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Jul272013

10:56:41 am

US to finance feasibility study of $14bn dam








Banks, finance firms hit by RBI's rupee defence






Mr Dar told the ambassador that the IMF management had agreed to increase bailout package to $6.5bn from $5.3bn offered by its staff mission early this month but Pakistan was insisting on increasing it to $7.3 billion to bridge the gap between external inflows and outflows. Mr Dar said all progress on details of the programme have been positive so far and athe only pending issue that needs to be resolved was the size and tranches of the loan.a aEven with $7.3 billion loan, Pakistan will be facing a financing gap of about $0.5 billion,a the finance minister told Mr Olson, elaborating that in case of $6.5bn offered by the IMF, the gap would go beyond $1bn and hence US support in the IMF board would be of crucial importance. An official statement said the issue of Bilateral Investment Treaty (BIT) between the two countries also came under discussion during the meeting. The US has been pushing early signing of the agreement to facilitate US investment in Pakistan but some strong protectionist rights to US investors were being opposed in relevant government quarters because the US demand involves dispute resolution directly through international arbitration without first completing Pakistanas judicial process. The finance minister, however, informed the ambassador that he had been pre-occupied with budget and circular debt issues and would now plan to obtain input from all stakeholders in the government to take the process forward.










Hincheys proposed fix is to separate the positions of finance director and town accountant, which would allow the town to select from two distinct pools of specialists, rather than trying to find a single person who could handle both. It would also mean a change in the bylaw, which would in turn require a vote at the next town meeting. Selectwoman Tracy Post apologized to the candidates who appeared before the board at its last meeting, but agreed that Hincheys plan was the best course. I think this does set us onto a better position for the future, she said. The board voted unanimously to adopt Hincheys proposal.







Yarmouth finance department could see reorganization






Brokers also turned bearish on non-bank financial companies (NBFCs), which traditionally tap short-term debt markets. "Wholesale funded banks (Yes, Indus, Kotak) and NBFCs are going to be worst impacted," Credit Suisse said. "Apart from the impact on funding cost and margins, growth is now likely to be much lower than the earlier growth trajectory." Yes Bank Chief Executive and Managing Director Rana Kapoor downplayed his bank's exposure to the money markets. "There could be a small impact on margin," he told reporters, adding that the impact on the bank would not be serious.




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