Issue 52

Budget Study Centre   Issue 52
Oct 31, 2019


Fortnightly Budget News Alerts

Foreign Direct Investments–Economic Hope of Pakistan

The Business Recorder (Oct 31, 2019)

Pakistan’s economy has seen several swings over the past few years. The PTI government rode to victory on the cry of economic reforms and their performance therein, became the litmus test to gauge the competency of this newborn government. Initially, the economy suffered several shocks and so did the psyche of the general populace. However, much to the chagrin of those who… Read More

Pakistan’s economy on right track IMF predicts Pak economic turnaround from 2020

The Gulftoday (Oct 31, 2019)

Adviser on finance Dr. Hafeez Sheikh has stated that the statistics of the first quarter of the current financial year indicate that the Pakistan’s economy is on the right track and it is gradually stabilising. He gave these remarks during a meeting with Pakistan’s Permanent Representative at the United Nations Munir Akram in Islamabad.
The Adviser on Finance informed Munir Akram about the measures…
Read More

Majority Pakistanis identify economy as biggest problem: poll

The (Oct 30, 2019)

A vast majority of Pakistani’s have identified economic problem, specifically inflation, as the biggest problem faced by the country, according to a Gilani Research Foundation survey released on Tuesday. A press release issued by the foundation said they concluded that the economy was the major problem for the people after carrying out a survey of a nationally representative sample across the four… Read More

Govt moving in right direction: IMF

The Nation (Oct 30, 2019)

ISLAMABAD: The International Monetary Fund (IMF) on Tuesday said that government is moving in right direction as it reduced the fiscal deficit and also the volatility in the exchange rate in last few months. The IMF has appreciated the positive results being produced by the policies and strategies put in place by the government to remove imbalances in the economy. “The volatility in the exchange… Read More

Revenue targets: Punjab finance minister expects Rs 250 billion budget surpluses

The Business Recorder (Oct 29, 2019)

Punjab Finance Minister Monday said that the province will be on almost Rs 250 billion budget surpluses if it is able to meet its revenue generation targets. The government had paid Rs 56 billion debt it owed from previous government in shape of contractors’ bills. Addressing the launching ceremony of “Punjab Component of Ease of Doing Business 2020 report,” the minister said … Read More

Rising debt hinders Pakistan’s growth

The Express Tribune (Oct 29, 2019)

ISLAMABAD: The vicious cycle of low economic growth and rising public debt has limited Pakistan’s fiscal space for propelling growth rate and the country faces difficulties in reducing the debt despite tightening fiscal policies, says a new regional outlook of the International Monetary Fund (IMF). However, Islamabad can reduce the accumulation of public debt by… Read More

CPEC Joint Cooperation Committee to meet on Nov 5

The Pakistan Today (Oct 28, 2019)

ISLAMABAD: Amid uncertainty with regard to a possible sit-in of Jamiat Ulma-e-Islam leader Fazlur Rehman, the 9th Joint Cooperation Committee (JCC) of China Pakistan Economic Corridor (CPEC), the highest forum of the corridor, is scheduled to be held in Islamabad on November 5. The JCC, according to sources, would deliberate on recent developments pertaining to Main Line-1… Read More

IMF mission arrives in Pakistan amidst uncertain political situation

The Pakistan Today (Oct 28, 2019)

ISLAMABAD: While the country is going to face an uncertain political situation following the planned march by a political party towards Islamabad, a mission of the International Monetary Fund (IMF) is visiting Pakistan to review and evaluate the country’s performance on implementation of the loan program — the $6 billion extended fund facility (EFF) given to the country. The IMF mission will… Read More

IMF mission arrives in Pakistan to evaluate performance under loan programme

The (Oct 27, 2019)

ISLAMABAD (Dunya News) – The International Monetary Fund (IMF) has sent its mission to review and evaluate Pakistan’s performance on implementation of its 39-month-long extended fund facility (EFF) worth $6 billion to the debt-ridden country as it hopes to secure the next tranche of approximately $460 million. The IMF mission will review Pakistan’s performance… Read More

Getting Pakistan out of FATF greylist: PM approves new strategy

The News (Oct 27, 2019)

ISLAMABAD: The Prime Minister, Imran Khan, formally approved a new strategy for implementation of 27 conditions of the Paris-based Financial Action Task Force (FATF) to get Pakistan out of its grey list. Imran chaired a high level meeting of the whole economic team as well as representatives of business community here on Saturday. The prime minister congratulated the departments… Read More

US budget deficit soars to almost $1 tn, highest since 2012

The 26, 2019)

Washington, (APP – UrduPoint / Pakistan Point News – 26th Oct, 2019): America’s budget deficit soared to nearly $1 trillion in the 2019 fiscal year as government borrowing swelled, the US Treasury announced Friday. The fourth straight year of broadening budget gaps underscored a new tolerance for yawning fiscal imbalances in the current political era. Republican… Read More

PM urges nation to pay taxes to build Pakistan

The Pakistan Today (Oct 26, 2019)

ISLAMABAD: Prime Minister Imran Khan on Friday urged citizens to play their role in the country’s progress and development by paying due taxes. Speaking to the Federal Board of Revenue (FBR) and National Database Registration Authority (NADRA) chairpersons, the premier emphasised the need for broadening the country’s tax base in order to provide the masses the best facilities.
“Expanding…Read More

In Pakistan, businessmen worried about impact of sit-in on economy

The Express Tribune (Oct 25, 2019)

LAHORE: The upcoming Azadi March and possibility of yet another sit-in by opposition political parties have sparked a fresh wave of concern among the business community of Pakistan. Though the planned sit-in will take place in Islamabad, still businessmen, especially those focused on the export and import business, feel the political chaos would have adverse… Read More

In Pakistan, businesses continue to borrow amid economic slowdown

The Express Tribune (Oct 24, 2019)

KARACHI: Although Pakistan is facing an economic slowdown and there is a perception that almost every business is facing hardship, not all is bad. A few of the prominent businesses have continued to borrow more and make investments during these difficult times. The real estate sector, car manufacturers, information & telecommunications and pharmaceutical sectors remained… Read More

Sri Lanka parliament passes ambitious interim budget ahead of presidential election

The Reuters (Oct 24, 2019)

COLOMBO (Reuters) – The Sri Lankan parliament on Wednesday passed an ambitious interim budget weeks before a presidential election, with 1.47 trillion rupees ($8.11 billion) in spending for the first four months of 2020. The interim budget, passed unanimously in the 225-member parliament, expects 745 billion rupees in government revenue in the first four months of … Read More

Pakistan seeks financing for CPEC’s western route

Express Tribune (Oct 23, 2019)

ISLAMABAD: Pakistan has once again sought Chinese financing for the western route of the China-Pakistan Economic Corridor (CPEC), requesting Beijing to sign a bilateral framework agreement for implementing the scheme that largely remains on papers due to funding constraints. The request was made during a meeting of the CPEC Joint Working Group on Transport Infrastructure … Read More

2020 EU budget: Council cannot accept EP amendments (Oct 23, 2019)

The Council has informed the European Parliament that it cannot accept all the amendments for the 2020 EU budget adopted today in the Parliament’s plenary. This triggers a three-week conciliation process, which will start on 29 October. The Council and the Parliament will have until 18 November to bridge their differences… Read More

Global growth downgrade masks underlying economic strength

The Financial Times (Oct 22, 2019)

The IMF has sharply downgraded its forecast for global economic growth to its lowest level since the great recession of 2008-09 — but fears of another contraction are overblown, most data suggest. In private, policymakers are gloomy about the outlook. But the current slowdown — with just below 2 per cent growth per capita forecast for 2019 — would be a better performance … Read More

IMF team to visit Pakistan as per schedule

The News (Oct 22, 2019)

ISLAMABAD: Despite JUI-F’s march, the IMF’s review mission is scheduled to visit Islamabad from October 28 for holding parleys with Pakistani authorities under $6 billion Extended Fund Facility (EFF). Pakistani official sources insist that there is no change so far in the upcoming visit of IMF review mission. The IMF’s review mission will stay in Islamabad for two weeks for holding technical and policy… Read More

Attacking Pakistan’s Economy Via FATF

The Nation (Oct 21, 2019)

Pakistan is getting consistent blows from inimical International pro-Indian groups, the likes of FATF, for instance, if one can say. Hybrid war model has been launched against Pakistan as a joint venture of USA & India, which is being used to shatter our economy and derail our national progress. The retention of Pakistan in the grey list is a big jolt to its already fragile economy. Moreover, it has… Read More

3.3pc growth in FY19, govt policies have started making an impact: Finance Ministry

The Business Recorder (Oct 21, 2019)

ISLAMABAD: Ministry of Finance has said that the government’s macroeconomic adjustment and demand management policies for stabilization have started making an impact as visible in the moderate growth of 3.3 percent in the FY2019. As well as introduction of a host of measures to bring down inflation, jack up economic activities, strengthening of social security…Read More

Pakistan will achieve all FATF targets in time: Qureshi

The Express Tribune (Oct 20, 2019)

Foreign Minister Shah Mehmood Qureshi on Saturday said the incumbent government would achieve all targets of the Financial Action Task Force (FATF) and get the country out of the anti-money laundering body’s grey list. Talking to media, he said, “India has failed to get Pakistan included in the FATF blacklist… Read More

Economy on the right path, Hafeez Shaikh tells US investors

The Express Tribune (Oct 20, 2019)

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has said that Pakistan’s economy is on the right path to stabilisation and the US businesses should benefit from investment opportunities available in the country. “The US companies should expand their footprint in Pakistan,” said the finance adviser while attending a roundtable… Read More

Pakistan’s economy moving forward on path of stability

The (Oct 19, 2019)

Advisor to Prime Minister on Finance, Dr Abdul Hafeez Shaikh has said that Pakistani economy is now moving forward on the path of progress and stability. He was speaking at a luncheon hosted by Pakistan Business Council in the honour of visiting Pakistani economic team in Washington. Dr Hafeez Shaikh informed the participants about current economic situation of… Read More

PM lauds his team for ‘turning around’ Pakistan’s economy

The Business Recorder (Oct 19, 2019)

Prime Minister Imran Khan has lauded his government for turning around Pakistan’s economy within a year. In a tweet, the premier said that it is a great achievement of our economic team to turn around the economy within a year. The PM said foreign direct investment has witnessed an increase of 111.5 percent while foreign private investment has surged by 194 percent during this period… Read More

Economy on path to recovery

The Daily Times (Oct 18, 2019)

During the last one week, there were at least 39 news items that were worthy of big headlines; however, none of these were neither highlighted in print media nor discussed in talk shows. Perhaps, influenced by the opposition parties’ propaganda accusing the PTI government of the economic mess, they conveniently forgot that it was created during the last 10 years. It has to be mentioned… Read More

Pakistan warned to curb terrorist financing

The Financial Times (Oct 18, 2019)

Pakistan has been given an explicit warning that it must do more to curb terrorist financing, as it avoided being blacklisted by a global financial watchdog over its failure to tackle the issue. The Financial Action Task Force, the standard-setter on money laundering and terrorism funding, ruled it would keep Pakistan on its “greylist” until its next review in four months’ time, a boost for Prime Minister… Read More