Issue 14

Budget Study Centre   Issue 14
April 26, 2018


Fortnightly Budget News Alerts

Rupee depreciates to all-time high of Rs 119.50 against US dollar in kerb market

Pakistan Today (April 26, 2018)

KARACHI: The rupee further depreciated to an all-time high of Rs119.50 against the US dollar in the kerb market on Wednesday. It comes merely days after the central bank had held an emergency meeting with currency exchange companies in which their heads were requested to arrange an adequate supply of dollars in the kerb market, reported an English daily. Separate meetings of two representative bodies of the currency exchange operators were held with….. Read More

Chinese project financing will dip to $906m in FY2018-19

Express Tribune (April 26, 2018)

ISLAMABAD: Project financing from China is expected to dip by more than half to only $906 million during the next fiscal year due to completion of work on some major China-Pakistan Economic Corridor projects and a snail’s pace progress on other schemes. “As against revised estimates of slightly over $2 billion Chinese project loans for CPEC and non-CPEC projects in the outgoing fiscal year, the government has estimated receiving only $906 million in……… Read More

Getting budget passed a daunting task for PML-N

Express Tribune (April 26, 2018)

ISLAMABAD: The government may face a major challenge in getting the upcoming federal budget passed through the National Assembly as the opposition has conveyed it to the rulers that it will support the Finance Bill 2018 only if they say yes to the opposition’s nominee for the post of caretaker prime minister. With the new budget just around the corner and several names under consideration for appointment as caretaker PM, the …..…Read More

Federal Budget 2018-19 to be more responsible: Miftah Ismail

Business Recorder (April 25, 2018)

ISLAMABAD: Adviser to the Prime Minister on Finance Dr Miftah Ismail Tuesday said that the government was set to present a balanced, responsible, and low deficit Federal Budget for the year 2018-19 on Friday (April 27). “We will present a responsible budget that will be acceptable to any upcoming government,” he said while talking to a private news channel. To a question regarding opposition’s demand for presenting the budget for …..…Read More

Govt to announce tax relief of Rs. 80bn in next budget: Rana Afzal

Business Recorder (April 25, 2018)

SLAMABAD: Minister of State for Finance, Rana Muhammad Afzal Tuesday said that the government would announce in the up coming budget 2018-19, a tax relief of around Rs 80 billion for salaried class of the country. From July 1, 2018, the people who have income of less than Rs 100,000 per month, will be exempted from any tax, while tax ratio for those who have monthly income of over Rs 100,000 per month is also being cut significantly, Rana Afzaal said ..…Read More

CPEC provides base for economic growth: Zubair

DAWN (April 25, 2018)

KARACHI: Sindh Governor Muham¬mad Zubair has said that the China-Pakistan Economic Corridor has provided a great opportunity for sustainable economic growth for the next 10 to 20 years which Pakistan badly needed. Addressing the concluding ceremony of the two-day CPEC Summit 2018 organised by the Dawn Media Group and the Ministry of Planning and Development with the participation of the Pakistan-China Joint Chamber of Commerce..…Read More

Annual Plan 2018-19 projects 6.2 percent economic growth rate & 6 percent inflation

Pakistan Today (April 25, 2018)

ISLAMABAD: The Annual Plan 2018-19 approved by the National Economic Council (NEC) headed by the Prime Minister Shahid Khaqan Abbasi projected a 6.2 percent economic growth rate for the upcoming financial year (FY 2018-19). Also, the inflation rate for FY 2018-19 was set at 6 percent and the projected economic growth rate of 6.2 percent is a touch higher than the provisional rate of 5.8 percent for current FY 2017-18, reported Express Tribune. The Asian.…Read More

UK economy grew slower in first quarter of 2018 than last quarter of 2017

The Guardian (April 23, 2018)

The UK economy is set for another year of uninspiring growth in 2018, according to the latest forecasts from the EY Item Club. This week’s first-quarter GDP figures are expected to show growth of just 0.2%-0.3%, according to EY Item Club economists, mainly due to the severe weather the hit the country at the end of February and beginning of March. This compares to quarter-on-quarter growth of 0.4% in the final three months of 2017.…Read More

Budget 2018-19 to be announced on May 8: CM Bizenjo

Express Tribune (April 22, 2018)

QUETTA: Balochistan Chief Minister Abdul Quddus Bizenjo has said that the budget 2018-19 will be announced on May 8, a month ahead of schedule, as the provincial assembly will stand dissolved on May 31 in the wake of general elections in July. “The development funds will be frozen from April 27,” said CM Bizenjo while addressing a session of the Balochistan Cabinet. Balochistan unveils Rs328.5b budget Sources privy to the development……Read More

Demand: “Kalabagh dam should be included in budget 2018-19”

Express Tribune (April 20, 2018)

LAHORE: Kalabagh dam should not be ignored in the federal budget 2018-19 at any cost as water scarcity is heading towards the point of no return, said Lahore Chamber of Commerce and Industry (LCCI) President Malik Tahir Javaid in a statement issued on Wednesday. “Those opposing the Kalabagh Dam are unaware of the ground realities,” added Javaid. “How can a mega water project be harmful for an agrarian country?” The ……Read More

Govt aims for large hike in current expenditures in its last budget

DAWN (April 18, 2018)

ISLAMABAD: The Federal Cabinet on Tuesday approved Budget Strategy Paper (BSP) for next fiscal year envisaging Rs1.1 trillion for defence, Rs1.6tr for debt servicing and 5.3pc fiscal deficit in the absence of any foreign aid for budgetary support. Presided over by Prime Minister Shahid Khaqan Abbasi, the meeting also approved revised estimates for current fiscal year because of some key slippages on the expenditure side including 5.5pc fiscal deficit for ………Read More

Defence, debt to eat up half of proposed Rs.5.237 trillion budget for 2018-19

Express Tribune (April 18, 2018)

ISLAMABAD: The federal cabinet has approved an expansionary fiscal policy that offers little for development but gives away more than half of the estimated budget of Rs5.237 trillion for new fiscal year to meet the growing needs of defence as well as debt servicing. The cabinet on Tuesday approved Rs1.1 trillion for regular defence budget and another Rs100 billion for Armed Forces Development Programme (AFDP) – a sum of Rs1.2 trillion that ………Read More

Pakistan plans to borrow record $13b next fiscal year

Express Tribune (April 15, 2018)

ISLAMABAD: Pakistan has planned to borrow a record-breaking $13 billion in the next fiscal year alone, nearly 63% higher than the outgoing fiscal year’s original estimates, meant largely to repay previously obtained loans and stabilise nose-diving foreign currency reserves. The provisional estimate to borrow $13 billion has been prepared for the budget 2018-19 the PML-N government wants to unveil on April 27, said sources at the Ministry of Finance. If the plan materialises,..Read More

Govt set to approve 6.2% GDP growth target for next year

Express Tribune (April 14, 2018)

ISLAMABAD: As the federal cabinet’s approval of the Budget Strategy Paper remains pending, the government is set to approve next fiscal year’s macroeconomic framework, which envisages 6.2% economic growth rate and 6% inflation targets. The Annual Plan Coordination Committee (APCC) will approve fiscal year 2018-19’s macroeconomic framework and federal Public Sector Development Programme on Monday. ……Read More