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  • Foreign exchange reserves slipped to $15.09 billion

    Foreign exchange reserves slipped to $15.09 billion

    KARACHI: The foreign exchange reserves of the country have slipped by $36 million to $15.09 billion by week ended May 24, 2019 as compared with $15.126 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.

    The official reserves of the central bank came down by $47 million to $8.01 billion by week ended May 24, 2019 as compared with $8.057 billion a week ago. The SBP attributed the decline in foreign exchange reserves of the central bank to external debt services and other official payments.

    However, the reserves held by commercial banks increased by $11 million to $7.079 billion when compared with $7.068 billion a week ago.

  • National Economic Council approves GDP target at 4pc for 2019/2020

    National Economic Council approves GDP target at 4pc for 2019/2020

    ISLAMABAD: The National Economic Council (NEC) in its meeting held on Wednesday approved GDP target at 4 percent for fiscal year 2019/2020.

    Prime Minister Imran Khan chaired the NEC meeting at the PM Office.

    The meeting reviewed Annual Plan 2018/2019 and the proposed Annual Plan 2019/2020.

    The meeting approved GDP growth target of 4 percent along with sectoral growth of agriculture (3.5 percent) industry (2.2 percent) and services sector (4.8 percent) for financial year 2019/2020.

    The meeting reviewed draft 12th Five Year Plan (2018-2023). It was informed that main themes of the 12th Five Year Plan include balanced and equitable regional development; sustainable, inclusive, job-creating export-led growth; resource mobilization and improving governance; improving social protection; ensuring food and water security, enhancing connectivity, promoting knowledge economy and Clean and Green Pakistan.

    The NEC approved 12th Five Year Plan (2018-2023), in principle. It was decided that the plan will be further fine-tuned, especially its implementation mechanism, in consultation with all stakeholders.

    The meeting reviewed Public Sector Development Programme (PSDP) 2018-2019 and the proposed PSDP 2019-2020.

    It was informed that PSDP 2019-2020 focuses on new initiatives in the field of agriculture, information technology, higher education, science and technology and technical education and training.

    The meeting was informed that targeted interventions will be made in the less developed districts of the country to bring them at par with other parts of the country for regional equalization.

    Ten billion Tsunami Program, Prime Minister’s Youth Skill Development Initiative, rehabilitation of affected population residing along Line of Control, construction of Gilgit-Shandur-Chitral Road and improvement of sewerage and sanitation system of Gilgit, and development of merged districts of Khyber Pakhtunkhwa are some of the major priority areas of Public Sector Development Programme (PSDP) 2019-2020.

    The meeting approved National Development Outlay 2019-2020 amounting to Rs1.837 trillion including Federal PSDP and Provincial ADPs.

    Progress Report of CDWP and ECNEC from 1st April 2018 to March 31, 2019 was laid before the National Economic Council. The NEC confirmed extension in powers of Special Forum for Rehabilitation and Reconstruction in FATA (erstwhile) till December 2019.

    The Special Forum, under the Chairmanship of Commander 11 Corps, was established by the NEC on May 30, 2016 for a period of two years for fast track implementation mechanism for Rehabilitation and Reconstruction in erstwhile FATA.

    The meeting approved establishment of Islamabad Development Working Party headed by the Chief Commissioner ICT including representatives from Ministries of Finance, Planning and other concerned offices.

    The IDWP will be allowed to approve development project up to Rs60 million. The NEC approved procedure for approval of Program for Results (PforR), Development Policy Credits (DPCs) and Financial Intermediation Programs (FIPs).

    The Prime Minister during the meeting said that the country was facing unprecedented economic crisis. He said that joint efforts of the Federal Government and the Provincial Governments were needed to overcome the present economic crisis.

    The Prime Minister said that the Government has introduced Local Government systems in Punjab and Khyber Pkahtunkhwa to ensure empowerment of the people at grass root level and to afford them an opportunity to play their part in their developmental process.

    The Prime Minister reiterated his call to the provinces to allocate necessary financial resources, as per the commitments made earlier, for the development of erstwhile FATA.

    The meeting was attended by Adviser Finance Dr. Abdul Hafeez Sheikh, Planning Minister Makhdoom Khusru Bakhtiar, Adviser Commerce Abdul Razzak Dawood, Governor KP Shah Farman, Chief Minister Punjab Sardar Usman Buzdar, CM Sindh Syed Murad Ali Shah, CM Khyber Pakhtunkhwa Mehmood Khan, CM Balochistan Jam Kamal Khan, Finance Minister Punjab Makhdoom Hashim Jawan Bakht, Nisar Ahmed Khuhro, Ms. Naheed S. Durrani, Finance Minister KP Taimur Saleem Khagra, Jan Muhammad Jamali, PM Azad Jammu & Kashmir Raja Farooq Haider, Chief Minister Gilgit-Baltistan Hafiz Hafiz-ur-Rehman and others.

  • Pakistan, China sign four CPEC agreements to boost bilateral cooperation

    Pakistan, China sign four CPEC agreements to boost bilateral cooperation

    ISLAMABAD: Pakistan and China on Sunday signed four agreements under China Pakistan Economic Corridor (CPEC) in order to further enhance bilateral cooperation.

    The signing ceremony was held here during the three-day visit of Chinese Vice President Wang Qishan, who arrived earlier in the day along with a high level delegation.

    Prime Minister Imran Khan and the Chinese Vice President witnessed the signing ceremony, which also attended by Minister for Foreign Affairs Shah Mahmood Qureshi, Planning Minister Khusro Bakhtiar, Finance Advisor Abdul Hafeez Sheikh and members of the Chinese delegation.

    A Framework Agreement on Agricultural Cooperation was signed by Chinese Vice Minister Zhang Taolin and Secretary Ministry of National Food Security Dr Muhammad Hashim Popalzai.

    A memorandum was signed on the “Requirements of FMD free zone where vaccination is practiced between General Administration of the Customs of China and Animal Quarantine Department of the Ministry of National Food Security and Research of Pakistan.”

    Chinese Ambassador in Pakistan Yao Jing and Dr Hashim Popalzai signed the document.

    The two countries also signed China Pakistan Economic Cooperation Agreement signed by Chinese Vice Minister Deng Boqing and Secretary Economic Affairs Division Noor Ahmed.

    Chinese Vice Minister Deng Boqing and Secretary EAD also signed a Letter of Exchange for Disaster Relief Goods between the two countries.

    The two friendly countries also inked agreement between CMEC and Government of Balochistan and Lasbela University in Modern Agriculture Comprehensive Development in Lasbela.

    The document was signed by Vice President of CMEC from China and Vice Chancellor Lasbela University Professor Dr Dost Muhammad Baloch and PS to Governor Balochsitan.

  • France gives 94 million Euros soft loan to Pakistan

    France gives 94 million Euros soft loan to Pakistan

    ISLAMABAD: French Agency for Development (AFD) has extended Euro 94.01 million soft loan to Pakistan for extension of water resources, a statement said on Thursday.

    Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Sheikh, witnessed the signing ceremony of the Credit Facility Agreement worth Euros 94.010m for Extension of Water Resources Faisalabad phase-II Project, signed by Secretary, Economic Affairs Division (EAD), Noor Ahmed, French Ambassador to Pakistan, Marc Barety, and Country Director of the French Agency for Development (AFD), Jacky AMPROU.

    AFD will provide a soft loan for the project for a period of 20 years including a grace period of 6 years at interest rate of 6-month Euribor with a spread of 52 basis points.

    Groundwater quality of Faisalabad city is brackish.

    The proposed project will augment Faisalabad Water and Sanitation agency capacity to provide 30 MGD of additional clean drinking water to citizens of Faisalabad through surface water treatment plant.

    France through the French Agency for Development is providing technical and financial support in energy and urban development sector in Pakistan.

    This project is AFD’s first investment in water and sanitation sector opening avenues for more collaboration with government of Pakistan.

    Earlier, the Ambassador called on the Adviser and exchanged views on matters pertaining to enhancement of bilateral cooperation.

    Highlighting the significance of the project, the Ambassador informed that the project would provide better service and clean drinking water to the population of Faisalabad.

    The project will contribute towards the Government of Pakistan’s strategy for improving the urban services and health conditions. Both the sides stressed the need for diversification of trade and promoting economic relations between the two countries.

    Adviser to the Prime Minister on Finance and Secretary, EAD thanked the French Government and AFD for extending the financial assistance to Pakistan.

  • 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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