- The federal government has approved release of nine stuck-up consignments of imported soybean, poultry feed, in the next two days while 7.1 billion was the value of soybean oil imported in Nov 2022, up 118% compared to Rs 3.3 billion in Nov 2021.
- Small traders rejected the government’s energy conservation plan that stipulates closing markets by 8pm, saying “the government should adopt an austerity plan for itself, instead.” In addition to this, days after making a discovery at Chak-5 Dim South-3 in Sindh, the Oil and Gas Development Company Limited has announced a second oil and gas discovery in District Sanghar.
- Punjab Governor Balighur Rehman has denotified Chaudhry Parvez Elahi as the chief minister on Friday morning, whereby the governor had ordered Elahi to take a vote of confidence from the Punjab Assembly by 4 pm on Wednesday.
- The country’s total liquid foreign reserves fell by $570 million during the last week due to external debt servicing. Moreover, the Finance Division constituted a 10-member committee on circular debt settlement of the gas sector with a timeline to submit a report within 10 days, while Global ratings agency; S&P Global cut Pakistan’s long-term sovereign credit rating by one notch to “CCC+” from “B” to reflect a continued weakening of the country’s external, fiscal and economic metrics.
- A policeman was martyred and at least six people — including four police officers and two civilians — were injured in a suicide blast in Islamabad’s I-10/4 sector on Friday.
COMMODITIES - CROPS, LIVESTOCK & HORTICULTURE
- Cotton Spot Rate: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Thursday increased the spot rate by Rs 200 per maund and closed it at Rs 16,700 per maund. [BR]
- Imported Soybean: The federal government has approved release of nine stuck-up consignments of imported soybean, poultry feed, in the next two days. A restriction on the release of consignments was carried out at Port Qasim, Karachi, by the Directorate of Intelligence and Investigation (I&I) Customs, Karachi, and Department of Plant Protection (DPP), said reliable sources. [BR] [PT]
- Seafood Export: Rs 11.3 billion was the value of fish and fish preparations exported in Nov 2022, up 21.5% compared to Rs 9.3 billion in Nov 2021, according to the PBS [ET]
- Soybean Oil Import: 7.1 billion was the value of soybean oil imported in Nov 2022, up 118% compared to Rs 3.3 billion in Nov 2021. [ET]
AGRI-INPUTS, WEATHER, WATER & POWER
- Energy Conservation Plan: Small traders on Thursday rejected the government’s energy conservation plan that stipulates closing markets by 8pm, saying “the government should adopt an austerity plan for itself, instead.” [BR]
- Post Flood: The federal government has announced three markup waiver and financing schemes for farmers in rain and flood affected areas under Kissan Package 2022. Under these schemes farmers can also avail up to Rs 200,000 financing at zero percent markup rate, besides waiver of markup on previously obtained financing. [BR]
- Oil & Gas Discovery: Only three days after making a discovery at Chak-5 Dim South-3 in Sindh, the Oil and Gas Development Company Limited (OGDCL) announced a second oil and gas discovery, this time in District Sanghar. [ET]
AGRI UPDATES & PAKISTAN POLICY
- No-Confidence Motion: Punjab Governor Balighur Rehman has denotified Chaudhry Parvez Elahi as the chief minister, it emerged in the early hours of Friday. On Monday, the governor had ordered Elahi to take a vote of confidence from the Punjab Assembly by 4 pm on Wednesday. [BR] [BR] [Dawn]
- Forex Reserves: The country’s total liquid foreign reserves fell by $570 million during the last week due to external debt servicing. According to State Bank of Pakistan (SBP), the country’s total liquid foreign exchange stood at $12 billion as of Dec-16, 2022 down from $12.57 billion as of Dec 9, 2022. [BR] [Dawn] [ET] [The News] [ARY] [Geo]
- Gas Circular Debt Plan: The Finance Division constituted a 10-member committee on circular debt settlement of the gas sector on Wednesday with a timeline to submit a report within 10 days after holding day-to-day meetings.? [BR] [ARY] [Geo] [PT]
- S&P Downgrades Pakistan’s Credit Score: Global ratings agency S&P Global on Thursday, cut Pakistan’s long-term sovereign credit rating by one notch to “CCC+” from “B” to reflect a continued weakening of the country’s external, fiscal and economic metrics. [Dawn] [Geo]
- Pak-US Export Ties: Pakistan’s exports of auto parts to the United States (US) are on the rise, which can be further increased by creating linkages between Pakistani and US companies for joint ventures and technology collaboration. [ET]
INTERNATIONAL – OVERVIEW & MARKET OUTLOOK
- Oil Prices: Oil steadied on Thursday after hitting its highest price in two and a half weeks as the impact of tighter US crude stocks due to a winter storm in the United States was offset by fears the Federal Reserve would dent demand with more interest rate hikes. [BR]
- US Spending: The US Senate passed a $1.7 trillion government funding bill that includes more aid for Ukraine and changes to the way presidential elections are counted. Passage of the bill funneling $47 billion toward Ukraine’s defense effort against Russia came a day after Ukrainian President Volodymyr Zelenskiy addressed Congress. The bill — a victory for Democrats —? now heads to the House, where Republican leaders are urging their members to oppose it. [Bloomberg]
- Russia-Ukraine Updates: The Kremlin said Thursday that Washington and Kyiv were turning a deaf ear to Russia’s concerns following a historic visit by Ukrainian President Volodymyr Zelensky to the United States. [BR] [France 24]
- Afghan Women Protest: A small group of Afghan women staged a defiant protest in Kabul on Thursday against the Taliban order banning them from universities, an activist said, adding that some were arrested. [Dawn]
- Blast in Islamabad: A policeman was martyred and at least six people — including four police officers and two civilians — were injured in a suicide blast in Islamabad’s I-10/4 sector on Friday, police officials said. [Dawn] [Dunya] [ProPakistani]
- Opinion: China’s Influence in Pakistan - “It is hard to deny that China has a lot of influence in Pakistan, given the longstanding security and diplomatic cooperation between the two countries which, over recent years, has been supplemented by increased economic linkages as well. However, there is a need to temper some of the external assessments concerning this influence, especially when it is framed by rival hegemons like the US, as an illustration of Pakistan being trapped by Chinese debt diplomacy.” - By Syed Muhammad Ali [ET]
