- The Economic Coordination Committee (ECC) of the Cabinet has allowed the private sector to import 0.8 Million Metric Tons (MMTs) of wheat without subsidy.
- While more than half a million internally displaced persons (IDPs) have been provided shelter in nearly 2,000 relief camps. 62,000 patients are being treated daily for different diseases at relief camps. Dadu districts was inundated with flooding as a surge of water flowed down the River Indus.?
- Prime Minister Shehbaz Sharif has announced to exempt consumption of electricity up to 300 units from Fuel Charges Adjustment (FCA) to provide consumers relief.
- ?Pakistan’s merchandise exports jumped 11.6% year-on-year in August.
- Oil prices tumbled 3% on Thursday, as new COVID-19 lockdown measures in China added to worries that high inflation and interest rate hikes are denting fuel demand.
- Russia has launched week-long war games involving forces from China and other nations in a show of growing defence cooperation between Moscow and Beijing.
COMMODITIES - CROPS, LIVESTOCK & HORTICULTURE
- Wheat Import: The Economic Coordination Committee (ECC) of the Cabinet has allowed the private sector to import 0.8 Million Metric Tons (MMTs) of wheat without subsidy and at a comparatively lower price than the wheat imported recently by Trading Corporation of Pakistan (TCP). However, the wheat being imported will be at a higher rate than the domestic price. [BR] [ET] [The News]
- Cotton Spot Rate: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Thursday decreased the spot rate by Rs 500 per maund and closed it at Rs 22,000 per maund. The rate of cotton in Sindh is in between Rs 18,000 to Rs 20,000 per maund. The rate of cotton in Punjab is in between Rs 21,000 to Rs 22,000 per maund. The rate of Phutti in Sindh is between Rs 5,000 to Rs 8,500 per 40 kg. The rate of Phutti in Punjab is between Rs 7,000 to Rs 10,000 per 40 kg. The rate of cotton in Balochistan is in between Rs 18,500 to Rs 20,000 per maund. [BR]
- Tea Plantation: “Whatever type of tea industry would be established in Pakistan, it will be very successful and beneficial as tea is the requirement of every house. It is the beverage that people use daily,” said Pakistan Tea Association Chairman Aman Paracha. [ET]
- Gold Prices: Gold prices on Thursday gained a big value in the local market. Prices soared by Rs2,000 to Rs141,000 per tola. Global prices of gold were quoted for $1702 per ounce. [BR]
AGRI-INPUTS, WEATHER, WATER & POWER
- Flooding Impact: Sindh braced for more flooding on Thursday as a surge of water flowed down the Indus river, compounding devastation in the country. MCC Resource Development Company, a Chinese company working in Pakistan, has donated $250,000 for flood victims of Balochistan. While more than half a million internally displaced persons (IDPs) have been provided shelter in nearly 2,000 relief camps. 62,000 patients are being treated daily for different diseases, including malaria, dengue, diarrhea and gastroenteritis at relief camps. Locals raced to save Dadu as the cities of Johi and Mehar were cut off from other areas. 45% of the country's cropland has been washed away with overall damages at $10bn. The Met Office predicts more rains, flash floods this month. Unicef seeks Rs8.14bn for flood-hit kids in Pakistan [BR] [BR] [BR] [Dawn] [Dawn] [Dawn] [ET] [The News] [The News]
- K-P Flood Protection: Khyber-Pakhtunkhwa (K-P) Chief Minister Mahmood Khan has ordered a comprehensive study to identify flood sensitive spots in the province for construction of embankments and flood protection walls. [ET]
- Fuel Charges Adjustment: Prime Minister Shehbaz Sharif has announced to exempt consumption of electricity up to 300 units from Fuel Charges Adjustment (FCA) to provide relief to the consumers. [BR] [ET]
- Balochistan Power & Gas: Despite the passage of seven days, the authorities are yet to restore gas and power supply to Quetta and other districts, causing great inconvenience and hardship to local residents. [ET]
- Solar Energy Generation: Prime Minister Shehbaz Sharif has approved the plan of generating 10,000-MW cheaper electricity through solar energy and directed to hold a pre-bid conference for all the stakeholders next week. With an installed capacity of around 6,000 megawatts of electricity, Pakistan is in process of launching a large scale Solar PV Project through competitive bidding. [BR] [BR] [ET]
AGRI UPDATES & PAKISTAN POLICY
- Forex Reserves Fall: The total liquid foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $113 million to $7.697 billion during the week ended on August 26, 2022. [BR] [ET]
- Exports in August: Pakistan’s merchandise exports jumped 11.6% year-on-year in August against a negative growth in the preceding month, provisional data of Pakistan’s Customs showed on Thursday. [Dawn]
- SBP Fears Major Damage to Economy: Satellite images have revealed that at least 118 districts of Pakistan have been inundated by floods, higher than the number earlier reported by the government, and unlike the 2010 super floods, this time around high economic activity areas have been affected. [ET]
INTERNATIONAL – OVERVIEW & MARKET OUTLOOK
- Gorbachev's Funeral: Russian President Vladimir Putin is to miss the funeral of the last Soviet leader, Mikhail Gorbachev, denying the man who failed to prevent the collapse of the Soviet empire the full state honors granted to Boris Yeltsin. [BR] [Dawn] [Reuters] [Al Jazeera]
- Russia China Military Drills: Russia has launched week-long war games involving forces from China and other nations in a show of growing defence cooperation between Moscow and Beijing. [Al Jazeera] [ET] [Global News]
- Russia’s Oil Exports: US Treasury Secretary Janet Yellen said Wednesday she was “optimistic” about the possibility of an international agreement to set a price limit on Russia’s oil exports. [BR]
- Wall Street Slides for Fifth Straight Day: US stock indexes slide for the fifth straight session on Thursday as fresh signs of a tight labor market raised expectations of an aggressive approach by the Federal Reserve, lifting bond yields and pressuring growth stocks. [BR]
- Oil Prices: Oil prices tumbled 3% on Thursday, as new COVID-19 lockdown measures in China added to worries that high inflation and interest rate hikes are denting fuel demand. [BR]
- Opinion: The flood catastrophe - “There have been calls for immediate cancellation of reportedly $38 billion in external debt that the country owes for 2022. This call needs to be taken very seriously. The IMF should immediately announce cancellation of its notorious ‘surcharge’ on loan policy, whereby it puts a financial penalty on late debt repayments to it by programme countries.” - By Dr Omar Javed [BR]
- Opinion: Smallholder agriculture — emergence of production clusters - “Farmers and value chain actors across the country are taking advantage of these improved linkages between producers and consumers — moving into high value products to meet market demand and, at the same time, increasing the efficiency of the value chain from farm to fork. One way this is happening is through the creation of production clusters — a geographic area specialising in one particular crop.” - By Daud Khan [ET]
