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Current account deficit increases to $6.4 billion
Daily Times by Khursheed Ahmad (December 21, 2017)
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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
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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).
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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)
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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
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Communist Party economic leaders with a statement indicating that President Xi is fully in charge. Labeled “Xi Jinping Thought on Socialist Economy With Chinese
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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)
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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
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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
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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)
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Karachi: Foreign Direct investment FDI continued to show encouraging growth as in the first five months of current fiscal year (July-November), 5MFY18, FDI
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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,
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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)
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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
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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
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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)
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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
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administration of President Donald Trump has allowed itself to marvel. “It’s actually happening faster than we expected,” mused Mick Mulvaney, the White House
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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)
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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
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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
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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)
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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
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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
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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)
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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
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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
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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)
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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
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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
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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)
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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
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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
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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)
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JHELUM: While devising the budget, it is imperative that requirements of transparency, public consent are met while rules and regulation are adhered to.
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This was stated by Jhelum District Finance Officer Sarfaraz Khan while speaking at a budget consultation programme. The programme organised by Centre for Peace
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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)
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JHANG – The Centre for Peace and Development Initiatives (CPDI), a non-profit organisation, demanded adherence to the Punjab Local Governments (Budget)
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Rules 2017, transparency and citizens’ participation in the budget making process at district level. Addressing in district level budget consultation at Jhang, its local
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office-bearers said that first draft of the district budget be presented in April to ensure timely input
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