Issue 6

Budget Study Centre Issue 6
December 28, 2017


Fortnightly Budget News Alerts

Current account deficit increases to $6.4 billion

Daily Times by Khursheed Ahmad (December 21, 2017)

KARACHI: Pakistan’s external financial position continues to deteriorate due to rising import bill as the country’s current account deficit rose to $6.4 billion in the first five months of the fiscal year. The deficit was $3.3 billion in the same period last year. The current account deficit has increased to 4.5 percent of gross domestic product (GDP). The deficit increased by $1.4 billion in November. The increase in October was $1.2 billion, mainly due

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China shrugs off debt worries as Xi Takes firmer economic grip

NY Times (December 20, 2017)

SHANGHAI – It’s Xi Jinping’s economy now, and he isn’t too worried about debt. China signaled its economic priorities on Wednesday at the end of a meeting of top Communist Party economic leaders with a statement indicating that President Xi is fully in charge. Labeled “Xi Jinping Thought on Socialist Economy With Chinese Characteristics,” the statement called for trimming industrial overcapacity, controlling the

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Revenue collection, tax returns show growth, FBR Chief Tells Businessmen

Daily Times (December 20, 2017)

Karachi: federal board of revenue (fbr) chairman tariq mahmood pasha said on tuesday said that fbr had witnessed growth in revenue collection and returns filed so far, which increased by 26 percent to 1,075,000, as on december 19, 2017, compared to last year. Speaking at an interactive session during his visit to the karachi chamber of commerce and industry (kcci), he said that the credit for this growth

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Pakistan attracts $1.1bn foreign investment in 5M FY18

Daily Times by Khursheed Ahmad (December 16, 2017)

Karachi: Foreign Direct investment FDI continued to show encouraging growth as in the first five months of current fiscal year (July-November), 5MFY18, FDI posted substantial growth of 57 percent to $1,146.4 million as compared to $729.4 million invested during the same period of the previous fiscal year, FY16, State Bank of Pakistan data shows. China emerged as the single largest foreign investor in Pakistan with

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Country’s direct investment surges by 57.2pc to $1.146.4bn in July-Nov 2017

Pakistan Today (December 15, 2017)

KARACHI: The country has received an amount of $ 1.146 billion in the head of foreign direct investment (FDI), up by 57.2 per cent or $ 417 million during first five months of the current fiscal year compared to $ 729.4 million in the same period last year. Out of the total investment, Chinese companies invested $ 840.6 million in Pakistan during last five months. In November 2017, the country has received

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Will America’s economy overheat in 2018?

The Economist (December 14, 2017)

WASHINGTON DC: USUALLY politicians pretend that good economic news on their watch is no surprise. But America’s recent growth figures have been so positive that even the administration of President Donald Trump has allowed itself to marvel. “It’s actually happening faster than we expected,” mused Mick Mulvaney, the White House budget chief, in September, after growth rose to 3.1% in the second quarter. (Mr Trump in fact

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Federal Reserve raises interest rates as attention turns to 2018

Independent by Howard Schneider (December 13, 2017)

The Federal Reserve has raised interest rates by a quarter of a percentage point, but has left its rate outlook for the coming years unchanged even as policymakers project a short-term acceleration in US economic growth. The move, coming at the final policy meeting of 2017 and on the heels of a flurry of relatively bullish economic data, represented a victory for a central bank that has vowed of continue

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ADB lowers India’s GDP forecast for FY-18 to 6.7%

The Times of India (December 13, 2017)

NEW DELHI: The Asian Development Bank (ADB) on Wednesday lowered India’s GDP (Gross Domestic Product) forecast for the current fiscal by 0.3 per cent to 6.7 per cent, attributing it to tepid growth in the first half, demonetisation and transitory challenges of tax sector reforms. It has also revised downward the GDP outlook for next fiscal beginning from March 2018 to 7.3 per cent from 7.4 per cent mainly due

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Remittances decline 2.57% to $1.7b in November

The Express Tribune (December 12, 2017)

KARACHI: Pakistan received remittances amounting to $1.576 billion in November 2017, which is 2.57% lower compared with $1.618 billion the country received in the same month of the previous year, according to data released by the State Bank of Pakistan (SBP) on Monday. Overall, overseas Pakistani workers remitted $8.021 billion in the first five months (July to November) of fiscal year 2018, up 1.28% compared with

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$14.6tr was the impact of violence on global economy in 2016

Express Tribune by Tahreem Hussain (December 11, 2017)

NORTHAMPTON: Global peace is the need of the hour. It has been estimated that more than 1.5 billion people live in countries that are affected by violent conflict and the gap between those countries which enjoy relative peace and those afflicted by conflict seems to be growing. Conflicts and resulting violence have a deep-rooted impact at all levels of the society. Although the human cost of being affected by

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Govt. looks to squeeze oil and gas sector to meet revenue target

Express Tribune by Zafar Butta (December 10, 2017)

ISLAMABAD: The Finance Division has tightened its noose around the Ministry of Energy (Petroleum Division) to collect Rs392 billion from the oil and gas sector to meet the budget target for financial year 2017-18. Sources said that following pressure, the Petroleum Division was forced to impose a petroleum levy not only on locally produced liquefied petroleum gas (LPG) but on imported LPG as well in a bid to collect Rs2 billion in

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Meeting discusses budget awareness

Express Tribune (December 08, 2017)

JHELUM: While devising the budget, it is imperative that requirements of transparency, public consent are met while rules and regulation are adhered to. This was stated by Jhelum District Finance Officer Sarfaraz Khan while speaking at a budget consultation programme. The programme organised by Centre for Peace and Development Initiatives (CPDI) and CRG in Jhelum. Network for Budget Accountability

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LGs flayed over budget rules’ violations

The Nation (December 08, 2017)

JHANG – The Centre for Peace and Development Initiatives (CPDI), a non-profit organisation, demanded adherence to the Punjab Local Governments (Budget) Rules 2017, transparency and citizens’ participation in the budget making process at district level. Addressing in district level budget consultation at Jhang, its local office-bearers said that first draft of the district budget be presented in April to ensure timely input

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