The Ministry of Finance has raised concerns over the cash credit limit requested by the Pakistan Agricultural Storage and Services Corporation (PASSCO). The Finance Ministry says PASSCO's funding request exceeds the actual cost of wheat procurement from farmers. The ministry has sought clarification from the Ministry of National Food Security and Research in this regard, reported Express Tribune. The Economic Coordination Committee (ECC) had recently approved the Food Ministry's proposal to approve a cash credit limit of Rs. 169 billion for PASSCO, with a wheat procurement target based on a price of Rs. 3,900 per 40 kg, roughly Rs. 33 billion higher than what was required. The proposal also assigned the Sindh government a wheat procurement target of one million metric tons, accompanied by a tentative cash credit limit of Rs. 100 billion and a support price of Rs. 4,000 per 40 kg. Balochistan was tasked with a procurement target of 0.050 million metric tons, with a cash credit limit of Rs. 5.70 billion and a support price of Rs. 4,300 per 40 kg. Notably, incidental charges totaling Rs. 2 billion are expected to be covered by the respective provincial governments. Islamabad isn't happy with the disparity in support prices established by different provinces. Source: Pro Pakistani
Govt Raises Rs. 12.7 Billion At PSX Sukuk Auction
The government has raised Rs. 12.7 billion from the auction of Ijarah Sukuk bonds, the Pakistan Stock Exchange (PSX) announced on Monday. The auction, which featured a one-year fixed-rate discounted (FRD) Sukuk, attracted bids totaling Rs. 23.7 billion. The auction included fixed-rate discounted, variable rental rate (VRR), and fixed rental rate (FRR) Government of Pakistan Ijarah Sukuk (GIS). The government had initially set a target of Rs. 10 billion for the one-year fixed-rate discounted (FRD) Ijarah Sukuk auction. Of the total bids received for the one-year GIS FRD, Rs. 15.3 billion was raised, with competitive bids comprising Rs. 15.12 billion and non-competitive bids Rs. 184.88 million. In addition to the FRD Sukuk, the government raised Rs. 9.68 billion through the sale of GIS VRR bonds, with Rs. 9.65 billion approved through competitive bids. The three-year GIS VRR helped raise Rs. 6.6 million, while the five-year GIS VRR raised Rs. 9.67 billion. The three-year FRR Sukuk raised Rs. 425.42 milli on, while bids for the five-year FRR bond were rejected by the government. Source: Pro Pakistani
Govt All Set to Start Construction of Railway Project From Thar to Port Qasim
The federal government is all set to start the construction of a 105-kilometer railway track from Thar to Port Qasim for transporting coal from local fields to power plants across Pakistan. Funded jointly by the federal and Sindh governments, the project will be overseen by federal authorities, reported a national daily. The railway track will facilitate the transportation of coal from Thar coalfields to power projects nationwide to increase the contribution of cost-effective coal-based energy in Pakistan's energy mix. However, an expert in the field raised environmental and social concerns regarding the Thar coal projects. She highlighted the adverse effects on the local community, including depleted water and air quality, loss of livelihoods, migration, and poor development opportunities. She expressed concerns about its route passing through agricultural land, reserved forests, and human settlements, potentially leading to disturbances to ecosystems and agriculture production along the transportation route. She also criticized the narrative which claimed that Thar coal may help lower electricity prices.\ The expert pointed out previous environmental concerns at Port Qasim Authority related to coal handling operations. She warned of the potential impact on the local community and industrial units if local coal transportation operations don't account for environmental impacts. Source: Pro Pakistani
EMGA secures US$ 50M debt finance for Kazakhstan’s MFO KMF
LONDON, April 09, 2024 (GLOBE NEWSWIRE) — Emerging Markets Global Advisory LLP (EMGA) announces they have secured a US$50M facility senior debt facility from JICA, The Japan International Cooperation Agency.
KMF Chairman of the Board Shalkar Zhusupov: “This is the first time that KMF has entered into a partnership with JICA, whose goals and mission are close to our own. We are grateful to EMGA and JICA for their trust and support. The funds from JICA will be used to implement projects to support micro and small enterprises, including rural entrepreneurs, which will create new opportunities and contribute to their economic growth.”
EMGA’s Head of Investment Banking and Managing Director Sajeev Chakkalakal said, “We are delighted to have arranged this new landmark debt facility for our long-standing client KMF. It has been a real pleasure to work with them again, as they continue to solidify their position as the largest MFI in the country, and further strengthen their financial position in spite of turbulent times.”
EMGA’s Managing Director Jeremy Dobson added, “This new financing will help KMF deliver on their stated mission; to continue to help entrepreneurs throughout Kazakhstan, and to develop their business with a greater focus on female owned businesses and in rural areas.”
MFO KMF is one of the leaders in Central Asian microfinance sector. The company aims to establish long-term partnership relations with clients based on mutual trust, understanding and respect. MFO “KMF” disburses clients individual and group loans for the following types of activity: business, trade, crop farming and cattle-breeding, production and services and consumer lending.
JICA: The Japan International Cooperation Agency is a governmental agency that delivers the bulk of Official Development Assistance for the government of Japan. It is chartered with assisting economic and social growth in developing countries, and the promotion of international cooperation.
Emerging Markets Global Advisory Limited (EMGA), with offices in London and New York, helps financial institutions and corporates seeking new debt or equity capital. EMGA’s multi-national team combine the decades of experience necessary to complete transactions on behalf of their clients within the world’s emerging markets and frontier economies, including Kazakhstan which remains a key market. With a proven track record in capital formation and strategic advisory throughout diverse economic cycles, EMGA continues expanding its geographic reach and service offering, solidifying its place in the market as one of the industries pre-eminent emerging markets focused niche investment banks.
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