Topline
- Sugar millers have appealed to the government to intervene in the market and direct the authorities concerned to take steps immediately for the export of surplus sugar.
- The European Union is providing €350,000 (nearly PKR 76 million) to provide crucial humanitarian assistance to families affected by severe flooding, which has wreaked havoc across many parts of Pakistan. A monsoon weather system beginning from the 26th of August will unleash further rains across the country, the Met Office said.
- The power Distribution Companies (Discos) have sought an increase of Rs 3.7 per unit and to recover an additional amount of Rs 94.4 billion from consumers for 4th quarter of CFY 2021-22 under Quarterly Tariff Adjustment (QTA) mechanism as PM Shehbaz Sharif announced a complete exemption to about 17.1 million electricity consumers out of 30 million in the country from paying their fuel adjustment charges in the electricity bills.
- Pakistan’s current account deficit registered a massive 45% month-on-month decrease, clocking in at $1.21 billion in July 2022 in comparison to a deficit of $2.2 billion (revised figure) in June.
- Oil prices jumped about $3 a barrel on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support prices.
- The number of people crossing the Channel to the UK from northern France in small boats has hit a new high.
Commodities - Crops, Livestock & Horticulture
- Price Monitoring Revived: After a lapse of four months, the coalition government on Tuesday revived the National Price Monitoring Committee (NPMC). [Dawn]
- Sugar Export: Sugar millers have appealed to the government to intervene in the market and direct the authorities concerned to take steps immediately for the export of surplus sugar. [ET] [BR]
- Cotton Spot Rate: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Tuesday increased the spot rate by Rs 1,000 per maund and was available at Rs 22,000 per maund. [BR]
- Rupee Depreciation: The Pakistani rupee weaken further against the US dollar and was hovering around the Rs.218-219 to $1 level in the inter-bank market during trading on Wednesday. [BR]
Agri-Inputs, Weather, Water & Power
- Monsoon Rains: Another strong monsoonal weather system is expected to unleash more rains in the country through August 26, the Met Office said. PPP Chairman Bilawal Bhutto-Zardari has said that unprecedented heavy rain and hill torrents have wreaked havoc in Qambar-Shahdadkot district and asked officials to raise mud embankments to save main roads and arteries from getting overtopped by water gushing down the hills. [BR] [Dawn]
- Flood Relief: The European Union is providing €350,000 (nearly PKR 76 million) to provide crucial humanitarian assistance to families affected by severe flooding, which has wreaked havoc across many parts of Pakistan. The PM urged the nation to donate as ‘hundreds of billions’ is required to help flood-hit regions. The death toll reaches 830. Sherry Rehman, Minister of Climate Change, said 30 Sindh districts submerged, warning flooding in Indus will displace thousands more. [BR] [Dawn]
- Import of Fertiliser: Fertiliser Manufacturers of Pakistan Advisory Council (FMPAC), a body of fertiliser manufacturers, has opposed the import of di-ammonium phosphate (DAP) fertiliser through Trading Corporation of Pakistan (TCP) and warns it will hurt farmers and domestic industry alike. [ET] [BR]
- Fuel Adjustment Charge in Electricity Bills: Prime Minister Muhammad Shehbaz Sharif on Tuesday announced a complete exemption to about 17.1 million electricity consumers out of 30 million in the country from paying their fuel adjustment charges in the electricity bills. [BR] [The Nation]
- Quarterly Tariff Adjustment: The power Distribution Companies (Discos) have sought an increase of Rs 3.7 per unit and to recover an additional amount of Rs 94.4 billion from consumers for 4th quarter of CFY 2021-22 under Quarterly Tariff Adjustment (QTA) mechanism. Almost vicious protests erupted on Tuesday across Rawalpindi and other regions against the Islamabad Electric Supply Company (IESCO) for issuing inflated electricity bills for the second consecutive month. [ET] [BR]
- Dam Fund Inquiry:? FundsThe Public Accounts Committee (PAC) of the parliament – a top parliamentary watchdog – on Tuesday summoned former chief justice of Pakistan (CJP) Mian Saqib Nisar to brief the committee about Diamer-Bhasha and Mohmand Dams Fund which was established during his tenure as the top judge of the country. NAB was directed to recover KP’s chopper expenses from Imran Khan. [BR] [Dawn]
Agri Updates & Pakistan Policy
- PM in Qatar to Generate Trade: Prime Minister Shehbaz Sharif on Tuesday invited investors from Qatar to invest in Pakistan’s energy, aviation, agriculture, livestock, maritime, tourism and hospitality sectors. [BR]
- High Court Summons Imran for ‘Contempt’ of Judge: Pakistan Tehreek-i-Insaf chairman Imran Khan was summoned on Tuesday to appear before the Islamabad High Court (IHC) on August 31 as prosecutors are considering charging him with contempt after he threatened a woman judge, who approved the remand of his chief of staff Shahbaz Gill in a sedition case. [Dawn]
- External Loans: The government procured $185.61 million external loans in the first month of the current fiscal year 2022-23 compared to $1.6 billion during the same period of the last fiscal year. [BR]
- Pakistan’s Current Account Deficit: Pakistan’s current account deficit registered a massive 45% month-on-month decrease, clocking in at $1.21 billion in July 2022 in comparison to a deficit of $2.2 billion (revised figure) in June, showed data released by the State Bank of Pakistan (SBP) on Wednesday. [BR]
International – Overview & Market Outlook
- Oil Prices: Oil prices jumped about $3 a barrel on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support prices in the case of returning Iranian crude and with the prospect of a drop in US inventories. [BR]
- India Sacks 3 for Accidentally Launching Missile: The Indian Air Force said on Tuesday the government had sacked three officers for accidentally firing a missile into Pakistan in March, an incident that the two nuclear-armed rivals handled calmly as there were no casualties. [Dawn]
- 1,295 Migrants Cross the Channel to Britain in One Day: The number of people crossing the Channel to the UK from northern France in small boats has hit a new high, the government in London said on Tuesday. [Dawn] [The Guardian]
- Russia Ukraine War: In late 2021, satellite images emerged showing the buildup of Russian troops on the snowy frontier with Ukraine. Since then, satellite imagery, maps and open-source intelligence (OSINT) have proved pivotal in documenting Russia’s invasion of Ukraine. [Al Jazeera]
Pakistan - Remainders
- Swamped, starving and forsaken: Villagers complain no one from administration comes to mitigate their plight as the Larkana administration has not provided facilities to flood affectees at relief camps. [ET]
