The Securities and Exchange Commission of Pakistan approvesyt the draft Insurance Bill, 2017
The draft Insurance Bill has been formulated through extensive public consultations and due legal process.
It has been formulated to institute significant reforms in the insurance regulatory framework to bring it at par with the international standards and to ensure development of financially sound insurance sector where interests of policyholders are protected. The bill has been sent to the Ministry of Finance for its onward submission to the Ministry of Commerce to start the necessary legislative process.
China reaffirms early harvest power projects under CPEC
China confirmed that most of the early harvest energy projects being built under the China-Pakistan Economic Corridor framework would be completed before 2019 and help ease the electricity shortage in Pakistan. Hua Chunying, the spokesperson of the Chinese foreign ministry, said this while replying to questions regarding the inauguration of the first unit of the Sahiwal Coal Power Plant, during a press briefing. The power plant the biggest electricity power station in the area which is expected to generate over 90 billion kilowatts of power annually was an important project under the CPEC framework.
Pakistan among top three dairy producers
The Food and Agriculture Organisation (FAO) of the United Nations says Pakistan is among the three countries in Asia and Pacific region which are the world’s top dairy producing countries. The total value of Asian dairy production exceeded $110 billion in 2013, and figured in the three top commodities in the region in terms of gross value of production. According to latest figures published in Pakistan Economic Survey 2016-17, milk production in the country is on the increase and during the current fiscal year the gross production of milk was estimated to be 56,080,000 tonnes.
Pakistan’s Liquid Foreign Reserves increase
The total liquid foreign reserves held by the country stood at US$ 21,770.4 million on May 26 2017. This was announced by the State Bank of Pakistan. It pointed out that the break-up of the foreign reserves position is as under: Foreign reserves held by the State Bank of Pakistan: US$ 16,921.9 million. Net foreign reserves held by commercial banks: US$ 4,848.5 million. Total liquid foreign reserves: US$ 21,770.4 million. During the week ending May 26 2017, SBP's reserves increased by US$ 709 million to US$16,922 million, due to official inflows, it was further pointed out.
Host: Syed Shehreyar Ahmed
Co-host: Yasir Nazar