Pakistan has reached out to member countries of the Financial Action Task Force (FATF) in an effort to garner their support for exiting from the grey list, just days ahead of a meeting of the global watchdog on terror financing.

The International Monetary Fund (IMF) has reportedly sought a new Circular Debt Management Plan (CDMP) from the government, including a pledge to increase tariff in future, rationalization of subsidy and slashing of circular debt, well-informed sources told Business Recorder.

Special Assistant to PM on Revenue Dr. Waqar Masood on Wednesday said that with the effort of PTI-led government the tax net collection has been increased by bringing reforms in the FBR (Federal Board of Revenue) and country’ economy was putting back on fast track.

KASB Market View

The benchmark KSE-100 index once again retreated to the negative zone on Wednesday, shedding nearly 100 points on back of technical selling towards the end of the session. HBL’s announcement of financial results became a major dampener for investors as the company posted lower than anticipated earnings and payout for the last quarter. We expect the cyclical stocks especially cements to outperform in the market as a result of exceptional half yearly results.

National News

Pakistan in diplomatic push to exit FATF grey list

Pakistan has reached out to member countries of the Financial Action Task Force (FATF) in an effort to garner their support for exiting from the grey list, just days ahead of a meeting of the global watchdog on terror financing.

https://tribune.com.pk/story/2284600/pakistan-in-diplomatic-push-to-exit-fatf-grey-list

IMF seeks new circular debt plan

The International Monetary Fund (IMF) has reportedly sought a new Circular Debt Management Plan (CDMP) from the government, including a pledge to increase tariff in future, rationalization of subsidy and slashing of circular debt, well-informed sources told Business Recorder.

https://epaper.brecorder.com/2021/02/18/1-page/870186-news.html

Country’s economy on fast-track, tax net increasing: Dr Waqar Masood

Special Assistant to PM on Revenue Dr. Waqar Masood on Wednesday said that with the effort of PTI-led government the tax net collection has been increased by bringing reforms in the FBR (Federal Board of Revenue) and country’ economy was putting back on fast track.

https://www.brecorder.com/news/40065107/countrys-economy-on-fast-track-tax-net-increasing-dr-waqar-masood

Important decisions taken in CPEC Phase 2 development

A model economic zone will be set up under the China-Pakistan Economic Corridor (CPEC) to keep overseas Pakistani and Chinese investors’ interests, Punjab Finance Minister, Makhdoom Hashim Jawan Bakht, said while presiding over a meeting on CPEC projects at the Planning and Development Board. He said that in the second phase of CPEC, priority will be given to agriculture and irrigation projects.

https://timesofislamabad.com/18-Feb-2021/important-decisions-taken-in-cpec-phase-2-development

DRAP approves licencing, marketing of CanSinoBIO vaccine

The Drug Regulatory Authority of Pakistan (DRAP) has granted ’emergency use approval’ to the CanSinoBIO Recombinant Covid-19 Vaccine Adenovirus Type 5 Vector (Ad5-nCoV) and its marketing through private and public sector.

https://profit.pakistantoday.com.pk/2021/02/17/drap-approves-licencing-marketing-of-cansinobio-vaccine/

Kohat Cement plans 10,000 ton/day capacity plant

As cement demand has seen an upsurge amid government’s support to the construction industry, another main player planned a new plant to enhance its production capacity by up to 10,000 tons a day by investing an estimated Rs30 billion, it was learnt on Wednesday.

https://www.thenews.com.pk/print/791498-kohat-cement-plans-10-000-ton-day-capacity-plant

PD revising power policy draft

Power Division is reportedly revising the draft of National Electricity Policy (NEP) in the light of observations made by the provinces including deduction of power receivables at source, well-informed sources told Business Recorder.

https://epaper.brecorder.com/2021/02/18/1-page/870187-news.html

To address IMF concerns: Govt agrees to abolish Rs150 bn corporate income tax exemptions

Ruling out the possibility of changes in the General Sales Tax and Federal Excise Duty till the announcement of the upcoming budget, the government has agreed to abolish the Corporate Income Tax (CIT) exemptions, either through a presidential ordinance or submission of bill before the parliament in order to satisfy the IMF.

https://www.thenews.com.pk/print/791757-to-address-imf-concerns-govt-agrees-to-abolish-rs150-bn-corporate-income-tax-exemptions

January textile group exports decline 5.54pc MoM

The country’s textile group exports have witnessed a decline of 5.54 percent in January 2021 as it stood at $1.32 billion compared to $1.4 billion during December 2020, says the Pakistan Bureau of Statistics (PBS).

https://epaper.brecorder.com/2021/02/18/12-page/870278-news.html

West Texas Intermediate (WTI)s

-Word of the Day-

West Texas Intermediate is the underlying commodity of the New York Mercantile Exchange’s oil futures contract and one of the main global oil benchmarks.