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Singapore economy grows 5.2% in Q3, fastest in nearly 4 years; 2017 forecast raised to 3-3.5%
Strait Times (November 23, 2017)
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SINGAPORE – Singapore’s economy performed much better than expected this year due mostly to a strong showing in electronics, prompting the Ministry of
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Trade and Industry (MTI) to upgrade its 2017 gross domestic product (GDP) forecast on Thursday morning (Nov 23). Full-year GDP growth is now expected to be
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3 per cent to 3.5 per cent. This is up from an earlier estimate
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Budget 2017: EU finally takes Britain off list of countries with excessive budget deficits
Independent by Jon Stone (November 23, 2017)
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The European Commission has given a Budget Day boost to Philip Hammond, announcing that it will be taking the UK off the list of countries with too-large
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spending deficits. Naming the Chancellor personally, Pierre Moscovici, the EU finance’s commissioner, told reporters in Brussels that the UK would be removed from
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the EU’s Excessive Deficit Procedure (EDP). The economics chief said the UK had
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Rs 15bn spent on development Projects in Tharparkar
Daily Times (November 23, 2017)
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MITHI: Dr Mahesh Kumar Malani, a provincial legislator associated with Pakistan People’s Party (PPP), said that the PPP government was committed to improve living
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standard of the people of Tharparkar and had spent Rs 15 billion in development projects in the last nine years. He expressed these views while speaking with a delegation
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from Pakistan Federal Council of Columnists, visiting Mithi
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Widening UK budget deficit hands Hammond a headache
The Guardian by Richard Partington (November 21, 2017)
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Britain’s deficit unexpectedly widened in October, handing Philip Hammond disappointing news on the eve of the budget. Public sector net borrowing last month
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excluding the nationalised banks, grew by £500m to £8bn compared with October a year ago, according to the office for National Statistics (ONS). City economists expected the
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deficit, which is the gap between government spending and tax receipts, to improve by £500m to stand at £7bn
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Pakistan hasn’t defaulted once on its debts since independence
Pakistan Today (November 21, 2017)
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LAHORE: Pakistan joined the fray of six other nations susceptible to possible risk of defaulting on its debts as its credit-default swaps increased in October and are near its
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highest levels since June. Interestingly, Pakistan hasn’t defaulted even once on its debts since independence in August 1947. Last week, Bloomberg reported
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about risk-premium on emerging market sovereign bonds decreased seven basis points
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EU cuts funding to Turkey in 2018 budget
AFP DAWN (Sunday November 19, 2017)
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BRUSSELS: An EU 2018 budget deal was announced Saturday that cuts funds destined to Turkey, citing doubts about Ankara’s commitment to democracy and human rights
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German Chancellor Angela Merkel had led calls for a cut to the funds, which are linked to Turkey’s stalled bid to join the bloc, following mass-scale arrests in the country since the
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failed July 2016 coup. MEPs and member states have agreed to reduce the
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National debt may increase in FY 2018, says Moody’s but will improve after
Press Trust of India (Sunday November 19, 2017)
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New Delhi: Lower taxes and higher public expenditure could widen budget deficit in 2017-18, but steps taken by the government to broaden
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the tax base and improve spending efficiency would help in narrowing it going forward, US-based rating agency Moody’s said.
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In an interview to PTI, Moody’s Investors Service V-P (Sovereign Risk Group) William Foster said the agency believes that the government’s commitment to fisca
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Only 6% of return filers pay most of direct taxes
The Express Tribune by Shahbaz Rana (Saturday November 18, 2017)
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ISLAMABAD: About 65,000 Pakistanis, constituting hardly 6% of the income tax return filers in tax year 2016, paid 79% of direct taxes, exposing the shallowness of
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an already narrow tax base, according to statistics of the tax directory. Contrary to a mushroom growth in posh housing societies and luxury cars on roads, only 2,455
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Pakistanis paid more than Rs10 million in income tax in 2016
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Hammond’s budget big five: cuts, pay, housing, roads and students
The Guardian by Phillip Inman (Saturday November 18, 2017)
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Philip Hammond will face his toughest test as chancellor on Wednesday when he stands up to deliver his third and most important budget statement. By comparison, the 2016
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tasked with formulation of annual budget do not bother to conduct pre budget consultative sessions with public and their representatives.
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The seminar was organized by citizen network for budget accountability (CNBA) with the support of partner organizations
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Peoples participation in budget making process urged
Frontier Post (November 17, 2017)
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LAKKI MARWAT: Speakers at a seminar have stressed the need for ensuring people’s participation in budget making process, saying that the quarters concerned
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tasked with formulation of annual budget do not bother to conduct pre budget consultative sessions with public and their representatives.
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The seminar was organized by citizen network for budget accountability (CNBA) with the support of partner organizations
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Transparency & citizens participation in budget making process sought
The News (November 15 2017)
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PESHAWAR: The Centre for Peace and Development Initiatives (CPDI) has launched “Study of Budget Making Process at District
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Level in Khyber Pakhtunkhwa” which called for transparency and citizens’ participation in the entire exercise. The study revealed
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transparency and citizens participation in budget making process was found lacking at district level. in Khyber Pakhtunkhwa.
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Cabinet allows $3b borrowing through Sukuk, Eurobonds
Express Tribune (Tuesday 14 November 2017)
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The federal cabinet has allowed immediate borrowing of up to $3 billion from international debt markets by floating three sovereign bonds and has also
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waived a dozen taxes to make deals attractive for investors. Instead of tabling a summary in a cabinet meeting, the finance ministry got approval of the cabinet by circulating
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the summary among its members earlier this month. This is surprising as the federal cabinet meets every week. Pakistan
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