Federal Minister for Climate Change has welcomed IMF and multilateral

development banks (MDBs) for unveiling their plan to jointly provide US$400bn in
financing during the next three years to attain sustainable development goals (SDG)
SBP injected PkR1.048tn into the banking system on Friday, aimed at covering the
widening liquidity gap particularly as demand is expected to rise due to Ramadan
and upcoming holiday season. This is the second massive injection during last one
week as on July 2, SBP injected PkR821.75bn into the banking system for one week
at 6.5% to reduce the liquidity gap.
In its first estimates for 2016, the International Energy Agency (IEA) has forecasted
that oil demand would slow next year to 1.2mn barrels per day, compared with an
average of 1.4mn barrels per day this year. Meanwhile growth in non-Opec oil
supply is expected to grind to a halt in 2016 as lower oil prices and spending cuts
take a toll.
As per news sources, Super Tax introduced in the Finance Act would be applicable to
income of individuals, association of persons (AoPs) and companies for Tax Year
2015 without giving effect/credit of brought forward losses. The income would
constitute profit on debt, dividend, capital gains, brokerage and commission; normal
taxable income and imputable income
Central Power Purchasing Agency (CPPA) on Saturday asked Nepra to cut power
tariff by PkR3.28 in light of May's fuel adjustment. CCPA has informed NEPRA in its
recommendation that fuel adjustment charges on power production were set at
PkR8.09 per unit for the month of May15, but fuel cost during the month remained
at PkR4.80 per unit.
Pakistan and India agreed on holding talks on all issues, including terrorism, as premiers of both the countries met on
the sidelines of the Shanghai Co-operation Organisation (SCO) Summit. Prime Minister Narendra Modi has accepted
invitation by Prime Minister Nawaz Sharif to attend the next SAARC Summit in 2016.

A delegation of FBR is expected to meet the IMF at Dubai from 21-23 July15 to
discuss reforms related to Value Added Tax (VAT) mode of taxation and Single Stage
Sales Tax in the country. The tax authorities will seek guidance of the IMF experts in
implementation of the Single Stage Sales Tax in Pakistan, which is being considered
to replace the existing standard rate of 17% sales tax.
The government is unlikely to extend deadline for sugar export to be expired on July
15, 2015 as commodity's prices have stabilised in the country with the intervention
of government, as per news sources. The ECC on December 24, 2015 had allowed
export of 650,000 tons sugar by May 2015 but the export target could not be
achieved because of lower international prices and some procedural delays, leading
to a delay till July15. Reportedly, PSMA has not imported entire quantity of 650,000
tons so far as quotas of about 90,000 tons remained unutilized.