Issue 59

Budget Study Centre   Issue 59
Feb 06, 2020


Fortnightly Budget News Alerts

Pakistan, IMF consider additional tax measures for mini-budget

Express Tribune (Feb 06, 2020)

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) on Wednesday discussed additional tax measures for the mini-budget amid questions over realism of the revenue potential due to lower-than-expected receipts against Rs735 billion budgetary measures. The net impact of additional Rs735 billion budgetary measures was only Rs235 billion or 31% during the first half (July-December)… Read More

Govt releases Rs429.17 billion for development projects

The Nation (Feb 06, 2020)

ISLAMABAD-The Federal government has so far authorised release of Rs 429.17 billion for various ongoing and new social sector uplift projects under its Public Sector Development Programme (PSDP) 2019-20, as against the total allocation of Rs 701 billion. Under its development programme, the government has released an amount of Rs 190.87 billion for federal ministries, Rs136.68,… Read More

India: ‘Opposition misleading people on budget

The (Feb 05, 2020)

NEW DELHI, Indian Prime Minister Narendra Modi on Tuesday cautioned against attempts being made to mislead people on the union budget. Opposition and experts have been criticizing the budget unveiled last Saturday, saying it lacked boldness and foresight. Former Finance Minister P. Chidambaram said the budget did not offer concrete solutions to the challenges facing the… Read More

Bilawal demands revisiting terms of IMF bailout package

The Express Tribune (Feb 05, 2020)

KARACHI: PPP Chairman Bilawal Bhutto Zardari on Tuesday announced that his party would launch a movement from next month against the government’s economic policies amid the unprecedented rise in inflation, poverty and unemployment and the downward slide in growth rate. He blamed the International Monetary Fund’s (IMF) $6 billion bailout package for… Read More

Pakistan asks IMF to reduce tax collection target

The Express Tribune (Feb 04, 2020)

ISLAMABAD: Pakistan has requested the International Monetary Fund (IMF) to further reduce tax collection target. However, a mini budget of nearly Rs200 billion will remain inevitable to collect even less than Rs5 trillion in this fiscal year. In first face-to-face meeting between Pakistan and the IMF for second review talks, the government… Read More

Pakistan, IMF start talks to review $6bn programme

The Daily Times (Feb 04, 2020)

The International Monetary Fund (IMF) staff mission has started discussion here with the government authorities to review Pakistan’s performance under its US $6 billion extended fund facility. Advisor to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh told media on Monday that the talks will continue until February 14, adding that a successful… Read More

‘HEC to get Rs20 billion more budget to meet educational challenges’

The News (Feb 03, 2020)

Islamabad: The Higher Education Commission (HEC) will get Rs20 billion more budget from the government aimed at to invigorate and to strengthen the higher educational institutions, besides improving quality education across the country. According to the official sources, the amount will be allocated on the request of Chairman… Read More

Budget 2020-21: India to modernise its army with Rs2,393 billion this year

The News (Feb 03, 2020)

LAHORE: Indian government’s $428 billion budget for fiscal year 2020-21 has been announced at a time when the country’s economy is stuck in its biggest economic slump in more than a decade, though the economic wizards in New Delhi are optimistic that the country’s economic growth will rebound and hit a rather promising 6 per cent to 6.5 per cent mark… Read More

Left defenceless: Budget allocation for defence lowest since Indo-China war

The India Today (Feb 02, 2020)

The Defence Ministry’s welfare component, defence pensions, now loom large over the money it spends on the armed forces. While Finance Minister Nirmala Sitharaman did not mention the defence budget in her speech, Budget papers show the total defence budget grew by 6%. The defence pension bill, on the other hand, grew by 13%. The pension bill hiked from Rs 1.17 lakh crore to Rs… Read More

Govt borrowed Rs4.11tr to finance budget deficit, clarifies ministry

The Pakistan Today (Feb 02, 2020)

ISLAMABAD: Challenging the media reports of Rs11.61 million borrowings, the federal government clarified on Sunday that it had borrowed only Rs4.11 trillion in the last 15 months to finance budget deficit. According to a news release issued by the Ministry of Finance, the figure has been released as per the Finance Division’s policy to lay before the National Assembly the Debt PolicyRead More

India relaxes fiscal deficit, cuts taxes to spur growth

The News (Feb 01, 2020)

MUMBAI: India relaxed its fiscal deficit target Saturday, raising spending and slashing taxes as it seeks to attract foreign investment and increase consumption in the wake of a prolonged economic slowdown. Finance Minister Nirmala Sitharaman announced the changes as part of the country´s annual budget in parliament, a day after official data showed that Asia´s third-largest economy grew five… Read More

FBR revenue increases 17pc in Jan; returns surge 40pc in 2019

The Pakistan Today (Feb 01, 2020)

ISLAMABAD: The Federal Board of Revenue (FBR) has released tax revenue collection figures for the month of January 2020 as well as the number of returns filed in the Tax Year 2019. According to official data, the provisional collection figures for January 2020 were recorded at Rs320 billion, which was 17pc higher than January 2019. “The figure is likely to increase due to book adjustments… Read More

Govt cuts civil budget by Rs 40 billion:  Hafeez Shaikh

The Pakistan Today (Jan 31, 2020)

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has said the government is striving for an export-led growth in the country as the growth fuelled by consumption instead of investments was not sustainable and durable. “We want quality growth which is led by growth in exports and investments and not driven by mere consumption… Read More

Rs72b out of Rs1.2tr budget spent on local bodies: Murad

The Pakistan Observer (Jan 31, 2020)

Staff Reporter

Sindh Chief Minister Syed Murad Ali Shah has said that out of Rs1.2 trillion provincial budget Rs870.2 billion are spent on salaries, employees’ retirement benefits, operation expenses, grants, subsidies, including Rs75 billion to local bodies and repair and maintenance. Therefore, there remain a small space for development works, even then the provincial governmentRead More


Centre urged to announce NFC Award

The Dawn (Jan 30, 2020)

PESHAWAR: A multiparty conference here on Wednesday demanded of the federal government to announce the National Finance Commission Award and pay Rs450 billion dues to the Khyber Pakhtunkhwa government on account of net hydel profit in line with the AGN Qazi formula. A joint declaration issued after the moot said the NFC had to be constituted every five years… Read More

AJK PM for increase in defense budget following Indian PM, Army Chief’s provocative statements

The Associated Press of Pakistan (Jan 30, 2020)

MIRPUR (AJK): Jan 30 (APP):Azad Jammu Kashmir Prime Minister Raja Farooq Haider Khan on Thursday called for immediate increase in the defense budget of the country following Indian prime minister and Army Chief’s provocative statements and threats to Pakistan and liberated territory of AJK. Sharing his views on different resolutions moved by the members on the floor of the AJK… Read More

US budget deficit forecast to blow out by mid-century

The Financial Times (Jan 29, 2020)

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of T&Cs and Copyright Policy. Email to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. The US will rack up budget deficits totalling $13.1tn over the coming… Read More

Pak-IMF talks for second review in first week of February

The Nation (Jan 29, 2020)

ISLAMABAD-Pakistan and International Monetary Fund (IMF) would hold talks for the second review under the $6 billion Extended Fund Facility (EFF) bailout package in first week of next month (February) to review the economic situation of the country. Talks for the second economic review would start from February 3, 2020 in Islamabad, which would last for around 11 days. The IMF in July 2019 had… Read More

Expectations of a Young Entrepreneur From Union Budget 2020

The Entrepreneur (Jan 28, 2020)

India is home to the world’s largest number of youth, the employable population in millions which joins the workforce every year. While the government of India’s flagship campaigns such as Make in India and Digital India revolutionized the ecosystem for young entrepreneurs in the country in the past few years, the economy’s slowdown in the recent past… Read More

Federal govt releases Rs425.7 billion for development projects

The Nation (Jan 28, 2020)

ISLAMABAD-The federal government has so far authorized release of Rs425.7 billion for various ongoing and new social sector uplift projects under its Public Sector Development Programme (PSDP) 2019-20, as against the total allocation of Rs701 billion. Under its development programme, the government has released an amount of Rs187.4 billion for federal … Read More

IMF team to evaluate Pakistan’s 2nd quarter progress from Feb 3

The Pakistan Today (Jan 27, 2020)

ISLAMABAD: The International Monetary Fund (IMF) team would start the evaluation of Pakistan’s second-quarter progress under the $6-billion Extended Fund Facility (EFF) from February 3, 2020. According to sources privy to this development, the IMF team, under the supervision of its Mission Chief for Pakistan, Middle East and Central Asia Ernesto Ramirez… Read More

Why the Budget 2020 needs to signal India is open for business | India Today Insight

The India Today (Jan 27, 2020)

Was India the star at the recently concluded World Economic Forum summit in Davos? Did it invite the same intrigue and interest that it did in 2018 when Prime Minister Narendra Modi addressed world leaders and sold them the India story? Clearly, the buzz around India this time around was missing. India’s delegation (from the Centre) included a few bureaucrats, led … Read More

Long and short of budget speeches

The Live mint (Jan 26, 2020)

New Delhi/Mumbai: The history of India’s budgets is a history of its economy. If the 1950-51 budget speech by John Mathai signalled a turn towards planning, with the announcement of a Planning Commission under the chairmanship of Prime Minister Jawaharlal Nehru, that of Manmohan Singh would dismantle the planned model in his 1991 budget speech. The budget numbers may divulge… Read More

AJK initiates rehabilitation of earthquake affected infrastructure from development budget

The Urdu point (Jan 25, 2020)

MUZAFFARABAD, (APP – UrduPoint / Pakistan Point News – 25th Jan, 2020 ) : Azad Jammu and Kashmir (AJK) government has approved different projects to rehabilitate the infrastructure in Mirpur district affected by last years earthquake from its annual development program to be implemented by the next month, said Prime Minister Raja… Read More

Govt allocated maximum budget for youth

The Pakistan Observer (Jan 25, 2020)

The federal government has decided to expedite the process for distribution of loan cheques under the Prime Minister’s Kamyab Jawan Programme for youth development. PM’s Special Assitant on Youth Affairs Usman Dar has met Punjab Chief Minister Usman Buzdar today and discussed the distribution of loans across the province under the programme… Read More

Call for consultations before budget making

The Dawn (Jan 25, 2020)

LAKKI MARWAT: A civil society body has noted that annual budgeting in Pakistan is mostly done in traditional manner as there has been no visible effort to increase efficiency and transparency in the process of budget making.

Speaking at a press conference here on Friday, Community Development Organisation (CDO) executive director Haji Inayatullah Khan said annual budget represented

Read More

What Can Businessmen Expect From Budget 2020

The Entrepreneur India (Jan 24, 2020)

With the budget right around the corner, there are many expectations of people from different sectors and different walks of life. After what can only be described as a turbulent year, the whole country will be hoping that the Modi government comes up with a few decisions that can help uplift the economy. PM Modi himself has been seen taking an active role in the decision making process in the lead… Read More

Budget expectations: Jalandhar sports goods manufacturers demand uniform GST slabs

The India Today (Jan 24, 2020)

ndia’s sports goods manufacturing hub Jalandhar produces nearly 70 per cent of the total sports goods in the country. Nearly 30 per cent of the sports goods manufactured in India are exported to various countries. However, 60 per cent of the goods are consumed by the government and the educational institutions. Only 10 percent are sold in the open market. The Indian Sports industry… Read More