Explore finance-related stories with Pakistan Revenue, your source for the latest updates on Pakistan’s economy, financial trends, and market insights. Stay informed with real-time economic developments.
ISLAMABAD: Dr Abdul Hafeez Shaikh, Advisor to Prime Minister on Finance, Revenue and Economic Affairs held a phone discussion with Ernesto Ramirez-Rigo, IMF Mission Chief to Pakistan, after talking with Jihad Azour, IMF Director, earlier on Saturday.
They discussed the progress of negotiations for an IMF-supported program for Pakistan.
Both sides expressed their commitment for moving the discussions forward.
It was agreed that an IMF mission will visit Pakistan by the end of April 2019.
ISLAMABAD: Prime Minister Imran Khan on Friday appointed Dr. Abdul Hafeez Shaikh as Advisor to the Prime Minister on Finance, Revenue and Economic Affairs with the status of federal minister with immediate effect, said a statement.
The prime minister office issued notification in this regard.
In order to take the charge of the portfolio, Dr. Hafeez Shaikh has reached Pakistan. Dr. Shaikh prepared roadmap for economic policies.
Sources said that adviser would soon to meet Prime Minister Imran Khan. The new finance incharge wanted independence on economic policy framework.
KARACHI: The foreign exchange reserves of the country fell by $1.03 billion during a week owing to huge repayment made against Pakistan Sovereign Bond.
The total foreign exchange reserves of the country fell to $16.196 billon by week ended April 12, 2019 as against the reserves level of $17.228 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.
The central bank said that during the week ending April 12, 2019, SBP’s reserves decreased by US$1,028 million to US$9,243.7 million.
The official reserves of the central bank were decreased due to payments on account of external debt servicing, including principal repayment of US$1,000 million against Pakistan Sovereign Bond.
The reserves held by commercial banks were flat at $6.952 billion from previous week’s level of $6.956 billion.
KARACHI: Pakistan’s current account deficit narrowed by 29.44 percent during first nine-months (July-March) of current fiscal year owing to falling imports and improved foreign remittances.
The current account deficit narrowed to $9.58 billion during first nine months of current fiscal year as compared with deficit of $13.589 billion in the corresponding period of the last fiscal year, according to Balance of Payment (BOP) details issued by State Bank of Pakistan (SBP) on Thursday
Pakistan’s trade deficit was contracted by 13.02 percent during first nine months (July – March) 2018/2019 due to significant decline in import bill in the same period.
The trade deficit shrank to $23.67 billion during first nine months of current fiscal year as compared with the deficit of $27.21 billion in the corresponding period of the last fiscal year.
The import bill during the first nine months was declined by 8 percent to $40.75 billion as compared with $44.28 billion in the same period of the last fiscal year.
However, growth in exports was remained flat. The exports were at $17.08 billion during the period under review as compared with $17.06 billion in the same period of the last fiscal year.
The import bill sharply declined by 21 percent in the month of March 2019 to $4.15 billion as compared with $5.25 billion in the same month of the last fiscal year.
On the other hand overseas Pakistani workers have remitted $16.1 billion during first nine months (July – March) 2018/2019 as compared with $14.8 billion in the same period of the last fiscal year, showing 8.74 percent growth.
During March 2019, the inflow of worker’s remittances amounted to US $1745.80 million, which is 10.73 percent higher than February 2019 and 3.20 percent lower than March 2018.
KARACHI: The foreign direct investment (FDI) has declined by 51.4 percent to $1.27 billion during first nine months of current fiscal year as compared with $2.6 billion in the corresponding period of the last fiscal year, according to statistics issued by State Bank of Pakistan (SBP) on Thursday.
The inflows of FDI fell by 20.9 percent to $2.51 billion during the period under review as compared with of $3.18 billion in the same period of the last fiscal year. While the outflows sharply increased by 121.8 percent to $1.24 billion as compared with $560 million.
The portfolio investment in the stock market witnessed massive outflow during the first nine months of current fiscal year. The stock market witnessed outflow of $409 million during July – March 2018/2019 as compared with the outflow of $118.6 million in the corresponding period of the last fiscal year, showing sharp decline of 245 percent.
The foreign private investment with both the component of FED and portfolio investment declined by 65.5 percent to $864 million during first nine months of current fiscal year as compared with $2.5 billion in the same period of the last fiscal year.
The total foreign private investment after inclusion of foreign public investment witnessed decline of 82.4 percent to $873 million during July – March 2018/2019 as compared with $4.95 billion in the corresponding period of the last fiscal year.
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday directed Utility Stores Corporation (USC) to ensure availability of essential items during the holy month of Ramazan.
The ECC meeting was held with Finance Minister Asad Umar in the chair.
The Committee reviewed proposals of various ministries/divisions.
The committee also considered and approved various demands of division ministries for supplementary and technical supplementary grants.
Industries and Production Division gave a presentation to update the Committee about status of Ramazan Package.
The committee directed the USC to expedite the procurement of essential consumer items so as to provide timely relief to the people in Holy Month of Ramazan.
The ECC constituted a four-member Committee to be headed by Railways Minister, Sheikh Rashid Ahmed, to oversee the implementation of Ramazan Package.
The Ministry of Petroleum briefed the ECC on the implementation of the Committee’s decision regarding utilization of services of Pakistan Railways for transportation of petroleum products across the country.
The ministry of Railways informed the committee that it had the capacity to carry higher volumes and would work with the Ministry of Petroleum to explore further possibilities.
The ECC approved, in principle, the proposal of Ministry of Information & Broadcasting for media campaign aiming to disseminate information relating to initiatives on Poverty Alleviation, Sehat Insaaf Scheme, PM’s Naya Pakistan Housing Scheme etc.
The committee also directed the Ministry of Finance and National Bank of Pakistan to extend maximum facilitation to the USC in this regard.
The finance minister said that the budgetary needs of many organizations had not been properly assessed at the time of preparation of budget estimate last year which was leading to a large number of demands for supplementary grants.
He emphasized the need for proper budgeting of the financial needs of various departments, which would obviate the need for supplementary grants during the currency of the fiscal year.
He stated that the government is determined to phase out the supplementary grants in the future budgets.
KARACHI: The Central Directorate of National Savings (CDNS) has issued directives to its zonal offices, instructing them to follow the policy outlined by the central bank to facilitate older citizens aged 65 years and above in making investments using expired Computerized National Identity Cards (CNICs).
(more…)ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) may grant formal approval for sovereign guarantee for Utility Stores Corporation (USC) in its meeting scheduled for April 17, 2019.
According to agenda of the ECC meeting scheduled for Wednesday, the ministry of industries and production had proposed for the sovereign guarantee for the public sector store chain in order to overcome its financial crisis.
The USC is providing consumer items at low priced and subsidized rates to masses. The government has also approved an amount of Rs2 billion for Ramazan package to be provided to masses through the USC.
In other agenda items, the ECC may approve an amount of Rs700 million in favour of National Commission for Human Development under the ministry of federal education and professional training.
A supplementary grant of Rs337.02 million likely to be approved in respect of Gilgit-Baltistan Council for Financial Year 2018/2019.
Provision of supplementary grant of Rs1.33 billion to department of immigration and passport likely to be approved.
Further, on the recommendation of petroleum ministry, the ECC likely to approve utilization of Railways services by PSO for transportation of petroleum products.
KARACHI: An IMF mission will visit Pakistan by the end of April to continue discussions for new loan program, a statement said on Monday.
It said that the Pakistani authorities and IMF staff held constructive discussions during the IMF/World Bank Spring Meetings in Washington DC towards an IMF-supported program.
At the request of the authorities, an IMF mission will be going to Pakistan before the end of April to continue the discussions.
KARACHI: The prices of essential items have registered 12.02 percent growth by week ended April 11, 2019 as compared with corresponding week last year, according to data released by Pakistan Bureau of Statistics (PBS) on Monday.
The Sensitive Price Indicator (SPI) based inflation has shown the increase with the average inflation for all income groups.
The weekly data revealed that the inflation grew by 16.31 percent for income group above Rs35,000. While the SPI based inflation grew by 12.89 percent for the income group range between Rs18,001 – Rs35,000.
Meanwhile, the inflation increased by 8.9 percent, 9.07 percent and 8.97 percent for income group up to Rs8,000, Rs8,001-Rs12.000 and Rs12,001 – Rs18,000, respectively.
The PBS calculates the weekly SPI with base 2007-08=100 covering 17 urban centres and 53 essential items for all income groups/quintiles and combined has been computed.