Issue 4

Budget Study Centre Issue 4
November 23, 2017


Fortnightly Budget News Alerts

Singapore economy grows 5.2% in Q3, fastest in nearly 4 years; 2017 forecast raised to 3-3.5%

Strait Times (November 23, 2017)

SINGAPORE – Singapore’s economy performed much better than expected this year due mostly to a strong showing in electronics, prompting the Ministry of 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 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)

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 spending deficits. Naming the Chancellor personally, Pierre Moscovici, the EU finance’s commissioner, told reporters in Brussels that the UK would be removed from 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)

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 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 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)

Britain’s deficit unexpectedly widened in October, handing Philip Hammond disappointing news on the eve of the budget.  Public sector net borrowing last month 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 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)

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 highest levels since June. Interestingly, Pakistan hasn’t defaulted even once on its debts since independence in August 1947. Last week, Bloomberg reported 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)

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 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 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)

New Delhi: Lower taxes and higher public expenditure could widen budget deficit in 2017-18, but steps taken by the government to broaden the tax base and improve spending efficiency would help in narrowing it going forward, US-based rating agency Moody’s said. 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)

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 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 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)

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 tasked with formulation of annual budget do not bother to conduct pre budget consultative sessions with public and their representatives. 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)

LAKKI MARWAT: Speakers at a seminar have stressed the need for ensuring people’s participation in budget making process, saying that the quarters concerned tasked with formulation of annual budget do not bother to conduct pre budget consultative sessions with public and their representatives. 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)

PESHAWAR: The Centre for Peace and Development Initiatives (CPDI) has launched “Study of Budget Making Process at District Level in Khyber Pakhtunkhwa” which called for transparency and citizens’ participation in the entire exercise. The study revealed 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)

The federal cabinet has allowed immediate borrowing of up to $3 billion from international debt markets by floating three sovereign bonds and has also 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 the summary among its members earlier this month. This is surprising as the federal cabinet meets every week. Pakistan

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