Issue 58

Budget Study Centre   Issue 58
Jan 23, 2020


Fortnightly Budget News Alerts

Foreign exchange: SBP reserves jump $146m to $11.7b

Express Tribune (Jan 23, 2020)

KARACHI: The foreign exchange reserves held by the central bank increased 1.26% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from the United Arab… Read More

Speedy industrialization imperative for socio-economic development: PM

Pakistan Today (Jan 23, 2020)

DAVOS: Prime Minister Imran Khan on Thursday expressed confidence that good times were ahead for Pakistan as the country had been put on the right economic track with a particular emphasis on industrialisation. Speaking to the prominent business personalities at the Pakistan Breakfast Meet in Davos, he said his vision was to turn Pakistan into a welfare state and ensure development as envisioned… Read More

Pakistan received Dh251m aid from UAE in 2019

Pakistan Today (Jan 22, 2020)

ISLAMABAD: Pakistan has been a major beneficiary of aid provided by the United Arab Emirates (UAE), with grants amounting to Dh251 million last year, data from a UAE government report revealed on Wednesday. “The UAE distributed more than Dh28 billion in international aid last year. Pakistan was the eighth most supported nation with grants worth Dh251.10 million disbursed to the country… Read More

In Pakistan, foreign loan disbursement jumps 156% to $5.5 billion

Express Tribune (Jan 22, 2020)

ISLAMABAD: Pakistan saw a 156% surge in disbursement of foreign loans that increased to $5.5 billion in first half of the current fiscal year but non-project loans rose to 84% of the total receipts, which could compound Islamabad’s debt sustainability issues. Pakistan has taken another Chinese commercial loan of $700 million from China Development Bank as the government struggles to enhance… Read More

Exports increase 25% to Rs1805 billion in first half

Pakistan Today (Jan 21, 2020)

ISLAMABAD: The exports from the country, in rupee term, increased by 24.82 percent during the first half of the current fiscal year compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The exports from the country during July-December (2019-20) were recorded at Rs1,805,074 million against the exports of Rs1,446,166 million… Read More

India’s top 63 billionaires have more wealth than 2018-19 Budget outlay

Business Standard (Jan 21, 2020)

India’s billionaires hold a combined total wealth that is more than the Union Budget outlay.The gap between the top 1 per cent and the bottom 50 per cent of the population just keeps expanding, global non-profit organization Oxfam said in its latest annual report on income inequality. “The combined total wealth of 63 Indian billionaires is higher than the total Union Budget of India… Read More

Financial watchdog to get access to taxpayers’ data

Express Tribune (Jan 20, 2020)

ISLAMABAD: The federal government has decided to give the financial monitoring unit of the finance ministry access to the Federal Board of Revenue’s (FBR) inland revenue database to curb money laundering and terror financing in compliance with the action plan of the Financial Action Task Force (FATF). According to documents available with The Express Tribune, the federal government… Read More

Pakistan Prime Minister Imran Khan to attend the World Economic Forum in Davos

Gulf News (Jan 20, 2020)

Dubai: Pakistan Prime Minister Imran Khan’s trip to Davos, Switzerland to attend the World Economic Forum (WEF) will cost US$68,000 which is far less than what had been spent by his predecessors. Imran will reach Davos on Tuesday on a three-day official visit to attend the Forum. However, his trip will cost only US$68,000 due to austerity measures his… Read More

Digital economy to accelerate development of Pakistan: Chinese expert

The Nation (Jan 19, 2020)

BEIJING        –          There is a great growth potential for Pakistan’s e-commerce and e-commerce policy makers will focus on small and medium-sized enterprises (SMEs), improving e-commerce experience, developing online stores, offering job opportunities for youth, promoting exports, and vigorously developing digital economy. At the same time, the State… Read More

Global economic prospects and Pakistan

Pakistan Today (Jan 19, 2020)

The World Bank’s gloomy picture:  The World Bank Group recently launched its flagship report, Global Economic Prospects [GEP] 2020: Slow Growth, Policy Challenges in which expected global economic performance in the current year is discussed. Straightaway the Report highlights that trade and investment are expected to rebound after a sluggish 2019, which could result in a slight increase… Read More

KP govt departments ask to submit budget proposals

The Nation (Jan 18, 2020)

PESHAWAR: Chief Secretary Dr Kazim Niaz Friday chaired a high level meeting of the secretaries committee which was attended by all administrative Secretaries while KP Finance Minister Taimur Jagra and Additional Chief Secretary Shakeel Qadir attended it in a special capacity. Taimur Jagra apprised the committee about Integrated Budget Call Circular and also issued special… Read More

People’ participation in budget making process stressed

The Frontier Post (Jan 18, 2020)

Timergara: The speaker at a seminar demanded of the federal and provincial government to include people aspirations and actual needs  in budget making. The seminar arranged by Citizen’s Network for Budget Accountability (CNBA) on budget making process was held at Balambat here the other day. The CNBA presented a charter of demands and urged the government… Read More

Pakistan economy to ‘recover slightly’ from 2021 but reforms critical for growth: UN report

Dawn (Jan 17, 2020)

Pakistan’s economy is expected to recover slightly from 2021 onward as increased government revenues from a tax hike allow expanded public investment and as other government reforms required by the International Monetary Fund (IMF) begin to bear fruit, says the latest United Nations report on the state of the world economy. The ‘World Economic Situation and Prospects 2020’… Read More

Call for making budget in line with ground realities

Dawn (Jan 17, 2020)

CHITRAL: The Citizen Network for Budget Accountability (CNBA) has presented the charter of demands for making the annual budget of the country a true instrument to reflect the needs and aspirations of the people in real terms. Addressing a press conference here on Thursday, the local delegate of CNBA Imtiaz Hussain said that they were making advocacy for introducing… Read More

People’s input sought in budget making

Dawn (Jan 16, 2020)

KOHAT: The government has been asked to incorporate the input of general public in the budget making process and give people an easy access to the details of taxes and expenditures. The demand was made by the representatives of Citizens Network for the Budget Accountability (CNBA), which is a network of 15 civil society organisations working for budget reforms and accountability… Read More

Promoting construction sector will boost Pakistan’s economy: P.M Khan

The Newsweek Pakistan (Jan 16, 2020)

Promoting Pakistan’s construction industry will provide a boost to the country’s economy and can create new job opportunities, Prime Minister Imran Khan said on Wednesday. Chairing a meeting about the construction sector in Islamabad, Khan designated its promotion yet another “topmost” priority of his government—he has already designated tourism, children’s… Read More

Tax collection shortfall widening with passage of every month

The Nation (Jan 15, 2020)

ISLAMABAD-The government has yet to come with a plan to bridge the massive shortfall in tax collection that had already touched Rs284 billion in first six months (July to December) of the current financial year. Tax collection shortfall is increasing with the passage of every month despite the fact that the government had introduced massive taxation measures in the budget for the current fiscal year. The Federal… Read More

Fixing of loopholes in budget making process urged

The Frontier Post (Jan 15, 2020)

TANK: The local organization demanded to fix the loopholes in the budget making process in Pakistan with the aim to ensure fulfillment of all segment of society in the batter manner. According to the details, local organization CDA and CNBA network demanded for responsive budget to the needs of all segments of society and it consist with the requirements of the modern democratic states… Read More

Industrialists worried over prospects of tax hike, mini-budget

Pakistan Observer (Jan 14, 2020)

Karachi: President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Monday said the business community is worried over a continued shortfall in tax collections. The revised tax target could… Read More

Govt to establish 4 economic zones in all provinces: Asad

Pakistan Today (Jan 14, 2020)

ISLAMABAD: Federal Minister for Planning and Development Asad Uma has said that the current government is determined to establish four economic zones in all provinces. He said that feasibility for ML-1 project has been prepared and some $9 billion would be spent to improve the railway system. Talking to the media on Tuesday, he siad Pakistan will  see… Read More

‘Investment in Pakistan increased by 78%’

Express Tribune (Jan 13, 2020)

LAHORE: Federal Minister of Economic Affairs Hammad Azhar on Sunday said that investment in the country had increased manifold due to the prudent policies of the Pakistan Tehreek-e-Insaf (PTI) government. Addressing an event in Lahore, he said that PTI government had not only uplifted the ailing economy but also virtually put it on a path of growth… Read More

Citizen Network For Budget Accountability (CNBA) Presents Charter Of Demands For Improving Budget Making Process (Jan 13, 2020)

HANGU (APP – UrduPoint / Pakistan Point News – 13th Jan, 2020 ) : Citizen Network for Budget Accountability (CNBA) while expressing reservations over the budget making process in the country presented charter of demands focusing on preparation of the annual budget in line with the aspirations of the local population and their needs. The charter … Read More

Goods transporters’ strike bleeds Sindh economy

Pakistan Today (Jan 12, 2020)

KARACHI: Transporters for goods continued their strike for the seventh day here on Sunday against increasing fines and taxes being slapped on their vehicles on motorways and highways. Due to the strike, industrialists and businessmen are facing immense difficulties in transporting goods to their business destinations whereasRead More

Industrial Growth Imperative For Pakistan’s Economy

Business Recorder (Jan 12, 2020)

While Pakistan has been blessed with many natural blessings like four seasons, good agricultural crops, sea ports, our economy still remain very vulnerable. There are many reasons for our feeble economy, the fundamental reason is our inconsistent policies. We have never made policies which are country specific but it rotates with the change of Governments. Though we consider… Read More

Union Budget 2020

The (Jan 11, 2020)

The Union Budget 2020 is all set to be announced on 1 February 2020, and the Government of India has invited suggestions from citizens regarding the same. “The Union Budget represents the aspirations of 130 crore Indians and lays out the path towards India’s development. I invite you all to share your ideas and suggestions for this year’s Budget on MyGov,” tweeted… Read More

Punjab health budget increased by 27pc: Buzdar

The News (Jan 11, 2020)

LAHORE: Chief Minister Sardar Usman Buzdar has said that 27 percent increase has been made in the health sector budget, along with start of several health projects in remote areas during the current financial year. He was presiding over a meeting of the Specialised Healthcare & Medical Education Department at his office here Friday to review departmental performance and progress… Read More

Low export, inflation, documentation of economy still major challenges

The Nation (Jan 10, 2020)

LAHORE      –        The Pakistan Industrial and Traders Associations Front Chairman Mian Nauman Kabir has called for putting the economy on a balanced and sustainable growth trajectory, addressing the underlying structural vulnerabilities, as low export growth, limited foreign exchange reserves, documentation of economy and higher food inflation are still major challenges to the economy… Read More

Foreign exchange SBP reserves jump $14m to $11.5b

The Express Tribune (Jan 10, 2020)

KARACHI: The foreign exchange reserves held by the central bank increased 0.12% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from the United Arab… Read More