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  • Pakistan’s forex reserves fall by $768 million

    Pakistan’s forex reserves fall by $768 million

    KARACHI: Pakistan’s foreign exchange reserves have slipped by $768 million to $15.126 billion by weed ended May 17, 2019 from $15.894 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.

    The official reserves of the SBP fell by $788 million to $8.057 billion by week ended May 17, 2019 from $8.845 billion a week ago.

    The central bank said that the official reserves declined due to debt servicing and other office payment.

    The foreign exchange reserves held by other commercial banks, however, increased by $20 million to $7.069 billion as compared with $7.049 billion.

  • Federal budget 2019/2020 to be presented on June 11

    Federal budget 2019/2020 to be presented on June 11

    ISLAMABAD: Dr. Abdul Hafeez Shaikh, Advisor to Prime Minister on Finance, Revenue and Economic Affairs on Thursday said the federal budget 2019/2020 will be presented on June 11, 2019 in the National Assembly.

    Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh chaired a meeting to review the budget framework for the year 2019-20.

    He gave direction to concerned Wings of Finance Ministry to timely complete the budget process which will be presented in the National Assembly on June 11, 2019.

  • Budget deficit swells to 5 percent in nine months, higher than fiscal year target

    Budget deficit swells to 5 percent in nine months, higher than fiscal year target

    ISLAMABAD: The country’s budget deficit soared to 5 percent in the first nine months of current fiscal year, which is already higher than the full year target of 4.9 percent.

    According to statistics issued by the ministry of finance on Tuesday, the budget deficit for July –April 2018/2019 increased to five percent, which was 4.3 percent in the same period of the last fiscal year.

    According to the ministry the total revenue to the GDP was 9.3 percent during first nine months whereas the expenditure to the GDP swell to 14.3 percent of the GDP during the period under review.

    The statistics showed that the total revenue were at Rs3,583 billion during July – March 2018/2019, out of which tax revenue were at Rs3,162 billion. The collection of tax by the federal government was at Rs2,874 billion and provincial share was Rs287.7 billion.

    Total expenditure during the period was Rs5,506 billion. The current expenditure was at Rs4,798 billion and development expenditure was at Rs684 billion.

  • Pakistan’ FDI declines by 52 percent in 10 months

    Pakistan’ FDI declines by 52 percent in 10 months

    KARACHI: Foreign Direct Investment (FDI) has declined by 52 percent during first 10 months of current fiscal year owing to higher repatriation of profits by corporate sector.

    The total FDI was recorded at $1.376 billion during July –April 2018/2019 as compared with $2.849 billion in the corresponding period of the last year, showing 51.7 percent decline, according to data released by State Bank of Pakistan (SBP) on Tuesday.

    The inflows under FDI registered 22 percent decline to $2.684 billion during first 10 months of current fiscal year as compared with $3.44 billion in the same period of the last fiscal year.

    The outflows on the other hand increased by 121 percent to $1.308 billion during July – April 2018/2019 as compared with $591 million in the same period of the last fiscal year.

    The total foreign private investment registered 64.3 percent decline to $968 million during July-April 2018/2019 as compared with $2.713 billion in the same period of the last fiscal year.

    The portfolio investment posted 200 percent decline during the period under review to outflow of $408 million as compared with the outflow of $136.2 million.

    Foreign public investment witnessed 140.4 percent decline to $2.45 billion during July – April 2018/2019 as compared with outflow of $990.6 in the same period of the last fiscal year.

  • forex reserves decline by $78 million to $15.89 billion

    forex reserves decline by $78 million to $15.89 billion

    The State Bank of Pakistan (SBP) announced on Thursday that the country’s foreign exchange reserves decreased by $78 million, bringing the total to $15.894 billion for the week ending May 10, 2019. This decline is attributed primarily to foreign debt payments.

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  • Pakistan approaches IMF on bad economic conditions: Dr. Hafeez Shaikh

    Pakistan approaches IMF on bad economic conditions: Dr. Hafeez Shaikh

    KARACHI: Pakistan has approached the IMF for a new loan program due to bad economic conditions of the country, Advisor to Prime Minister on Finance Dr. Hafeez Shaikh said on Thursday.

    Advisor to PM Dr. Hafeez Shaikh was addressing a press conference at Governor House, Sindh. Governor Sindh Imran Ismail and Chairman Federal Board of Revenue (FBR) Shabbar Zaidi was also at the press conference. A large number of businessmen were also at the event.

    He said that in order to strengthen the economic condition the government had planned sort-, medium- and long term programs.

    The advisor and the FBR chairman briefed about the IMF loan program and amnesty scheme.

    Imran Ismail said that the government wanted to resolve industries problem at their doorstep.

    In this regard Sindh Industrial Liaison Committees were formed to speed up the resolution process.

    On the occasion, FBR chairman said that the latest amnesty scheme was supported by the entire business community.

    He said that amnesty scheme would generate sizeable revenue which would bode well for the country’s economy.

  • Pakistan’s trade deficit narrows by 13pc in 10 months

    Pakistan’s trade deficit narrows by 13pc in 10 months

    KARACHI: Pakistan’s trade deficit has narrowed by 13 percent during first 10 months (July – April) 2018/2019 owing to significant fall in import bill, according to trade data released by Pakistan Bureau of Statistics (PBS) on Wednesday.

    The trade deficit narrowed to $26.3 billion during July – April of current fiscal year as compared with the deficit of $30.17 billion in the same period of the last fiscal year.

    The major reason behind shrinking trade deficit was reduction in import bill. The import bill was declined to $45.47 billion during first 10 months of current fiscal year when compared with $49.36 billion in the corresponding period of the last fiscal year.

    The exports of the country, however, remained stagnant. The exports were at $19.17 billion during July – April 2018/2019 as compared with $19.19 billion in the same period of the last fiscal year.

    The State Bank of Pakistan (SBP) in its third quarterly report said that most of the deficit reduction during Jul-Mar FY19 was recorded in Q3, when imports dropped quite sharply in response to a deepening decline in purchases of foreign power generation machinery, aircraft and railway locomotives; technical and administrative hiccups in LNG imports (and power generation); and a temporary softening in global oil prices.

    Further support came from regulatory and macro stabilization measures taken earlier, which impacted industrial performance and reduced demand for imported raw materials (such as iron and steel), and also curtailed consumers’ demand for cars (thereby lowering imports of CBUs).

    In percentage terms, the 18.1 percent decline in the overall imports in Q3-FY19 was the largest drop in a quarter in almost 10 years. It was more than sufficient to offset a 3.3 percent contraction in exports in the quarter, and led the trade deficit to drop by a sizable 27.6 percent

  • Federal cabinet approves money whitening scheme

    Federal cabinet approves money whitening scheme

    ISLAMABAD: The federal cabinet on Tuesday approved a scheme to whiten money through declaration of concealed / hidden assets.

    Prime Minister Imran Khan chaired the meeting of the federal cabinet. The cabinet approved the asset Declaration Scheme, 2019 besides discussing a 17 point agenda.

    Attorney General for Pakistan made a detailed presentation to Cabinet about the progress made in cases pending in the International Courts/Arbitration forums and suggested future course of action.

    The Cabinet was informed that from 2008 to 2018, the government of Pakistan has paid an amount of $100 million in lawyers’ fee in various cases while another $10 million is to be paid this year in lawyers’ fee.

    It was decided that legal advisors will be appointed in the main ministries including Ministry of Power, Petroleum, Communications, etc.

    Besides, measures would be taken to strengthen the office of the Attorney General to enhance its capacity to vet contracts/agreement.

    The cabinet discussed at length the prices of essential items The Secretary Planning inform the Cabinet about the measures being taking to eliminate middle man and providing relief to consumers.

    The Cabinet approved renewal of Regular Public Transport, Charter and Aerial Work Licenses of M/s PIACL.

    The Cabinet approved constitution of Board of Directors of PTDC. The Cabinet ratified Trade Agreement between the Governments of the Islamic Republic of Pakistan and the People’s Democratic of Algeria.

    The cabinet approved Memorandum of Understanding between National School of Public Policy (NSPP) and National Management Institute (NMI), Cairo.

    The Cabinet approved Property Tax Exemption in respect of Benevolent Fund Building, Zero Point Islamabad.

    The Cabinet approved appointment of Director on Board Directors of Deposit Protection Corporation.

    Zafar Mirza, Special Assistant to the Prime Minister on National Health Services briefed the Cabinet about progress made in reduction of Maximum Retail Prices of various drugs resulting in saving of Rs. 09 billion to consumers.

    The Cabinet approved salary package for Members of the Information Commission. The Cabinet approved secondment of Major General Omer Ahmed Bokhari, as DG Pakistan Ranger (Sindh).

    The Cabinet approved appointment of Ms. Tasneem Sultana, District and Session Judge as Judge, Special Court (Control of Narcotics Substances-I), Karachi. Appointment of Judge, Special Court (Control of Narcotics Substances-), Quetta was also approved.

    The cabinet granted exemption of duties/taxes on equipment donated by China. The equipment will be used for anti-narcotics efforts.

    The cabinet approved recruitment Rules of the post of Chairman of Pakistan Academy of Letters, Islamabad. The Cabinet approved policy on provision of Consular Assistance to detained and imprisoned Pakistanis abroad.

  • Secured transactions registry established in SECP

    Secured transactions registry established in SECP

    In a significant development aimed at improving access to credit for small businesses and the agriculture sector, the Securities and Exchange Commission of Pakistan (SECP) has officially established the Secured Transaction Registry (STR). This registry will record charges and security interests created by entities on their movable assets, facilitating easier and more secure access to loans.

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