- The price of chakki atta skyrocketed to Rs 130 per kg on Tuesday, making the commodity out of reach of common people in the major cities of Punjab.?
- Multan division has achieved 98% wheat sowing target and the campaign is heading forward with rapid pace, while the agriculture department has invited applications from growers for wheat production competition 2022-23 up to January 31.
- Attock Refinery Limited has warned the government that oil supply to PAF, Islamabad Airports and Oil Marketing Companies (OMCs) may be disrupted if its power plant, Attock Gen Limited is not operationalized immediately.
- Lawmakers belonging to south Punjab expressed their serious concerns over the alleged wrongdoings in the surveys conducted in 3 flood-hit districts to assess the damages.
- Miftah warns default risk won’t subside until IMF, other multilateral lenders ‘come to the table’. Moreover, PM Shehbaz Sharif decried a “callous IMF”, saying that the global lender had put shackles on the country because of which the government’s efforts for rehabilitation of flood victims had become a huge challenge.
- Finland continues LNG from Russia, with gas imports having amounted to 75 billion Euros ($79.71 billion) from January to September 2022. In addition, Kyiv mayor Vitali Klitschko says that Russian blasts hit Kyiv's central Shevchenkivskyi district early on Wednesday whereby emergency services were dispatched.
COMMODITIES - CROPS, LIVESTOCK & HORTICULTURE
- Flour Prices: The price of chakki atta skyrocketed to Rs 130 per kg on Tuesday, making the commodity out of reach of common people in Lahore and other major cities of Punjab. The prices of simple and fine atta (flour), usually used for making roti and naan, also reached record high of Rs 1,750 (per 15 kg bag) and Rs 9500 (per 80 kg bag), respectively. [Dawn]
- Wheat Sowing Target: Multan division has achieved 98% wheat sowing target and the campaign is heading forward with rapid pace. According to official sources, the divisional administration set a target 1,878,000 acres in all four districts including Vehari, Lodhran, Khanewal and Vehari. So far, wheat has been cultivated at 1,839,186 acres which is 98% of the total target. The official sources maintained that 101% (458,632) wheat was cultivated in Multan. [The Nation] [UP]
- Wheat Production Competition: The agriculture department has invited applications from growers for wheat production competition 2022-23 up to January 31. A spokesperson for the agriculture (extension) department said on Tuesday that growers who had five acres or more irrigated land were eligible to participate in wheat competition and position holders would be awarded prizes. [The Nation] [UP]
AGRI-INPUTS, WEATHER, WATER & POWER
- Attock Refinery Limited: ARL has warned the government that oil supply to Pakistan Air Force (PAF), Islamabad Airports and Oil Marketing Companies (OMCs) may be disrupted if its power plant, Attock Gen Limited is not operationalized immediately. [BR] [ET]
- 1,320MW Project Initiated: As Pakistan’s energy import bill touched an exorbitant $27 billion, Prime Minister (PM) Shehbaz Sharif underlined the need to explore indigenous resources including hydel, solar, air and coal to produce cheap electricity. [ET]
- Reko Diq Deal: Differences among the ruling coalition parties regarding the restructuring of the Reko Diq copper-gold project in the Chagai district of Balochistan surfaced on Tuesday, as the federal cabinet gave the final go-ahead for the signing of the deal before the December 15 deadline. [ET]
- Post Flood: Lawmakers belonging to south Punjab on Tuesday expressed their serious concerns over the alleged wrongdoings in the surveys conducted in three flood-hit districts to assess the damages, alleging that the lists carrying the names of the affected persons had been compiled on the basis of political affiliations. [Dawn]
AGRI UPDATES & PAKISTAN POLICY
- Pakistan’s Default Risk: Miftah warns default risk won’t subside until IMF, other multilateral lenders ‘come to the table’. Dar claims the previous govt eroded credibility with the Fund, says S. Arabia asked to double the deferred oil payment facility. In Pakistan, other borrowers fail to persuade lenders to review surcharges on loans. [Dawn] [Dunya] [ARY] [PT]
- Circular Debt: Pakistan’s power sector circular debt has spiked to an alarming level of Rs4,177 billion as the government fails to stem system losses, sources said on Tuesday. The circular debt of the energy sector is rising at the rate of about Rs 129 billion per year. The surge in the outstanding debt stock due is significantly caused by the government’s inability to pay dues to independent power producers (IPPs). [ET] [The Nation]
- Annual Currency Caps: To overcome the problem of falling foreign reserves, the federal government has set an annual limit of $30,000 for passengers over 18 and $15,000 for those below that age to carry with them while traveling abroad, the only exception being Afghanistan for which the cap has been fixed at $6,000. [ET]
- Shahbas Sharif on IMF: Prime Minister Shehbaz Sharif on Tuesday decried a “callous IMF”, saying that the global lender had put shackles on the country because of which the government’s efforts for rehabilitation of flood victims and providing relief to the masses had become a huge challenge. [ET]
INTERNATIONAL – OVERVIEW & MARKET OUTLOOK
- Oil Prices: Oil rose to more than $80 a barrel on Tuesday as investors bought up risk assets after US data pointed to slowing inflation. The market was also buoyed by concern about supply disruptions, including the ongoing shutdown of the Canada-to-United States Keystone crude pipeline following a massive leak. [BR] [Dawn]
- EU Strikes Deal on First Carbon: After all-night negotiations, the European Union (EU) struck a political deal on Tuesday to impose a carbon dioxide emissions tariff on imports of polluting goods such as steel and cement, a world-first scheme aiming to support European industries as they decarbonise. [ET] [Al Jazeera]
- Russia Trade Representative: Finland continues to import liquefied natural gas (LNG) from Russia, with gas imports having amounted to 75 billion Euros ($79.71 billion) from January to September 2022, Anton Loginov, Russia's trade representative in Finland, has told Sputnik. [UP]
- Russia-Ukraine War: Kyiv mayor Vitali Klitschko says that blasts hit Kyiv's central Shevchenkivskyi district early on Wednesday. “Emergency services dispatched,” Klitschko said on the Telegram messaging app. “Details later.”? Oleksiy Kuleba, the governor of the Kyiv region, said that air defence systems were at work. [The Guardian]
- Sindh Reports Over 200,000 Typhoid Cases in 10 Months: The cases of typhoid have seen an unprecedented surge this year, particularly in the last four months, as emerged on Tuesday. [Dawn]
- Opinion: Food Security and Agriculture Revival - “Pakistan has the potential to adopt modern tools to enhance its agricultural output and eradicate food insecurity and malnutrition. A 1% increase in tech-based investments in agriculture can enhance sectoral output by 3% and GDP by 0.68%. Improved productivity would result in a higher food supply which may lead to a decline in domestic prices by 3%, but real wages would improve by 0.8% for unskilled labour and 1% for skilled labour.” - By Jazib Mumtaz [ET]
- Startup Funding Down to $350 Million due to uncertain macroeconomic conditions and increasing political turmoil in the country – distracting investors from signing big cheques. [ET]
