Issue 8

Budget Study Centre Issue 8
January 24, 2018

CPDI BUDGET WATCH

Fortnightly Budget News Alerts
 

PM announces one-time amnesty scheme on offshore assets


Express Tribune (January 18, 2018)

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi announced on Wednesday that a one-time tax amnesty scheme on offshore assets will be offered to Pakistanis, while also saying that tax rates on personal income will be lowered amid his disapproval of the Federal Board of Revenue’s (FBR) performance. The premier’s dissatisfaction was not only limited to the tax machinery, as Abbasi also refrained from talking confidently about overall economic

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Modi launches $6.8bn refinery in Rajasthan


Dawn (January 17, 2018)

BARMER: Indian Prime Minister Narendra Modi on Tuesday launched the construction of a $6.8 billion refinery in the western state of Rajasthan, in the hopes of meeting the rising fuel demand. By 2030, India’s demand for petrol and diesel is expected to go up by two-thirds to 170bn litres, as an expanding middle class spends on cars and air travel. The 180,000-barrel-per-day refinery and petrochemical

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Foreign direct investment drops 3pc despite growing inflows from China


Dawn (January 17, 2018)

KARACHI: Foreign direct investment (FDI) fell 2.8 per cent to $1.38 billion in the first half of 2017-18, although inflows from China rose 2.4 times, the State Bank of Pakistan reported on Tuesday. Data showed the pattern of inflows significantly changed recently. China now dominates FDI with a share of more than two-thirds in total investments. Beijing emerged first as the largest trading partner of Islamabad and now it has become the top foreign

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Government lowers additional borrowings to Rs 20,000 crore this fiscal


Times of India (January 17, 2018)

NEW DELHI: The government on Wednesday lowered the additional borrowing requirement for the current fiscal to Rs 20,000 crore from Rs 50,000 crore estimated earlier. “Government has reassessed additional borrowing requirements taking note of revenue receipts and expenditure pattern. Requirement of additional borrowing being reduced from Rs 50,000 crore as notified earlier to Rs 20,000 crore,” Economic Affairs

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Eurozone inflation revised up to 0.2% in November


Times of Malta (January 17, 2018)

Eurozone inflation was revised up to 0.2 per cent in November, rising slightly more than expected mostly because of a slowdown in the decline of energy prices, the EU statistics agency said yesterday. Eurostat previously estimated inflation at 0.1 per cent last month in the 19 countries sharing the euro. The monthly consumer price change was -0.1 per cent, slightly higher than the expected -0.2 per cent. The revision

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France’s 2017 state budget deficit lowest since 2008


Business Recorder (January 16, 2018)

budget ministry said on Tuesday. The deficit came to 67.8 billion euros ($82.99 billion) last year, marking an improvement of 1.5 billion euros from 2016, the budget ministry said on Tuesday. The deficit came to 67.8 billion euros ($82.99 billion) last year, marking an improvement of 1.5 billion euros from 2016, the ministry said. It was also better than the 69.3 billion euros originally budgeted by the previous Socialist government

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First ever citizen’s budget of District Charsadda presented


The Statesman (January 14, 2018)

CHARSADDA: Centre for Peace and Development Initiatives (CPDI) launched the first-ever Citizens’ Budget of District Charsada with support of Saiban Development Organization. Jamshed Tariq, Project Coordinator CPDI Khyber Pakhtunkhwa said this is for the first time in Pakistan that citizens’ budget was developed at district level. For the understanding of budget allocations, a citizens’ budget is developed in jargon free and easy to

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World Economic Forum ranks India 30th on global manufacturing index; Japan Tops


Hindustan Times (January 14, 2018)

Press Trust of India: New Delhi/Geneva: The report, which analyses development of modern industrial strategies and urges collaborative action, has categorised 100 countries into four groups — Leading (strong current base, high level of readiness for future); High Potential (limited current base, high potential for future); Legacy (strong current base, at risk for future); or Nascent (limited current base, low level of readiness for future).

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CPDI launches ‘Citizens Budget’ for Charsadda


Express Tribune (January 13, 2018)

CHARSADDA: Centre for Peace and Development Initiatives (CPDI) launched a first-ever Citizens’ Budget of District Charssada with support of Saiban Development Organisation. Khyber Pakhtunkhwa CPDI Project Coordinator Jamshed Tariq said this is for the first time in Pakistan that citizens’ budget was developed at district level. For the understanding of budget allocations, a citizens’ budget is developed in easy to

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Chinese economy grew “around 6.9%” in 2017: premier


Daily Times (January 12, 2018)

Agencies: China’s premier expects economic growth of around 6.9 percent for 2017, as he saw a “better than expected” outlook for the world’s second-largest economy, state media said Thursday. The authorities will release official gross domestic product figures next week but Premier Li Keqiang has given his own forecast. “Over the past year, the Chinese economy has been on a stable and favourable development path, with its overall circumstances better excess

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Pak growth rate to reach average 5.9pc: WB Report


Business Recorder by Parvez Jabri (January 10, 2018)

ISLAMABAD: The World Bank (WB), in its recent report, has predicted that Pakistan economic growth would reach at an average 5.9 percent a year over the medium term on the back of continued robust domestic consumption, rising investment, and a recovery in exports. “In Pakistan, growth is forecast to pick up to 5.5 percent in FY2017/18, and reach at an average 5.9 percent a year over the medium term on the back of continued

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India to be fastest growing economy again in 2018: World Bank


Hindustan Times (January 10, 2018)

After conceding the top spot in economic growth among major economies to China for a year in 2017, India is likely to regain the position in 2018 with growth expected to accelerate to 7.3% in the year, according to the World Bank’s Global Economic Prospects released on Tuesday. The World Bank report projected China’s economy to further slow down to grow at 6.4% in 2018 from 6.8% in 2017. The multilateral institution

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Pakistan procured $40 billion loans in last four years


Pakistan Today (January 08, 2018)

ISLAMABAD: Pakistan procured $40 billion of loans during PML-N’s four-year tenure till end of October 2017. The figure is $6.2 billion higher than the one shared with the National Assembly last month, reported Express Tribune. As per data shared by Economic Affairs Division (EAD) with the National Assembly Standing Committee on Finance and Economic Affairs, gross foreign loan procurement from July 2013-October 2017 was recorded at $34.2 billion. This $34.2

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Most Asian markets rise as 2018 rally extends


Daily Times (January 06, 2018)

The equity rally that has kicked off 2018 continued on Friday, with Asian markets picking up the baton from another set of records on Wall Street. Dealers are now turning their attention to the release later in the day of key US jobs data, which is expected to show the world’s top economy continuing to improve. A forecast-smashing reading Thursday on private take-ups boosted optimism, which had already been bolstered by US tax cuts, healthy

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Canada trade deficit swells in November on surge of imports


Business Recorder (January 05, 2018)

OTTAWA: Canada’s trade deficit grew to C$2.54 billion ($2.03 billion) in November from C$1.55 billion in October as imports posted their biggest surge in more than eight years and far outpaced the growth of exports, Statistics Canada said on Friday. The deficit far exceeded the C$1.20 billion shortfall estimated by analysts in a Reuters poll. Exports grew by 3.7 percent, the most in a year, on higher shipments of motor vehicles and consumer

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