industry posted a notable growth of 16 percent. As per the latest data released by the State Bank of Pakistan (SBP), banks’ deposits increased by 16 percent to Rs 17.09 trillion in January 2021 compared to Rs 14.673 trillion in January 2020.

https://www.brecorder.com/news/40062744/bank-deposits-jump-16pc-yoy

Launch of first phase of TAPI gas pipeline project planned for this year: ADB

The first phase of the Turkmenistan– Afghanistan–Pakistan–India Natural Gas Pipeline project is planned to be launched in 2021, says the Asian Development Bank (ADB).

https://epaper.brecorder.com/2021/02/11/6-page/869363-news.html

Massive increase in Discos tariffs allowed

The Federal Government has approved a massive increase in tariffs of Distribution Companies (Discos) – by approximately Rs 3.50 per unit, of which Rs 1.5359 per unit raise is for December 2020 under monthly fuel price adjustment mechanism and Rs 1.95 per unit raise in base tariff, days before formal resumption of IMF’s suspended program.

https://www.brecorder.com/news/40062747/massive-increase-in-discos-tariffs-allowed

Ogra allows SNGPL to raise average price of gas

The Oil and Gas Regulatory Authority (Ogra) has allowed Sui Northern Gas Pipeline Limited (SNGPL) to increase average price of gas by two percent for all categories of consumers for financial year 2020-21. The regulator has allowed an increase in price of Rs13.42 per mmbtu. Existing average sale prices is Rs 631.41 per mmbtu. The new price is Rs 644.84 per mmbtu.

https://www.brecorder.com/news/40062748/ogra-allows-sngpl-to-raise-average-price-of-gas

SBP exempts resident investors from approval for foreign investment

The State Bank of Pakistan (SBP) on Wednesday exempted Pakistani investors from taking the central bank’s permission for foreign investment except when they want to invest abroad for business expansion.

https://www.thenews.com.pk/print/788097-sbp-exempts-resident-investors-from-approval-for-foreign-investment

Income tax on debt profit through Roshan Digital Accounts waived

The government has waived income tax on profit earned from investments in debt market by non-resident Pakistanis through Roshan Digital Accounts (RDA), sources said on Wednesday.

https://www.thenews.com.pk/print/788098-income-tax-on-debt-profit-through-roshan-digital-accounts-waived

T-bills auction beats target; yields mostly flat

The government on Wednesday raised Rs662.8 billion through the auction of Market Treasury Bills (MTBs), beating its target of Rs550 billion, results issued by the State Bank of Pakistan (SBP) showed.

https://www.thenews.com.pk/print/788100-t-bills-auction-beats-target-yields-mostly-flat