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  • Foreign direct investment surges 127 percent in ten months

    Foreign direct investment surges 127 percent in ten months

    KARACHI: The inflow of Foreign Direct Investment (FDI) posted significant increase of 127 percent during first ten months of current fiscal year, State Bank of Pakistan (SBP) said on Monday.

    The FDI was recorded $2.28 billion during July – April 2019/2020 as compared with $1 billion in the corresponding period of the last fiscal year.

    The inflow under FDI was at $2.87 billion as compare during first ten months of current fiscal year as compared with $2.31 billion in the corresponding period of the last fiscal year.

    Similarly, the outflows under the FDI was recorded 55 percent decrease to $590 million during the period under review as compared with $1.31 billion in the same period of the last fiscal year.

    The portfolio investment posted 55 percent growth. The portfolio investment recorded outflow of $182 million during July – April 2019/2020 as compared with outflow of $408 million.

    Total foreign private investment including FDI and portfolio investment urged 251 percent to $2.1 billion during first ten months of current fiscal year as compared with $598 million in the same period of the last fiscal year.

  • Coronavirus may deeply distort economic fabric of Pakistan: Hafeez Shaikh

    Coronavirus may deeply distort economic fabric of Pakistan: Hafeez Shaikh

    ISLAMABAD: Coronavirus led impacts are expected to deeply distort economic fabric of Pakistan, said Dr. Abdul Hafeez Shaikh, Advisor to the Prime Minister on Finance and Revenue.

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  • Foreign exchange reserves ease to $18.74 billion

    Foreign exchange reserves ease to $18.74 billion

    KARACHI: The foreign exchange reserves of the country eased by $10 million to $18.745 billion by week ended May 02, 2020, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves were at $18.755 billion a week ago i.e. April 30, 2020.

    The official reserves of the central bank fell by $58 million to $12.271 billion by week ended May 08, 2020 as compared with $12.329 billion a week ago.

    The SBP said that the official reserves of the central bank fell due to external debt repayment.

    The reserves held by commercial bank increased by $48 million to $6.474 billion by week ended May 08, 2020 as compared with $6.426 billion a week ago.

  • Textile exports post sharp 64 percent decline in April

    Textile exports post sharp 64 percent decline in April

    ISLAMABAD: The textile exports have witnessed massive 64 percent decline in April 2020 due to lower demand in foreign markets and cancellation of orders due to coronavirus outbreak.

    According to data released by Pakistan Bureau of Statistics (PBS) on Wednesday, the textile exports recorded $403 million dollars in April 2020 as compared with $1.14 billion in the same month of the last year.

    The exports in April 2020 were also registered decline of 61 percent when compared with $1.04 billion in March 2020.

    The textile exports however registered 2.79 percent decline to $10.81 billion in first ten months (July – April) 2019/2020 as compared with $11.12 billion in the corresponding months of the last fiscal year.

    State Bank of Pakistan (SBP) in its second quarterly report on Pakistan Economy, stated that the outbreak of the virus in Europe and North America and the ensuing lockdowns may have an adverse impact on Pakistan’s exports.

    Further, domestic exporters have already warned of cancellation of orders as retail sales in destination markets weaken and port and shipping activities are restricted, the SBP noted.

  • 10th National Finance Commission constituted

    10th National Finance Commission constituted

    ISLAMABAD: The President of Pakistan on Tuesday constituted the 10th National Finance Commission (NFC) consisting members of federal and provincial governments.

    The finance commission has been constituted with effect from April 23, 2020, consisting following members:

    01. Minister for Finance, Government of Pakistan: Chairman

    02. Minister For Finance, Government of the Punjab: Member

    03. Minister for Finance, Government of Sindh: Member

    04. Minister for Finance, Government of Khyber Pakhtunkhwa: Member

    05. Minister for Finance, Government of Balochistan: Member

    06. Advisor to the Prime Minister on Finance and Revenue: Member

    07. Tariq Bajwa, Government of Punjab: Member

    08. Dr. Asad Sayeed, Government of Sindh: Member

    09. Musharraf Rasool Cyan, Government of Khyber Pakhtunkhwa: Member

    10. Javed Jabbar, Government of Balochistan: Member

    11. Finance Secretary, Government of Pakistan: Official Expert

    The president has also authorized Advisor to the Prime Minister on Finance and Revenue to chair the meeting of the NFC in the absence of Federal Finance Minister.

    A circular issued in this regard stated that in terms of Article 160(2) of the Constitution, the terms of reference for the 10th NFC are as under:

    a. Distribution between the Federation and the provinces of the net proceeds of the following taxes:

    i. Taxes on income, including corporation tax, but not including taxes on income consisting of remuneration paid out of the federal consolidation fund;

    ii. Taxes on the sales and purchases of goods imported, exported, produced, manufactured or consumed;

    iii. Export duties on cotton, and such other export duties as may be specified by the president;

    iv. Such duties of excise as may be specified by the president; and

    v. Such other taxes as may be specified by the president.

    b. Making of grants-in-aid by the federal government to the provincial governments;

    c. Exercise by the federal government and the provincial governments of the borrowing powers conferred by the constitution;

    d. Assessment and allocation of resources to meet expenditures related to Azad Government of the States of Jammu and Kashmir, Government of Gilgit-Baltistan and newly merged districts of Khyber Pakhtunkhwa (erstwhile FATA);

    e. Assessment and allocation of resources to meet expenditures made on security and natural disaster/calamities;

    f. Assessment of total public dent and allocation of resources for its repayment;

    g. Rationalization of subsidies given by the federal and provincial governments in their budgets and agreeing on a mechanism to finance them;

    h. Exploring ways to reduce losses of state-owned enterprises and agreeing on mechanism for sharing these losses between the federal government and the provincial governments;

    i. Any other matter relating to finance referred to the commission by the President.

    The finance division shall, as per the Rule of Business, 1973, provide the secretarial support to the commission.

  • Premium prize bonds get Rs19.21 billion investment; grow by 228 percent

    Premium prize bonds get Rs19.21 billion investment; grow by 228 percent

    KARACHI: The investment in premium prize bonds has surged by 228 percent to Rs19.21 billion by March 2020 as compared with Rs5.86 billion by the same month a year ago.

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  • Tariff Policy Board discusses budget proposals

    Tariff Policy Board discusses budget proposals

    ISLAMABAD: The Tariff Policy Board (TPB) on Monday discussed budget proposals submitted by various stakeholders.

    Advisor to the Prime Minister on Commerce Abdul Razak Dawood chaired the meeting.

    The advisor said that the budget proposals, forwarded by different stakeholders, would be given due consideration by the TPB so that economy of the country could be revitalized at this difficult juncture.

    The meeting was attended by the Secretary Ministry of Commerce, Chairperson National Tariff Commission (NTC), Member Customs Federal Board of Revenue (FBR) and other senior officials of the ministries concerned.

    During the meeting, Abdul Razak Dawood emphasized that the maximum benefits would be given to the industry and the lowest strata of society, as per instructions of the Prime Minister Imran Khan, so that maximum job opportunities could be generated in the shortest possible time.

    In the meeting, the tariff related proposals pertaining to different sectors of the economy, for improving the competitiveness of Pakistan’s exports and giving new impetus to the process of industrialization, were discussed at length.

    The recommendations of TPB on tariff structure would be incorporated in the fiscal budget for the year 2020-2021.

    It was decided by the TPB that the meetings of the Sub-Committee of the board would be convened regularly and the recommendations of the Sub-Committee would be placed before the Tariff Policy Board for deliberations and taking informed decisions thereon.

    The next meeting of the Tariff Policy Board will be held by the end of this week.

  • Inflows of remittances registers 5.5 percent decline in April

    Inflows of remittances registers 5.5 percent decline in April

    KARACHI: The inflow of workers remittances has registered decline of 5.5 percent in April 2020, State Bank of Pakistan (SBP) said on Monday.

    Workers’ remittances during April 2020 amounted to US $ 1.79 billion recording a decrease of US $ 104.4 million or 5.5 percent over remittance received during previous month (March 2020, US $ 1.89 billion).

    The workers’ remittances received during July – April FY20 amounted to US $ 18.78 billion recording an increase US $ 980.6 million or 5.5 percent over remittances received during July – April FY19 (US $ 17.8 billion).

    The remittances during April 2020 (US $ 1,790.0 million) increased by US $ 19.8 million or 1.1 percent over remittance received during corresponding month of FY 19 (US $ 1,770.2 million).

    During April 2020, larger amounts of Workers’ Remittances are received from Saudi Arabia (US $ 451.4 million), USA (US $ 401.9 million), UAE (US $ 353.8 million) and UK (US $ 226.6 million) recording an increase of 14.0 percent for USA whereas a decrease of 0.2 percent, 15.8 percent and 8.8 percent for Saudi Arabia, UAE and UK respectively as compared to March 2020.

  • Foreign exchange reserves increase by $292 million to $18.75 billion

    Foreign exchange reserves increase by $292 million to $18.75 billion

    KARACHI: Pakistan’s foreign exchange reserves of the country have increased by $292 million to $18.755 billion by week ended April 30, 2020, State Bank of Pakistan (SBP) said on Thursday.

    The total foreign exchange reserves were at $18.463 billion a week ago.

    The official reserves held by the central bank increased by $259 million to $12.329 billion by week ended April 30, 2020 as compared with $12.07 billion a week ago.

    The reserves held by commercial banks also increased by $33 million to $6.426 billion by week ended April 30, 2020 as compared with $6.393 billion a week ago.