Issue 71

Budget Study Centre   Issue 71
July 23, 2020


Fortnightly Budget News Alerts

India must allow armed forces to raise own finances. Defence budget will never be enough

The Print (July 23, 2020)

Ever since the confrontation with China in the mountains of Ladakh, and the threat of escalation to war, retired armed forces officers have been calling for an increase in capabilities of their respective Services, and advocating new strategies to ward off an aggressive enemy. The Narendra Modi government reacted with the usual firefighting tactics by approving arms procurement worth $5.5… Read More

EU Parliament Begins Budget Debate

The voanews (July 23, 2020)

The European Parliament Thursday is considering the 27-nation bloc’s next long-term budget days after European Union leaders hammered out a massive COVID-19 economic recovery package for the region that included steep budget cuts to help pay for it. The budget, worth $1.2 trillion, was negotiated in tandem with a $868 billion economic recovery package that aims to help EU… Read More

Lawmakers Agree On Budget Plan After COVID-19 Costs

The 9&10 News (July 22, 2020)

After a long budget battle last summer, COVID-19 forced another one as tax revenue dropped and costs to fight the virus climbed. Thursday state lawmakers came to an agreement on how to balance the budget, already 10 months into the fiscal year. Every year with the state budget there’s going to be adjustments made as there’s always some inaccuracies on what was projected and what actually came to… Read More

Russia Signals Return to Fiscal Conservatism With Future Budget Cuts

The Moscow Times (July 21, 2020)

Russia’s Finance Ministry wants to cut government spending by up to 10% from next year in a bid to restore the state’s finances following the coronavirus pandemic. It has proposed cutting a total of $65 billion from the Russian budget over 2021-2023, Russian news outlet RBC has reported. Parts of the budget which are not ringfenced will see a fall in outlays of up to 10%, and defence spending could be cut… Read More

European Commission agrees to reduced space budget

The Space News (July 21, 2020)

WASHINGTON — The European Commission slashed its space budget for the next seven years, agreeing to a maximum of 13.2 billion ($15.2 billion) focused mainly on continuing the Galileo and Copernicus satellite programs.  The budget cut for space came as part of extensive four-day negotiations in Brussels over a 1.8-trillion-euro budget for the entire European Union designed in… Read More

To fight pandemic, Japan keeps fiscal tap wide open on budget spending requests

The Japantimes (July 21, 2020)

The government’s budget for next fiscal year won’t set a spending cap on requests aimed at fighting the COVID-19 pandemic, Finance Minister Taro Aso said, suggesting the heavily indebted nation would ramp up efforts to revive the coronavirus-battered economy. The government would ask ministries to keep requests for other spending in line with the current fiscal year’s initial… Read More

WSU provides update on budget reduction process

The (July 20, 2020)

Washington State University has announced key recommendations to help guide units throughout the WSU system through necessary budget reductions for the 2021 fiscal year. These recommendations come after an extensive hearing and review process involving department and university leaders, who are working… Read More

Deprived colleges get regular budget

The News (July 20, 2020)

Islamabad:For the first time, the Islamabad Model College for Boys (IMCB) Sihala and Islamabad Model College for Girls (IMCG) Bhara Kahu received regular budget for the fiscal year 2020-21. After creation of posts of teaching and non-teaching staff in May 2019, the budget IDs of both the colleges were created by Finance Division with a token amount of Rs2,000 in November 2019… Read More

Foreign direct investment surges 88pc to $2.56bn in FY20

The Pakistan Today (July 18, 2020)

KARACHI: Foreign direct investment (FDI) into the country increased 88pc to $2.56 billion in the fiscal year 2019-20, compared to $1.36 billion in FY19, according to data released by the State Bank of Pakistan (SBP). The FDI in the country has bounced back to FY18 levels, when it stood at $2.78 billion, before falling to… Read More

Pakistan’s weird development pattern

The Express Tribune (July 18, 2020)

ISLAMABAD: Economic development generally follows the following pattern. At the initial stage, agriculture or the primary sector (farming, fishing, livestock and forestry) is the largest sector of the economy. As economic growth gains momentum, the relative share of industry or the secondary sector (manufacturing, mining and construction) in the gross domestic product (GDP) begins… Read More

Record Allocation Made In The Federal Budget 2020-21 For Health Sector:Asad Umar

The Urdupoint (July 18, 2020)

KARACHI, (APP – UrduPoint / Pakistan Point News – 18th Jul, 2020 ) :Federal Minister for Planning and Development Asad Umar on Saturday said that the federal government would fully support Karachi, the biggest city of Pakistan as record amount is allocated for health sector in the federal’s budget for fiscal year 2020-21. The minister said that efforts are being made across the country in… Read More

The Senate Standing committee of IT is concerned over budget-cut in HEC funding

The (July 17, 2020)

The Senate Standing Committee for Information and Technology have risen concerned regarding the budget cut for the Higher Education and Commission and demanded a raise in the allocated funds. The committee has chaired a meeting with Senator Rubina Khalid at the Higher Education Commission Secretariat. In the meeting, the connectivity issues that pupils are… Read More

27pc contraction in trade deficit helped Pakistan save $8.6bn in FY20: PBF

The Pakistan Today (July 16, 2020)

ISLAMABAD: The Pakistan Businesses Forum (PBF) said on Thursday that the return of normalcy after the Covid-19 lockdown and the gradual reopening of businesses around the globe has had a positive impacted Pakistan’s balance of trade. “Pakistan saved $8.6 billion as trade loss shrank 27pc in the fiscal year 2019-20,” the forum informed in a statement issued on Thursday… Read More

Ehsaas Emergency Cash Program budget increased to Rs203 billion

The Daily Pakistan (July 16, 2020)

ISLAMABAD – Special Assistant to the Prime Minister on Social Protection and Poverty Alleviation, Dr Sania Nishtar Thursday said the scope of emergency cash programme has been expanded to reach out to around 16.9 million deserving families with the increased budget of Rs203 billion. Initially, the programme was launched on April 9, 2020, with a budget of Rs144 billion for 12 million… Read More

Distt Council Present Annual Budget For FY 2020-21

The Urdu Point (July 15, 2020)

NAUSHEHROFEROZE, (APP – UrduPoint / Pakistan Point News – 15th Jul, 2020 ) :The District council Nausheroferoze presented the annual Budget for the fiscal year 2020-21. Chairman District council Abdul Sattar Abassi presented the budget in a special session held here on Tuesday.In his budget speech Chairman said that Revenue target had been set for new fiscal year 2020-21 to Rs… Read More

Pakistan receives record $23.1 billion remittances

The KhaleejTimes (July 15, 2020)

Pakistan recorded 6.4 per cent increase in remittances that hit an all-time high mark of $23.12 billion (Dh84.85 billion) during the financial year 2019-20, the latest data shows. Analysts and experts said a steady growth in remittances to Pakistan will continue despite the worldwide economic slowdown and overseas Pakistanis may send $25 billion (Dh91.75 billion) in the present fiscal… Read More

Pakistan’s Military Spending and Defence Budget 2020-21

The Modern Diplomacy (July 14, 2020)

Last month the federal government of Pakistan announced its annual budget 2020-21 according to which Rs.1, 289 billion has been allotted to the defence sector. The defence budget has increased by 11.9% in the fiscal year 2020-21. However, if compared with the 2019-20 revised spending, which was Rs.1, 227 billion, the growth would be 5%. The increasing tensions between India and Pakistan… Read More

Rawalpindi Development Authority approves Rs3.52bn annual budget

The Dawn (July 13, 2020)

RAWALPINDI: The governing body of Rawalpindi Development Authority (RDA) on Friday approved Rs3.520 billion annual budget of the RDA and a Rs2.059bn budget of Wasa. The 48th meeting of the governing body was held with RDA Chairman Tariq Mehmood Murtaza in the chair. RDA Director General Amara Khan presented the budget for the fiscal year 2010-21 which was approved… Read More

Positive Aspects of New Federal Budget

The Daily Times (July 13, 2020)

There is no denying the bitter fact that the federal budget for financial year 2020-21, which has already commenced since July 01,2020, was formulated in a very unusual and difficult circumstances and conditions caused by pandemic of COVID-19 attack on Pakistan like large number of countries around the world one after the other. Every thing was going in the right direction… Read More

Pakistan likely to ease regulatory curbs to boost economy

The Express Tribune (July 12, 2020)

ISLAMABAD: Prime Minister Imran Khan on Saturday approved, in principle, a set of recommendations to tap the potential of neglected sectors of the economy by lowering regulatory restrictions and digitising the economy. Over 60 recommendations in eight areas of the economy have been finalised by an economic think-tank, with representation from both the government and the private sector…. Read More

Pakistan likely to ease regulatory curbs to boost economy

The Express Tribune (July 12, 2020)

ISLAMABAD: Prime Minister Imran Khan on Saturday approved, in principle, a set of recommendations to tap the potential of neglected sectors of the economy by lowering regulatory restrictions and digitising the economy. Over 60 recommendations in eight areas of the economy have been finalised by an economic think-tank, with representation from both the government and the private sector… Read More

IMF predicts recovery in Pakistan’s economy during 2021

The Daily Times (July 11, 2020)

In a report titled “Policy Actions Taken by Countries,” IMF said a gradual recovery is expected in Pakistan’s economy in Fiscal Year 2021 as the economy reopens. The report highlighted the measures taken by the present government to contain spread of COVID-19. According to this report, since mid-April, the federal government, in coordination with the provinces, has been gradually… Read More

Inclusive budgeting

The News (July 11, 2020)

Now that the budget season is over, and reams have been written on how good or bad the federal or provincial budgets have been, it would be good to review how strategic planning and inclusive budget-making processes makes for better service delivery. Sometimes in the times of sensationalized news, thrill laden talk shows and social media scandals, the good news is lost… Read More

Govt decides not to allocate any token supplementary grant in current FY

The Nation (July 10, 2020)

ISLAMABAD: The government has decided that no token supplementary grant would be granted, as the federal cabinet, the National Assembly especially, the Public Accounts Committee have directed to discourage supplementary grant unless extremely critical. The ministry of finance has issued notification regarding supplementary grants. The government has decided that no token… Read More

Positive aspects of new federal budget
The Pakistan Today (July 10, 2020)

There is no denying the that the federal budget for financial year 2020-21, which has already commenced on July 1 was formulated in the very unusual and difficult circumstances and conditions caused by the covid-19 pandemic which affected Pakistan as it did to countries around the world one after the other. Everything was going in the right direction, following the bold and necessary policy… Read More