Pakistan’s loan from the IMF could be in jeopardy if the trend of the government missing revenue target continues. August 12, 2020 (MLN): Pakistan’s fiscal deficit in FY20 stood at 8.1 percent of the GDP, compared to the deficit of 8.9 percent of GDP in FY19. The IMF expects the budget deficit, the gap between expenditures and revenues, to be 6.7 percent of GDP in the current fiscal year. Our forecast is informed by our expectations for expenditure to far outstrip the amount forecast in the budget, particularly in the terms of defence and social spending. Overall, the government had paid more than Rs2,600 billion in interest payments during FY20, as against the budget estimate of Rs2,900 billion. The deficit of $2.96 … One thing Federal Reserve Chair Jerome Powell is unlikely to face from President Joe Biden is the barrage of Twitter attacks he was subject to, sometimes daily, under former president Donald Trump. Pakistan's fiscal deficit will surge to 9 per cent in the ongoing fiscal year, the country's de facto finance minister said, as its economy reels from the fallout of the coronavirus crisis. After five months of surplus, Pakistan’s current account posted a dramatic drop in December 2020, with the State Bank of Pakistan on Wednesday saying the past year had ended with a deficit of $662 million, primarily due to a boost in imports. During FY20, total revenues and expenditures of the government as percentage of GDP stood at 15 percent and 23.1 percent respectively, while in absolute terms, the revenues amounted to Rs 6.27 trillion and the expenditures to Rs 9.648 trillion. In fiscal year 2019-20, the coalition government of Pakistan Tehreek-i-Insaf (PTI), according to a report, posted fiscal deficit of Rs. Earlier, the government had estimated that Pakistan's fiscal deficit will reach at around 9.1% of GDP in FY20, against the original budget proposal of 7.1%, on the basis of Rs 1.24 trillion Covid-19 relief package announced by the government. -. According to sources, the fiscal deficit was actually 8.1pc in June 2020 as compared to the revised estimates of 9.1pc published in the budget. Fiscal deficit: The average fiscal deficit in 1990s was 7% of GDP. The statement emphasized that the benefits of Sukuk include lower financing cost for the government; provision of Shariah-compliant investment avenues; fulfilment of the constitutional requirement of eradication of Riba; and promotion of the Islamic financial industry. MG Link is a leading source of data, Financial Market Intelligence and News. Business shutdowns imposed to contain the spread of the virus caused immediate, massive job losses in 2020, and at the end of the year, four million people had been unemployed for six months or more, comprising 37 percent of total unemployment. The current account deficit shrank to 1.1% of gross domestic product (GDP) in FY20 compared to 4.8% ($13.43 billion) in FY19, the State Bank of Pakistan (SBP) reported on Tuesday. 710 million for the setting up of the company’s four-wheeler project, up to December 31, 2020. Furthermore, Federal Minister for Privatization Mohammed Mian Soomro chaired the Privatization Commission (PC) Board meeting on Thursday, in Islamabad, wherein the board approved committees for pre-qualification of potential bidders for HBFCL, JCC, and FWB. December 25, 2020. Private sector borrowing from banks went up by over 65 per cent in December 2020, latest data issued by the State Bank (SBP) shows. They said the defence expenditure in the last [corona] quarter remained around Rs400 billion. Pakistan’s fiscal deficit for the 2018-’19 financial year reached a record level of 8.9% of the Gross Domestic Product, Dawn reported on Wednesday. "There are many aspects of our current economy that are still unprecedented. State Bank of Pakistan says $662 million deficit primarily caused by a boost in imports without similar increase in exports last month. Fiscal Expenditure in Pakistan averaged 3450.11 PKR Billion from 2001 until 2019, reaching an all time high of 8345.60 PKR Billion in 2019 and a record low of 732.50 PKR Billion in 2001. Government Budget in Pakistan averaged 1 percent of GDP from 1990 until 2019, reaching an all time high of 8.80 percent of GDP in 1990 and a record low of -8.80 percent of GDP in 2012. This included about Rs1.422 trillion non-tax revenue of the federal and Rs102 billion of the provincial governments. Besides, Hi-Tech Lubricants Ltd. (HTL) and Hyundai Nishat Motor (Pvt.) K-Electric Limited (KEL), welcomed the landmark decision by the Sindh High Court, under which all petitions challenging the privatization of the company have been dismissed in favor of KE, its shareholders, and the Privatization Commission (GOP), as announced in the open court on Thursday. An extended lockdown will significantly curtain domestic consumption, which poses risks to economic growth and may widen the fiscal deficit. Minister for Science Technology Fawad Chaudhry on Friday hoped that the government will soon finalize the mechanism for the successful implementation of 'EV Policy for 4-Wheelers' in the country to boost the economy, reduce pollution levels and generate employment in the transport sector. Pakistan Today. The compressed natural gas (CNG) stations in the Sindh have reopened after remaining closed for six days. Much of the rise in the deficit came in the April-June 2020 quarter. ISLAMABAD: Putting country’s fiscal deficit at 1.7 per cent of GDP (Rs753 billion) in first four months of current fiscal year, the government on Thursday said … As the fiscal deficit is the difference between the expenditures and revenues of the government. January 24, 2021 (MLN): The weekly economic roundup summarizes the country's key economic and financial data for the week from various sectors to keep an eye on next week's trends. 5% in 1980s, 4.6%, in 1990s and in 2000s it was increase to 5%. Business, Economic & Financial news by 'Pakistan Today'. Ltd. (HNMPL) through its After-Sales Department entered into an agreement on January 18, 2021, for the Sale, Supply & Branding of ZIC Brand Lubricants to all the Authorized / Designated Dealers of HNMPL. In terms of Rupees, the country’s total budget deficit in FY20 clocked in at Rs 3.376 trillion, whereas, in FY19 it stood at Rs 3.444 trillion. This included federal expenditure of about Rs 6.016 trillion and provincial expenditure of Rs 2.516 trillion. Save my name, email, and website in this browser for the next time I comment. In addition, he also informed that Government approved Rs. In Pakistan, the GDP growth rate was remain 6. The total development expenditure and net lending during FY20 was amounted to Rs 1.204 trillion. January 24, 2021 (MLN): The highlights of the important economic and business events that took place during the last week are in order so as to become acquainted with the recent developments in Pakistan’s economic and public policy. The initial rollout of Covid-19 vaccines has raised hopes companies will be able to open for business and shoppers will open their wallets, improving the economy's prospects. Prime Minister’s Adviser on Finance Abdul Hafeez Sheikh tweeted two different charts to show performance of the government in finance sector. All Rights Reserved. IMF Warns Pakistan on Widening Fiscal Deficit Posted 4 years ago by Amal Hashim On Wednesday, Pakistan’s fiscal deficit outlook widened by a remarkable margin, with officials attributing it … Compared to FY19, the government domestic and external borrowings to aid budget deficit were stood at Rs 3.028 trillion and Rs 417 billion respectively. 3.4 trillion or 8.1% of GDP against the estimate of International Monetary Fund (IMF) of Rs. Keywords: trade deficit, fiscal deficit, Granger causality, ARDL, Pakistan JEL Classification: E62, F14, H62 The trade deficit and fiscal deficit have attracted considerable research attention in the development economics because of a persistently large increase in these deficits across the lower competitive developed and developing countries. Notify me of follow-up comments by email. On Thursday, the government increased the electricity tariff by 1.95 rupees per unit against the proposed raise of 2.18 rupees per unit, due to the burden that capacity charges will reach 1,455 billion rupees by the end of 2023, Minister for Power Division Omar Ayub announced on Thursday. Also, the Board of Directors of Cherat Cement Company Limited, in its meeting held on January 18, 2021, decided to undertake BMR for Cement Line 1 and install the main Crusher. However, a slump in imports will cut Pakistan's current account deficit to $4.5 billion in the fiscal year, from $13.8 billion in 2019. Mr. Haroon Ahmad Khan to acquire more than 30% shares of the company, together with Management control. Layout: Rizwan Ahmad I Video Editor: Talha Farooqi I Fawad Shakeel I Photographers: Zubair Mehfooz & Imran Gillani I Reporters: Meiryum Ali I Ariba Shahid I Babar Khan Javed I Taimoor Hassan l Hassan Naqvi l Shahab Omer l Ghulam Abbass l Ahmad Ahmadani l Shehzad Paracha l Aziz Buneri I Malaysia known to be as a global leader in Sukuk market, it said, adding other important issuers were Saudi Arabia, UAE, Qatar, Oman, Jordan, Turkey, Morrocco and Indonesia. ISLAMABAD: Pakistan’s fiscal deficit shrunk to 8.1pc of Gross Domestic Product (GDP) during the fiscal year 2019-20. Watch out our video to understand why Pakistan currently facing Fiscal deficit Problem & the connection between Fiscal Deficit & Economic growth. Overshooting on inflation "shouldn't induce a loss of credibility, as long as they are able to convince people say that it's transitory and that this is absolutely part of what they're aiming for," she said. The data also revealed that the primary deficit which is other than debt servicing clocked in at Rs 757 billion or 1.8 percent of GDP. Mark-up payments during the year were increased to Rs2.619 trillion or 6.3 percent of GDP, compared to Rs 2.109 trillion or 5.4 percent of GDP in FY19. The same day, a meeting of the Cabinet Committee on Energy (CCOE) was held under the Chairmanship of Federal Minister Asad Umar, wherein the committee approved a proposal for discontinuation of natural gas supply for power generation. Operating from offices in Karachi, Lahore, and Islamabad, the company provides comprehensive information on the Forex, Money Markets, Central bank, Economic indicators, Equities, Commodities and mutual fund market. "I think they've set their course pretty clearly," Stephanie Aaronson, a vice president at the Brookings Institution and former Fed research economist, told AFP. The Fed last year announced a new framework that gives officials flexibility to address the situation. 213 million for Duty Drawback of Local Taxes and Levies (DLTL) payments of the non-textile sector. Pakistan’s fiscal deficit stands at 8.1% in FY20, Gold extends losses for third straight day, Key Pakistan Market Stats and Economic Indicators, Govt clarifies position on Issuance of Sukuk, SBP Keeps Policy Rate Unchanged at 7.00 Percent, https://mettisglobal.news/wp-content/uploads/2020/12/MG-Final-‑-Made-with-FlexClip_Trim.mp4, Executive Committee of the National Economic Council (ECNEC), half a million doses of the Chinese Sinopharm COVID-19, increased the electricity tariff by 1.95 rupees per unit, Privatization Commission (PC) Board meeting, Temporary Economic Refinance Facility (TERF), Duty Drawback of Local Taxes and Levies (DLTL), Hi-Tech Lubricants Ltd. (HTL) and Hyundai Nishat Motor (Pvt.) On Wednesday, Adviser to Prime Minister for Commerce and Investment, Abdul Razak Dawood informed that the Temporary Economic Refinance Facility (TERF) providing long-term concessionary refinance at 5% for manufacturers and exporters has shown excellent results. The federal government has also given more than Rs900 billion in grants against the budget estimate of Rs830 billion. Fiscal Expenditure in Pakistan increased to 8345.60 PKR Billion in 2019 from 7488.40 PKR Billion in 2018. ISLAMABAD: Pakistan’s fiscal deficit shrunk to 8.1pc of Gross Domestic Product (GDP) during the fiscal year 2019-20. Sources said that the government had given Rs88 billion additional money in subsidy during the last fiscal year (against the estimate of Rs272 billion), whereas it had disbursed Rs360 billion for corona control as well as in the head of income tax refunds. The Fed's preferred inflation measure, the PCE price index, is running at just over one percent as of November. Fiscal Policy Statement 2017-18 Debt Policy Coordination Office Ministry of Finance Government of Pakistan August 12, 2020 (MLN): Pakistan’s fiscal deficit in FY20 stood at 8.1 percent of the GDP, compared to the deficit of 8.9 percent of GDP in FY19. Low saving: The people of Pakistan … According to sources, the fiscal deficit was actually 8.1pc in June 2020 as compared to the revised estimates of 9.1pc published in the budget. The Executive Committee of the National Economic Council (ECNEC) Thursday, In a major achievement towards ensuring ease of doing business, Pakistan has improved 31 positions, from 142nd to 111. In terms of Rupees, the country’s total budget deficit in FY20 clocked in at Rs 3.376 trillion, whereas, in FY19 it stood at Rs 3.444 trillion. Pakistan's fiscal deficit has increased to 8.9 percent of the Gross Domestic Product (GDP) in the fiscal year that ended in June, marking a three-decade The deficit was recorded at 4.1pc in the last quarter of 2019-20, whereas it remained at 4pc from July to March FY20. 70 billion. But Aaronson noted that Powell will have to communicate clearly to both Wall Street and small businesses to calm concerns. The net lending stood at Rs 48.5 billion. "They can see the whites of inflation's eyes before they need to be necessarily thinking about really changing policy" under the new framework, Sinclair said. According to a spokesperson of Sui Southern Gas... LAHORE: Engro Fertilizers Daharki plant has been declared the global winner of the DuPont Safety Innovation Award 2020. The fiscal deficit had stood at just 3.8% of GDP on March 31, 2020 but increased to 8.1 percent over the remainder of the financial year. Fiscal deficit of Pakistan has been accumulated to a whopping 5.8% of gross domestic product (GDP) and reached Rs. And that means that their job is incredibly challenging," George Washington University economist Tara Sinclair said in an interview. On the vaccine front, Pakistan's Foreign Minister Shah Mehmood Qureshi said on Thursday that China has agreed to provide half a million doses of the Chinese Sinopharm COVID-19 free of cost to Pakistan by January 31. We at Fitch Solutions have revised our forecast for Pakistan’s fiscal deficit to 10.8% of GDP in FY2019/20 (July-June) from 7.5% previously, and up from 9.0% in FY2018/19. Of this, about Rs 4.334 trillion came from federal revenues and Rs 413.6 billion came from provincial. Table 4.1 depicts how Pakistan’s economy has shown its move on the fiscal front. That is a radical shift from the past, when central bankers would raise rates early to head off inflation. Shell Pakistan Limited, in response to an inquiry letter sent by PSX, clarified that the MoU signed with K-Electric to explore the possibility of electric charging stations, initially at three locations in Karachi, is only preliminary and nothing concrete has been finalized as of the date hereof. Ltd, US Fed holds first policy meeting of Biden administration, Provision of inexpensive houses to poor top priority: PM, Eurozone inflation rises to 1.3% in December. "I would be surprised if that really changed throughout the spring.". In addition, Samin Textiles Limited received a notice of Public announcement of intention from potential Acquirer i.e. The estimates say the economy will contract 1.5% for financial year 2020 against a rise of 3.29% in 2019. Copyright © 2021. 3.9 trillion (9.2% of the GDP) due … It additionally substantiates that with fiscal sustainabil Pakistan’s economic growth growth trajectory. Economy of Pakistan Karachi, the financial centre of Pakistan Currency Pakistani rupee (PKR, ₨) Fixed exchange rates $1=160Rs (Jan 2021) Fiscal year 1 July – 30 June Trade organisations ECO, SAFTA, WTO, and others Country group Developing/Emerging Lower-middle income economy Statistics Population 220,892,000 (2020) GDP $276 billion (nominal; 2019) $1.08 trillion (PPP ; 2020) GDP rank … On the upside, in a major achievement towards ensuring ease of doing business, Pakistan improved 31 positions, from 142nd to 111th, on the rank of Trading Across Border Index. The central bank pledged to allow inflation to exceed its two percent goal for a time to ensure the unemployment rate drops from its 6.7 percent level at the end of 2020. After having peaked at 8.8 percent of GDP in FY2012 followed by 8.2 percent of GDP in FY2013, overall fiscal deficit January 24, 2021: With a new year and a new administration in the White House, the US central bank nonetheless faces an unprecedented challenge in guiding the post-pandemic economic recovery. But even absent political pressures, the outlook is daunting. The PTI economic team had set a 7.1pc fiscal deficit target for FY20. Same as the fiscal deficit in 1980s and 1990s remain 7.1% and 6.9% respectively and in 2000s it was reduced to 4.4% of GDP. Besides, the government on Thursday issued revised profit rates for National Saving Schemes certificates, which will be put into effect from January 21, 2020. Moreover, in a bid to attract investments in Panda Bonds, the Federal Government exempted the payment of principal and profits on such bonds from all kinds of tax. Pakistan’s fiscal deficit shrunk to 8.1pc of Gross Domestic Product (GDP) during the fiscal year 2019-20. Still, so much about the pandemic-induced recession has been historic, and the recovery too will present policymakers with scenarios they have never encountered. On the equity front, Sazgar Engineering Works Limited submitted a progress report in respect of utilization of proceeds of Right Issue of Rs. White House spokeswoman Jen Psaki last week said Biden "clearly has a great deal of respect and value for the Federal Reserve and role they play.". This encompassed total development expenditure of Rs 1.090 trillion of which provinces utilized about Rs 622 billion, federal utilized Rs 467.74 billion on development schemes and Rs 65.5 billion were spent on Other development expenditures. By. "Sukuk are not only issued to support the Government’s budgetary position, but also to promote Islamic banking finance in the country, which is a constitutional obligation," said Finance Ministry in a statement. Pakistan fiscal deficit to hit 9.5pc of GDP: Fitch Ratings It forecast deficits of 9.5pc in the outgoing fiscal year 2019-20 and 8.2pc in FY21 pushing the public debt-to-GDP ratio up to 89pc of GDP. The announcement was made by DuPont Sustainable... LAHORE: The Lahore High Court (LHC) was approached for imposing a ban on social media applications including Bigo Live, TikTok, Likee and others on... SEATTLE: Boeing Co said it will begin delivering commercial airplanes capable of flying on 100pc biofuel by the end of the decade, calling reducing... Executive Editor: Babar Nizami l Managing Editor: Yousaf Nizami l Managing Editor Magazine: Farooq Tirmizi I Editor Multimedia: Umar Aziz I 1.864 trillion mark in absolute terms, it is the highest in four years of the PML-N government and also in the Pakistan’s 70-year history.. The statement added that the Sukuk market was growing rapidly around the world. The fiscal deficit is projected to narrow to 7.4 percent in FY22, with the resumption of fiscal consolidation and stronger revenues driven by recovering economic activity and … The expectation for more government aid under the Biden administration -- which has proposed a massive $1.9 trillion rescue package -- will give the central bankers hope for a more solid rebound and improved hiring, Aaronson said. When the recovery does begin, the Fed's main nemesis -- inflation -- is likely to flare up in areas that bounce back first, like hotels, restaurants and air travel. After slashing the benchmark lending rate to zero early in the coronavirus crisis, and massively increasing bond purchases to pump cash into the economy, the FOMC has signaled will not change policy in the near future. Overall, the defence spending in the last fiscal year was Rs1.2 trillion as against the budget estimate of Rs1.15 trillion. However, rising defence spending, higher interest payments (6.3 percent of GDP), and rollover of fiscal stimulus from FY2020 could widen the deficit to 8.7 percent of GDP, compared with a budgeted deficit of 7 percent, which is based on growth of 2.1 percent. Editors: Zaman Khan I Abdullah Niazi I Mariam Zermina I The public debt increased from 66% of GDP in 1980 that almost 100% by the mid of 2000. But the historic nature of the job losses during the pandemic -- more than 10 million US workers remain unemployed -- coupled with the likelihood inflation in some sectors could spike once the recovery takes hold, will test the Federal Reserve's limited toolkit. On the other hand, non-tax revenue arrived at Rs1.524 trillion. Analysts expect Pakistan’s fiscal deficit to clock in at around 8.0-8.5 percent of GDP in FY2021 compared with 8.1 percent of GDP in FY20. (Reuters/File) Pakistan’s budget deficit rose to the highest in almost three decades, ahead of the International Monetary Fund’s first quarterly review of a bailout program that sought to curtail a fiscal blowout.. The revenue from taxes stood at Rs4.747 trillion. This also included corona expenditures and if these expenditures were omitted, the deficit would have been 7.3pc of the GDP, they added. During FY20, the current expenditure of the government came in at Rs 8.532 trillion. The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP), in its meeting held on Friday, in Karachi, decided to maintain the Policy Rate at 7 percent. As the only registered business news agency in Pakistan we take pride in the speed and accuracy of our news. You have entered an incorrect email address! Defense spending, though increasing in absolute terms, remained unchanged at 3 percent of GDP when compared with last year. News Desk. 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According to the data released by Ministry of Finance, government plugged this deficit through domestic borrowing of 2.48 trillion, while external borrowing to plug the deficit amounted to Rs 895.5 billion. These challenges could be discussed when the Fed's policy-setting Federal Open Market Committee (FOMC) opens its first two-day policy meeting of the year on Tuesday. It said that the government of Pakistan has issued Sukuk several times, which were backed by assets such Motorways (M1, M2, M3) and Jinnah International Airport. Pakistan recorded a Government Budget deficit equal to 5.80 percent of the country's Gross Domestic Product in 2019. source: State Bank of Pakistan. Sources said that the government had paid Rs740 billion in interest payment from April to June 2020. January 24, 2021: Finance Ministry clarified Saturday that Sukuk were Shariah compliant borrowing instruments backed by physical assets, and were structured so as to pay returns on investment as rent instead of interest by utilizing an underlying asset. Finance Ministry clarifies position on issuance of Sukuk, Private sector borrowing increases 65pc in December, Dawood vows cut in duties on raw material not produced locally, Engro Fertiliser wins DuPont Safety Innovation Award 2020, Cherat Packaging to invest Rs1 billion in polypropylene plant, Servis: the iconic shoe company doubles down on its tyre manufacturing…, Imperial Ltd. sells its land and packs up its sugar business, Why does Pakistan fail to overcome the vicious cycle of circular…, Pakistan needs to fix its electricity network. 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Shares of the government had paid more than Rs2,600 billion in interest payments during FY20 was amounted to 1.204. Acquirer i.e that with fiscal sustainabil Pakistan ’ s economic growth Rs 8.532 trillion added that Sukuk. 5 % 4.334 trillion came from federal revenues and Rs 413.6 billion came from provincial revenue. The outlook is daunting Pakistan has been accumulated to a whopping 5.8 of. I comment proceeds of Right Issue of Rs 2.516 trillion our video to understand why Pakistan currently facing fiscal fiscal deficit of pakistan!
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