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CPDI BUDGET WATCH
Fortnightly Budget News Alerts
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Budget 2019 expectations: increase female participation in workforce, eliminate hiring biases
The Business Recorder by Naveed But & Sohail Sarfraz (Jan 10, 2019) |
The Pakistan Tehreek-e-Insaf (PTI) government is going to present another ‘Finance Supplementary (Amendment) Bill, 2019,’ envisaging taxation measures of around Rs 150 billion, in the coming session of the National Assembly to be held on January 14 to address the economic challenges of the country, it is learnt.
According to sources, Minister for Finance, Revenue and Economic Affairs Asad Umar is likely to present the ‘mini-budget’… Read More |
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‘Mini-budget’ this month
The Business Recorder by Naveed But & Sohail Sarfraz (Jan 10, 2019) |
The Pakistan Tehreek-e-Insaf (PTI) government is going to present another ‘Finance Supplementary (Amendment) Bill, 2019,’ envisaging taxation measures of around Rs 150 billion, in the coming session of the National Assembly to be held on January 14 to address the economic challenges of the country, it is learnt.
According to sources, Minister for Finance, Revenue and Economic Affairs Asad Umar is likely to present the ‘mini-budget’… Read More |
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Budget session to start from January 31, interim budget likely on February1
The Economic Times (Jan 09, 2019) |
| Parliament’s Budget Session will start from January 31 and will last till February 13, according to a decision taken at the meeting of Cabinet Committee on Parliamentary Affairs (CCPA). This will be the last session of the current Lok Sabha before it gets dissolved and fresh elections are held to elect a new Lok Sabha. Finance minister Arun Jaitley will table this year’s Budget which will be a vote on account. The Full Budget will come only after the new government is formed…Read More |
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PTI govt set to introduce mini-budget in NA
The Nation (Jan 09, 2019) |
| ISLAMABAD – The PTI government in the upcoming National Assembly session has planned to present mini-budget in order to introduce a comprehensive economic plan for the next three years. The Imran Khan-led government after facing a lot of criticism from opposition on economic policies is for the first time introducing its three years economic plan. The government in the upcoming National Assembly session starting from Friday will present mini-budget with the intention to…Read More |
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Cut in development budget matter of grave concerns: ICCI
The Daily Times (Jan 08, 2019) |
| Islamabad Chamber of Commerce & Industry (ICCI) President Ahmed Hassan Moughal has expressed grave concerns over the drastic cut in the development budget as the government has sanctioned only 225.4 billion rupees for development projects for the first half of current fiscal year, which is reportedly 32% lower as compared with the disbursements made in the first half of previous fiscal year. In a statement issued here on Tuesday, Ahmed Hassan Moughal…Read More |
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Balochistan govt to present supplementary budget
The Geo News (Jan 08, 2019) |
| QUETTA: The Balochistan government has decided to present a supplementary budget during the next provincial cabinet meeting, sources said on Tuesday. The budget will be presented before the provincial assembly after approval from cabinet members. Balochistan Chief Minister Jam Kamal Khan has started consultations with coalition partners and opposition members to take them into confidence over the supplementary budget…Read More |
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Upcoming second mini budget to be defining moment for economy
The Express Tribune (Jan 07, 2019) |
| KARACHI: In the first five months of its term, the Pakistan Tehreek-e-Insaf (PTI) government has done nothing different to fix the beleaguered economy that can differentiate its performance from that of previous governments. It has also remained busy in building external debt, increasing indirect taxes and providing subsidies. The much-awaited economic roadmap that would transform the country into Naya Pakistan is yet to be announced…Read More |
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Pakistan’s budget deficit projected to clock at 6% for FY 18-19: Fitch Solutions
The Pakistan Today (Jan 07, 2019) |
| LAHORE: Fitch Solutions in a report released on Monday said it projected Pakistan’s budget deficit to lock in at 6% in the current financial year 2018-19 compared to 5.8% in the previous FY7-18. The government will probably have to slash its expenditures over the forthcoming months as it focuses to obtain funding from the International Monetary Fund (IMF) under the bailout programme due to weak revenue growth, said the research…Read More |
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Abu Dhabi Crown Prince Hold Talks with PM Imran Khan Discusses Oil Refinery in Pakistan
The News 18 (Jan 06, 2019) |
| Islamabad: Pakistan on Sunday said the UAE has “almost finalised” investment plan for the setting up of an oil refinery in the country as the Crown Prince of Abu Dhabi met Prime Minister Imran Khan and discussed economic assistance to the cash-strapped country to bolster its foreign exchange reserves. Crown Prince Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan, who was on a day-long visit to the country after nearly 12 years, was received by Khan upon his arrival at Nur… Read More |
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Govt opposes 1% additional customs duty to raise revenue
The News by Mehtab Haider (Jan 06, 2019) |
| ISLAMABAD: The PTI-led government is considering different proposals for increasing taxes on cigarette industry in the range of Rs15 to 20 billion through mini budget expected to be unveiled during the ongoing month, The News has learnt. The government is considering different tax proposals for slapping additional taxes of Rs150 to Rs160 billion in remaining second half (Jan-June) period of the current fiscal year. Now different proposals are under consideration…Read More |
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UAE Prince Sheikh Mohammad to visit Pakistan, likely to announce USD 6.2 billion aid
The Economic Times (Jan 05, 2019) |
| The UAE Crown Prince Sheikh Mohammed bin Zayed Al Nahyan will visit Pakistan on Sunday after the two sides finalised the terms and conditions for a USD 6.2 billion assistance package to Islamabad to bolster its foreign exchange reserves and the government’s fiscal policies. The UAE government’s financial assistance comes as Pakistan is negotiating a USD 8 billion bailout package from the International Monetary Fund (IMF) to overcome…Read More |
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China’s faltering economy gives US stonger hand in trade talks, Trump says
The Guardian (Jan 05, 2019) |
| Donald Trump has said China’s weakening economic growth puts the United States in a strong position as negotiators from the world’s two largest economies prepare for trade talks on Monday. US officials are heading to Beijing this weekend for the first face-to-face talks since Trump and China’s president, Xi Jinping, agreed in December to a 90-day truce in the trade war as they sought to strike a deal….Read More |
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Pakistan’s decision to declare Gulen group a banned outfit pleases Erdogan
The Express Tribune (Jan 04, 2019) |
| Turkish President Recep Tayyip Erdogan on Friday expressed his pleasure over the Supreme Court of Pakistan’s decision of declaring Pak-Turk Education Foundation – a group backed by Fethullah Gulen – a banned outfit. The apex court had ordered to hand over custody of all 28 Pak-Turk schools in Pakistan to the Turkiye Maarif Foundation (TMF) last month. Addressing a joint press conference in Ankara with Prime Minister Imran Khan, who is on two…Read More |
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Sri Lanka plans 2019 budget with 3.5-pct deficit
Economy Next (Jan 04, 2019) |
| ECONOMYNEXT – Sri Lanka’s cabinet of ministers had approved plans by Finance Minister Mangala Samaraweera for a budget with a deficit of 3.5 percent of gross domestic product in 2019, the state information office said. The finance ministry hoped to boost revenue over 17 percent of GDP and keep current spending below 15 percent of GDP. Capital expenditure will be kept at 5.5 percent of GDP. The objective is to keep debt to GDP ratio at 70 percent, the proposal had…Read More |
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Pakistan secures further US$2b in funding from China to avoid economic crisis
South China Morning Post by Haroon Janjua (Jan 03, 2019) |
| China has pledged to lend an additional US$2 billion to Pakistan to increase the foreign exchange reserves of its South Asian ally, according to a government official in Islamabad. On Wednesday, an official who is not authorised to speak publicly on the matter said: “As Pakistan’s financial position is weak and to further avoid economic crisis, the government is preparing to take appropriate measures to fix the economy through financial help from China …Read More |
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PTI govt’s economic policies have failed: Abbasi
Pakistan Today (Jan 03, 2019) |
| ISLAMABAD: Former prime minister and Pakistan Muslim League-Nawaz (PML-N) leader Shahid Khaqan Abbasi said on Thursday that the Pakistan Tehreek-e-Insaf (PTI) government’s economic policies have failed to deliver as any positive change is yet to be witnessed. Addressing a press conference along with other PML-N leaders, he said the PTI government failed to steer the country out of the existing economic crisis. “I am not criticising, rather putting the facts in front of the nation. The government…Read More |
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PTI govt’s economic policies have failed: Abbasi
The Express Tribune (Jan 02, 2019) |
| ISLAMABAD: Former prime minister and Pakistan Muslim League-Nawaz (PML-N) leader Shahid Khaqan Abbasi said on Thursday that the Pakistan Tehreek-e-Insaf (PTI) government’s economic policies have failed to deliver as any positive change is yet to be witnessed. Addressing a press conference along with other PML-N leaders, he said the PTI government failed to steer the country out of the existing economic crisis. “I am not criticising, rather putting the facts in…Read More |
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Expert reveals most dangerous threats to the global economy in 2019
News.com.au (Jan 02, 2019) |
| One of the world’s leading economists has issued a grim warning of the top hazards threatening global markets in 2019. And one of the top 30 factors is a potential “house price crash” in both Canada — and Down Under. Produced by multinational investment bank and financial services company Deutsche Bank, the list includes chief international economist Torsten Slok’s predictions of the risks which will drive financial markets in the new year…Read More |
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Oman to boost spending modestly in 2019 budget
The Reuters (Jan 01, 2019) |
| DUBAI, Jan 1 (Reuters) – Oman’s government expects to increase spending modestly this year under a 2019 state budget released on Tuesday, an official statement said. Spending is projected at 12.9 billion rials ($33.5 billion), up from 12.5 billion rials in the original budget for 2018. Revenues are estimated at 10.1 billion rials, assuming an average oil price of $58 per barrel this year. That would leave a 2019 budget deficit of 2.8 billion rials. In the first 10 months of 2018, the government ran…Read More |
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For Pakistan, 2018 marked by economic instability
The Express Tribune by Shahbaz Rana (Jan 01, 2019) |
| ISLAMABAD: Two key events at the beginning of 2018 defined the economic policies of Pakistan for the rest of the year – the change of finance minister Ishaq Dar and the United States President Donald Trump’s tweet in which he accused Islamabad of deceit and lies. Both these events symbolise instability that continued till the day, although Prime Minister Imran Khan on December 28 declared that the phase of ‘uncertainty’ is over. The country had three finance ministers in …Read More |
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Another mini-budget on the anvil
The News by Shafqat Mahmood (Dec 31, 2018) |
| Federal Board of Revenue (FBR) always finds “standards” reasons to justify the low revenue growth. It has been getting away with such effortless approach for ages. Not surprising is recent FBR recommendations for levy of GST on POL including crude oil as well as refined fuel per littre and for withdrawing reduction of withholding tax on salaried tax payers. Previously Senator Dar would even dub fall in oil prices as revenue loss, forgetting its salutary impact on foreign exchange…Read More |
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Govt needs three years to revive Pakistan’s economy: Fawad Chaudhry
Daily Times (Dec 31, 2018) |
| Finance Minister Asad Umar will give a three-year road map to revive the country’s economy, said Federal Minister for Information & Broadcasting Fawad Chaudhry on Sunday. “It was reassuring to learn from Asad Umar that the upcoming mini budget is geared towards increasing investments and growth and he will announce a three-year roadmap to revive economy,” he Tweeted. Information & Broadcasting Minister Fawad Chaudhry quoted the finance minister as assuring him …Read More |
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Mini-budget to press complaint taxpayers
The News (Dec 30, 2018) |
| KARACHI: New year is likely to press compliant taxpayers with new taxes in the second mini-budget as the cash-strapped government is struggling to increase revenue collection to slash budget deficit and create room for development expenditures. The government is set to announce second supplementary budget within less than five months after presenting its first supplementary budget in September. The government planned to introduce a mini-budget…Read More |
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Govt to pay add’l Rs 166.8b as interest payment
Pakistan Today (Dec 30, 2018) |
| ISLAMABAD: The government would have to pay additional Rs166.86 billion on interest payment on foreign loans during ongoing fiscal year mainly due to the sharp depreciation in local currency and increase in interest rate. The ministry of finance has upward revised the interest payment on foreign loans to Rs1.79 trillion for the year 2018-19 after the massive depreciation in currency against the US dollar. Initially, at the time of budget for current fiscal year, the government…Read More |
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No economic crisis, says Imran
The DAWN (Dec 29, 2018) |
| ISLAMABAD: Prime Minister Imran Khan has said the country may be facing challenges, but there is no crisis in the country. “All things are manageable. There is a lot of potential for improvement in this country. We inherited an economy with the highest-ever $19 billion current account deficit,” Mr Khan said in a brief interaction with journalists in the conference room of PM Secretariat just before he went…Read More |
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Pakistan considers another mini-budget as economic crisis looms
The Asia Times (Dec 29, 2018) |
| Pakistan’s Tehreek-e-Insaf (PTI) government is planning to present another mini-budget next month to counteract the widening fiscal deficit. This will be the second mini-budget that the PTI has presented in the four months since winning a majority in the general election this July. Immediately after taking charge in September, the government tabled revised budget estimates in the national assembly and claimed that the fiscal crisis was over…Read More |
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Government to rationalize tariffs, duties for industry in next mini-budget; Razak Dawood
Pakistan Today (Dec 28, 2018) |
| ISLAMABAD: Advisor for Commerce, Textile, Industry and Production and Investment Abdul Razak Dawood said that the government was working to rationalise tariffs structure and customs duties in the next mini-budget that would be presented in January 2019 to facilitate the growth of industrialisation as the current tariffs and customs duties were not favourable for the industry. He said after rationalisation of tariffs, the government would try to fix tariffs for 3-4…Read More |
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Mini budget in January 2019, says Finance Minister Asad Umar
The News (Dec 28, 2018) |
ISLAMABAD: The Finance Minister, Asad Umar has announced to bring another mini budget in January 2019.
Speaking to journalists, the Finance Minister said, “The mini budget is not being brought to generate revenue.” Commenting on the conditions by International Monetary Fund, Asad Umar said, “The pace and direction of the reforms are more important than IMF conditions.” “Whatever the finance minister has made decisions yet, it has nothing to do with IMF…Read More |
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IMF ready to bailout Pakistan, but Islamabad must reduce defence budget
The Defence Aviation Post (Dec 27, 2018) |
| The budget deficit has to be curtailed within a range of 4 to 5 percent of GDP during the programme period. Moving towards a free float of the exchange rate and hiking power tariff by 22 percent are among other major stumbling blocks to the way of evolving a staff-level agreement between the two sides. For achieving a primary surplus on the budget deficit front, official sources said the government will have to restrict deficit in such a way that ensures out of total revenues minus…Read More |
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Mini-budget to shrink economy, hit masses: Tax Bar
The Pakistan Observer (Dec 27, 2018) |
Islamabad: Rawalpindi Islamabad Tax Bar Association (RITBA) on Wednesday warned that forthcoming mini-budget to result in contraction of the troubled economy adding to the plight of masses.
The new taxation measures to improve the revenue collection will also hit the business community worried over instability, it said.
Mini-budget will result in the closure of many businesses and leave countless unemployed while it will widen the…Read More |
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IMF asks Pakistan to ensure primary surplus on budget deficit
The Pakistan Today (Dec 26, 2018) |
| The International Monetary Fund (IMF) has asked Pakistan to ensure primary surplus on budget deficit to move ahead with the programme, leaving it with the hard choice of either slashing down its defence or development expenditure. The budget deficit has to be curtailed within a range of 4 to 5 percent of GDP during the programme period. Moving towards a free float of the exchange rate and hiking power tariff by 22 percent are among other major stumbling blocks to the…Read More |
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IMF puts Pakistan in a tight spot
The News (Dec 26, 2018) |
| ISLAMABAD: The International Monetary Fund (IMF) has asked Pakistan to ensure primary surplus on budget deficit to move ahead with the programme, leaving it with the hard choice of either slashing down its defence or development expenditure. The budget deficit has to be curtailed within a range of 4 to 5 percent of GDP during the programme period. Moving towards free float of exchange rate and hiking power tariff by 22 percent are among other major…Read More |
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Iran presents budget to counter ‘cruel’ US sanctions
The Pakistan Today (Dec 25, 2018) |
| TEHRAN: President Hassan Rouhani on Tuesday unveiled Iran’s first annual budget since the return of US sanctions, saying it had been adjusted to take account of Washington’s “cruel” measures. The president announced a 20 percent increase in public sector wages in a sign of the economic challenges the Islamic republic has faced since the United States pulled out of the 2015 nuclear deal earlier this year…Read More |
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Pakistan to implement ‘prior actions’ for talks with IMF
The News (Dec 24, 2018) |
| ISLAMABAD: Pakistan will have to implement remaining ‘prior actions’ including taking additional taxation measures for jacking up FBR’s annual tax collection target close to Rs4455 billion in order to resume halved parleys with the IMF in second week of next month, The News has learnt. Differences between the IMF and Pakistan still persist over exact range of competitive exchange rate in terms of pace of adjustments but Pakistani side denied …Read More |
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China rises to 2nd largest contributor to UN budget
Daily Pakistan Global(Dec 23, 2018) |
| United Nations: China will become the second largest contributor to the united nations regular budget starting next year, surpassing Japan. China’s contribution will rise to 12.01 percent in the next three years from 7.92 percent for the 2016-2018 period, according to a resolution adopted by the UN General Assembly on Saturday. Japan’s contribution will fall to 8.56 percent from 9.68 percent. Assessments for member countries’ contributions are made based on several…Read More |
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Resurfaced circular debt threatening the economy: PEW
Pakistan Today (Dec 23, 2018) |
| The Pakistan Economy Watch (PEW) on Sunday said the circular debt has again resurfaced and is threatening the fragile national economy. The infamous power sector debt has surpassed Rs1300 billion and there is no way in sight to tackle it which is adding to the problems of the government, it said. The government has decided to issue Rs200 billion Sukuk bonds to handle the debt which will calm down the issue for a year or two but not resolve the…Read More |
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Govt hospitals devour budget, torment patients
Pakistan Observer (Dec 23, 2018) |
| Sindh government has failed to give proper healthcare facilities to citizens and the government hospitals are made centers to torment poor patients and to devour healthcare budget, said Pakistan Tehreek-e-Insaf (PTI) Sindh chapter general secretary and parliamentary leader in Sindh Assembly Haleem Adil Sheikh, here Saturday. Haleem Adil Sheikh visited the house of a class -9 student in Surjani Town area of the city, who has been bed-ridden for two years due to hip bone…Read More |
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PM Imran will not attend World Economic Forum 2019
Pakistan Today (Dec 22, 2018) |
| Prime Minister Imran Khan will not attend the World Economic Forum sessions starting in Davos on 22nd January 2019, Prime Minister’s Special Assistant for Political Affairs Naeemul Haq confirmed. This is the second global leader’s meetup that the prime minister is skipping owing to internal commitments, the first one being the United Nations General Assembly session, in September, this year. “The prime minister believes that he should visit these forums only after…Read More |
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Turkey’s budget for 2019 ratified by parliament
Daily News (Dec 22, 2018) |
| Turkish parliament has ratified the country’s 2019 budget following a 12-day marathon session in the general assembly. Parliament Speaker Binali Yıldırım announced in the early hours of Dec. 22 that the budget was backed by 335 lawmakers while 166 voted against it in the 600-seat chamber. Lawmakers from the ruling Justice and Development Party (AKP) and Nationalist Movement Party (MHP) voted “yes” for the budget. For 2019, Turkey is reportedly…Read More |
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Finance Division issues budget call circular
Pakistan Today (Dec 21, 2018) |
ISLAMABAD: Finance Division here on Friday issued Budget Call Circular for the FY 2019-20 through the e-office facility which was recently implemented in the Division. Call circulars to the offices which have not so far shifted to the e-office system were conveyed through email.
The issuance of the budget call circular electronically is in line with the government’s initiative to use the e-office facility. The budget call circular is issued every year to all federal ministries and departments…Read More |
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With eye on China, Japan unveils record defence budget
Pakistan Today (Dec 21, 2018) |
| TOKYO: Japan’s defence budget will swell to a record $47 billion for the next fiscal year, the government said Friday, as Tokyo beefs up its missile defence and deploys stealth jets in a bid to counter China. The defence spending was part of a $912-billion national budget for the fiscal year starting in April 2019, approved by Prime Minister Shinzo Abe´s cabinet. The government decided to set aside 5.26 trillion yen ($47 billion) for defence, the fifth record year in a row, defence ministry…Read More |
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