Country becomes eligible for next EFF tranche: NIR target modified downward According to MR Securities , The International Monetary Fund (IMF) modified the time bound target of Net International Reserves (NIR) downward by $2 billion for the second quarter ( end-December 2013 ), thereby enabling Pakistan to become eligible for the disbursement of the next tranche under Extended Fund Facility (EFF). World Bank , ADB country chiefs discuss economy, financing with Dar Director World Bank Rachid Benmessaoud , and Country Director Asian Development Bank, Werner E Liepach called on Finance Minister Ishaq Dar to discuss issues related to project financing and economy. FY14: FDI inflows drop sharply by 27% in first-half Pakistan received $416.1 million in foreign direct investment (FDI) in the first half of fiscal year 2013-14, 26.8% lower than the amount received in the corresponding six months of the preceding year. Monetary policy statement: Discounting IMF’s advice, SBP keeps rate unchanged In an apparent defiance of the International Monetary Fund (IMF) that wants the State Bank of Pakistan (SBP) to build foreign exchange reserves by increasing the monetary policy rate, the central bank announced on Friday it will keep the rate unchanged at 10% for the next two months. 30-day ban on gold import likely The federal government is likely to ban the import of gold for 30 days in order to ease pressure on Pak rupee and rationalise the gap between open and interbank rates, it is reliably learnt. Budget deficit contained at 2.5pc in July-Dec The government has succeeded in curtailing the budget deficit at Rs650 billion , or 2.5 percent, of GDP during first six months of current fiscal 2013-14 in accordance with the target set by the IMF. Government decides to wind up NFC, NFML The federal government has reportedly decided to wind up National Fertilizer Corporation (NFC) and National Fertilizer Marketing Limited (NFML), subsidiaries of Ministry of Industries and Production (MoI&P), due to massive corruption in the handling of imported urea. Punjab Rozgar Bank : soft-term loans to be given to youth: chief minister Punjab Punjab Chief Minister, Shahbaz Sharif has said that soft-term loans will be given to youth through Punjab Rozgar Bank for setting up their business. He said that due to effective economic policies and sincere efforts of PML-N, problems like poverty, unemployment, ignorance and loadshedding would be resolved. Loan defaulters: PPCBL offers attractive packages The Punjab Provincial Co-operative Bank Ltd has offered attractive packages to loan defaulters to pay their old loans and urged the defaulters to take advantage of these liberal incentives. Tax measures add to existing taxpayers' woes State Bank of Pakistan said on Friday that tax measures have only added to the burden of existing taxpayers instead of bringing untaxed segments of the economy under the tax net. According to SBP's monetary policy statement, without expanding tax base and gradually bringing all income generating sectors of the economy into tax net, the tax woes of Pakistan's economy are likely to continue. MCB Bank selects Oracle WebLogic Suite MCB Bank Limited (MCB) has selected Oracle WebLogic Suite 12c to help maximise its ROI from its new core banking application, while enabling faster online banking services and supporting future growth. Govt all set to table cybercrime bill in parliament The government is all set to introduce the legislation bill of Prevention of Electronic Crimes Act into the parliament under which the offense of cyber terrorism shall be punished with imprisonment of up to 14 years and/or fine of Rs50 million , said an official s ce. LNG agreement sent to ministry for approval The Sui Southern Gas Company Limited's (SSGC) Board of Directors (BoD) while approving 500 Million Cubic Feet per Day (MMCFD) of LNG Supply Agreement (LSA) has forwarded it to the Ministry of Petroleum and Natural Res ces (MP&NR) for final government approval. Wind energy projects: ECC allows AEDB to alter standardised security pacts The Economic Co-ordination Committee (ECC) of the Cabinet has allowed Alternative Energy Development Board (AEDB) to alter standardised security package agreements'' upfront tariff based wind energy projects without increasing government's financial liability, official s ces told Business Recorder. Congo investment: Not so Lucky Cement to send 100% dividends home The government has bound Lucky Cement to send 100% dividends back home from its $40 million equity investment in Congo, which is being met from the interbank market, s ces say. Textile sector irked by FBR’s inefficiency Demanding restoration of the zero-rating regime for the textile sector, Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Senior VC Jawwad Ahmad Chaudhry has said that the decision to withdraw zero-rating has adversely affected exports. Report findings: Utility big-wigs get off scot free despite graft trail Seventeen top officials of Lahore Electricity Supply Company ( Lesco ), who are allegedly corrupt, are still working on lucrative posts without any fear of accountability and action despite an intensive government campaign to stem rampant corruption and power theft in an effort to improve the supply of electricity.
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