Issue 53

Budget Study Centre   Issue 53
Nov 14, 2019


Fortnightly Budget News Alerts

Foreigners invest $678m in debt instruments

The Express Tribune (Nov 14, 2019)

KARACHI: Foreigners have continued to step up investment in Pakistan’s debt instruments, mostly in short-term treasury bills (T-bills), and have partly helped strengthen the country’s foreign exchange reserves to over $8 billion at the beginning of November. The return of stability to the rupee-dollar parity coupled with high rates of return on debt instruments encouraged foreigners … Read More

CPEC’s social, economic projects to begin before 2020

The Business Recorder (Nov 14, 2019)

Work on 17 out of 27 priority projects in social and economic development component of Chin-Pakistan Economic Corridor (CPEC) would commence before 2020. According to official documents concerned, the meeting of 9th joint cooperation committee (JCC) of CPEC, Pakistan and China appreciated the progress achieved by JWG since its establishment. Practical cooperation… Read More

Stocks gain 401 points to storm past 37,000 level

The Pakistan Today (Nov 13, 2019)

KARACHI: Bulls of the Pakistan Stock Exchange (PSX) took charge of the market once again on Wednesday after a range-bound session a day before. Indices that started the day on a negative note soon took a U-turn to surpass the 37,000 points mark. Foreign investors ended up as net buyers for the fifth consecutive session on Tuesday with a net inflow of $1.22 million… Read More

Federal transfers: Sindh suffers Rs 109 billion shortfall in July-October: Murad

The Business Recorder (Nov 13, 2019)

Sindh Chief Minister Syed Murad Ali Shah Tuesday said the federal government during last four months had to release Rs 278.4 billion against which the provincial government has received only Rs 169.2 billion which shows a shortfall of Rs109.17 billion. “This is the position of vertical distribution of funds, therefore the provincial government is facing serious problems.”… Read More

Remittances slow down to $7.48b

The Express Tribune (Nov 12, 2019)

KARACHI: Remittances sent home by overseas Pakistanis in the first four months of the current fiscal year (July-October 2019) remained almost flat at $7.48 billion. According to data released by the State Bank of Pakistan (SBP) on Tuesday, the remittances were 1.82% lower than $7.62 billion sent home from abroad in the same period of the previous fiscal year. Talking to The Express Tribune,… Read More

‘Study on budget making process at district level in Balochistan’ launched

The Balochistan Times (Nov 12, 2019)

Zhob: Action for Welfare and awakening in Rural Environment in collaboration with Center for Peace and Development Initiatives (CPDI) launched its report entitled ‘ Study of Budget Making Process at District level in Balochistan, here in Zhob District, Chief guest of the session was CPDI provincial coordinator Muhammad Asif. Those who attended the session were included… Read More

FATF targets: FBR to intensify crackdown against banned outfits

The Pakistan Today (Nov 11, 2019)

ISLAMABAD: In order to meet the condition of Financial Action Task Force (FATF) regarding the control of terror financing, the Federal Board of Revenue (FBR) has decided to intensify its efforts against over 2,600 individuals/assets of banned organisations. The individuals and assets targeted by FBR so far were linked with various banned organizations, including Da’esh (ISIS), AL-Qaida (AQ),… Read More

Govt announces Rs200bn package for exporters

The Pakistan Today (Nov 11, 2019)

ISLAMABAD: The government has decided to announce a support package of Rs200 billion for exporters in order to enhance the country’s exports, encourage local production and create job opportunities, said Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh. Addressing a press conference on Monday, the adviser said that the State Bank of Pakistan… Read More

Pakistan’s economy stable, improving: PBBC

The (Nov 10, 2019)

LONDON (APP) – Pakistan Britain Business Council (PBBC) appreciating the economic policies initiated by the government of Pakistan has said that due to its prudent policies, the economy of the country was strengthening and improving. “The latest World Bank report has also recognized and said that Pakistan has emerged as an improver in terms of ease of doing … Read More

CPDI launches ‘study of budget making process at district level in Balochistan’

Daily Asia Today (Nov 10, 2019)

Chaman: Budget call letters delayed, 19 out of 23 districts stated that they have not received it, budget time line is not followed properly. Out of 23 only 6 surveyed distrits conducted pre-budget consultations. 5 districts did not hold a single consultation and 12 district done it without directly involving general public. Only 1 district issued pre-budget statement the copy was not available for… Read More

Pakistan wins IMF’s confidence, to get $450m loan tranche

The (Nov 09, 2019)

Pakistan’s fiscal deficits are narrowing, the International Monetary Fund (IMF) said on Friday as it announced it would release the first tranche of its $6bn financial assistance programme to the country. The IMF agreed to the three-year rescue package for Pakistan in April – its 13th bailout programme for the South Asian nation since the late 1980s – as the economic outlook for the country of 208 million… Read More

IMF releasing first tranche of $6bn loan package for Pakistan

The 09, 2019)

Pakistan’s fiscal deficits are narrowing, the International Monetary Fund (IMF) said on Friday as it announced it would release the first tranche of its $6bn financial assistance programme to the country. The IMF agreed to the three-year rescue package for Pakistan in April – its 13th bailout programme for the South Asian nation since the late 1980s – as the economic outlook for the country of 208 million …Read More

IMF reaches staff-level agreement with Pakistan on first review under EFF

The (Nov 08, 2019)

ISLAMABAD (Web Desk) – An International Monetary Fund (IMF) mission led by Ernesto Ramirez Rigo on Friday visited Islamabad from October 28 to November 8, 2019 to conduct discussions on the first review under the Extended Fund Facility (EEF).
At the end of the visit, Mr. Ramirez Rigo made the following statement: “The Pakistani authorities and IMF staff have reached a staff-level agreement on…
Read More

Pakistan flays cuts in UN peacekeeping budget

The Nation (Nov 08, 2019)

UNITED NATIONS – Pakistan has warned that arbitrary cuts in peacekeeping funding risk diminishing effectiveness of UN’s flagship operations and jeopardizing the safety of peacekeepers. “Our objective should be to enhance capabilities. This cannot be achieved by reducing resources for peacekeeping,” Aamir Khan, Pakistan’s deputy… Read More

Govt urged to ensure citizens participation in budget preparation

The Nation (Nov 07, 2019)

BADIN – Experts urged the federal, provincial and district governments to ensure fully and active participation of common people and citizens in the preparation of budget at district and provincial level. Addressing a seminar titled “Consultation over preparation of district Budget” organised by Indus Development Society (IDS) in collaboration with Center for Peace and Development Initiative… Read More

SBP reserves surge $443m to stand at $8.4bn

The Pakistan Today (Nov 07, 2019)

The foreign exchange reserves held by the central bank jumped 5.6pc on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On November 1, the foreign currency reserves held by the SBP were recorded at $8,357.6 million, up $443.3 million compared with $7,914.3 million in the previous week. The SBP, in its report, cited no reason for the increase in… Read More

Is e-commerce dying in Pakistan?

The Pakistan Today (Nov 06, 2019)

E-commerce in Pakistan is burgeoning and it is burgeoning at breakneck speed. In sheer numbers, e-commerce sales swelled 93.7pc in 2018, reaching Rs40.1 billion, compared to Rs20.7 billion in 2017. This growth is supported by improved internet accessibility with 159 million cellular subscribers, 66 million 3G/4G subscribers and 68 million broadband subscribers… Read More

Pakistan, Qatar agree to enhance trade, investment ties

The Pakistan Today (Nov 06, 2019)

Pakistan and Qatar have agreed to strengthen and expand bilateral cooperation, particularly in the fields of trade, industry, transport, energy, manpower export, education, science & technology, finance, tourism and infrastructure. The 5th session of Pakistan-Qatar Joint Commission, which undertook a comprehensive review of all the facets of bilateral relations between Pakistan and … Read More

Foreign investment in Pakistan increases by 137pc: Economic Affairs minister

The Business Recorder (Nov 05, 2019)

Federal Minister for Economic Affairs has said that the total foreign investment in Pakistan increased by a whopping 137 percent in the first quarter of the financial year 2019-20. Talking to media on Tuesday, the Federal Minister for Economic Affairs Hammad Azhar briefed about the country’s economic position, saying that the current /account deficit has declined by 64 percent in the first… Read More

Development budget of science & technology ministry increased by 600pc: Fawad

The Dawn (Nov 05, 2019)

KARACHI: Pakistan is heading towards the manufacturing of lithium batteries for solar power with the support of Chinese companies and this would boost the country’s efforts to meet its growing energy needs. This was stated by Science and Technology Minister Fawad Hussain Chaudhry during the inaugural ceremony of a four-day symposium that opened at Karachi… Read More

State of economy

The Dawn (Nov 04, 2019)

The last fiscal year was one of the toughest for Pakistan, and the challenges are far from over. This is the gist of the annual report just released by the State Bank of Pakistan regarding FY2019. Coming almost four months after the fiscal year concluded, the report remains timely for the important lessons it has for the present, particularly the insights it shares on why the investment scenario remains so dismal…Read More

Investment drifts downwards in Pakistan

The Express Tribune (Nov 04, 2019)

KARACHI: Pakistan has been largely off the radar screen for direct investors for quite a long time despite improvement in some economic indicators in the recent past, a highly liberal trade and investment regime and a large market. “What explains this persistent underinvestment – both domestic and foreign – in Pakistan in spite of a liberal trade and… Read More

Pakistan ranked amongst top 20 global economic reformers in the World Bank Report

The Gulf News (Nov 03, 2019)

Dubai: The World Bank has acknowledged Pakistan amongst top 10 economies that improve the most on the ease of doing business after implementing regulatory reform. The World Bank ranked Pakistan at number six amongst the top 20 global reformers. As per the report, Pakistan has improved 28 ranks, from 136 to 108. It has also acknowledged top 10 economies… Read More

WTO authorises Chinese tariffs on $3.6b in US goods

The Express Tribune (Nov 03, 2019)

GENEVA: A World Trade Organisation (WTO) arbitrator on Friday authorised China to slap tariffs on US imports worth up to $3.58 billion annually in a years-long dispute over US anti-dumping practices, a trade official said. China had asked the WTO for permission to hit the US with more than $7 billion in tariffs in the case.
But the WTO ruling said it had determined that… Read More

IMF asks Pakistan to spend more on development

The Express Tribune (Nov 02, 2019)

ISLAMABAD: The International Monetary Fund (IMF) on Friday urged Pakistan to spend more on development as the combined spending by federal and provincial governments in the first quarter remained less than one-tenth of the annual allocations. The lower spending on development than the allocated budget during the July-September quarter has also… Read More

IMF hails Pakistan for primary budget surplus

The News (Nov 02, 2019)

ISLAMABAD: Pakistani authorities managed to keep budget deficit at 0.9 percent of GDP, or around Rs400 billion, during the first quarter of the current fiscal – an achievement that was hailed by the IMF, but the country was advised to ensure full use of the budget to achieve the development goals, sources said on Friday. Sources said the International Monetary Fund (IMF) Mission Chief Ramirez Rigo… Read More

‘Centre, provinces working closely on fiscal, taxation issues’

The Pakistan Today (Nov 01, 2019)

ISLAMABAD: Advisor to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has said the federal and provincial governments are in continuous dialogue to improve coordination and create harmony on issues related to fiscal and budget management, multiplicity of tax rates and reconciliation of input adjustment. He made this observation while chairing a meeting at the Finance Division… Read More

Pakistan requests IMF to cut tax target by Rs300b

The Express Tribune (Nov 01, 2019)

ISLAMABAD: Pakistan has requested the International Monetary Fund (IMF) to reduce the federal tax target by Rs300 billion to Rs5.2 trillion as shortfall in collection has widened to Rs167 billion in just four months of the current fiscal year. The request was made despite Prime Minister Imran Khan’s personal commitment to the nation that he would go all out to achieve… Read More