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. 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. Fiscal deficit: The average fiscal deficit in 1990s was 7% of GDP. An extended lockdown will significantly curtain domestic consumption, which poses risks to economic growth and may widen the fiscal deficit. 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. Prime Minister’s Adviser on Finance Abdul Hafeez Sheikh tweeted two different charts to show performance of the government in finance sector. 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. 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. 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. 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. As the fiscal deficit is the difference between the expenditures and revenues of the government. 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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. Overall, the government had paid more than Rs2,600 billion in interest payments during FY20, as against the budget estimate of Rs2,900 billion. This included federal expenditure of about Rs 6.016 trillion and provincial expenditure of Rs 2.516 trillion. Of this, about Rs 4.334 trillion came from federal revenues and Rs 413.6 billion came from provincial. In Pakistan, the GDP growth rate was remain 6. 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. 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. After having peaked at 8.8 percent of GDP in FY2012 followed by 8.2 percent of GDP in FY2013, overall fiscal deficit 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. 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. 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. Notify me of follow-up comments by email. The IMF expects the budget deficit, the gap between expenditures and revenues, to be 6.7 percent of GDP in the current fiscal year. 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. Other Federal government assets such as the Islamabad Expressway, Allama Iqbal International Airport and F-9 Park have been identified, in consultation with experts in Islamic finance, as good potential candidates for Sukuk structures. 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 … 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 deficit of $2.96 … 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. The Fed's preferred inflation measure, the PCE price index, is running at just over one percent as of November. "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. 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. Watch out our video to understand why Pakistan currently facing Fiscal deficit Problem & the connection between Fiscal Deficit & Economic growth. 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. It additionally substantiates that with fiscal sustainabil Pakistan’s economic growth growth trajectory. 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 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. December 25, 2020 (MLN): Pakistan’s fiscal deficit during July-October, FY2021 stood at 1.7% of GDP (Rs 753 billion) against 1.4% of GDP (Rs 564 billion) in the comparable period of last year. 5% in 1980s, 4.6%, in 1990s and in 2000s it was increase to 5%. December 25, 2020. Much of the rise in the deficit came in the April-June 2020 quarter. During FY20, the current expenditure of the government came in at Rs 8.532 trillion. Overall, the defence spending in the last fiscal year was Rs1.2 trillion as against the budget estimate of Rs1.15 trillion. 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. Private sector borrowing from banks went up by over 65 per cent in December 2020, latest data issued by the State Bank (SBP) shows. In addition, he also informed that Government approved Rs. 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. The Fed last year announced a new framework that gives officials flexibility to address the situation. In 2004-2005 the fiscal deficit was 3.3% of GDP however; it increased to 4.2% in 2006-2007. 70 billion. State Bank of Pakistan says $662 million deficit primarily caused by a boost in imports without similar increase in exports last month. That is a radical shift from the past, when central bankers would raise rates early to head off inflation. 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. "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. 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. 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. 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. Meanwhile, the Executive Committee of the National Economic Council (ECNEC) approved the largest health care project ever done by the federal government worth Rs. The estimates say the economy will contract 1.5% for financial year 2020 against a rise of 3.29% in 2019. 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 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. 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. Low saving: The people of Pakistan … 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. Besides, Hi-Tech Lubricants Ltd. (HTL) and Hyundai Nishat Motor (Pvt.) 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. 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. Still, so much about the pandemic-induced recession has been historic, and the recovery too will present policymakers with scenarios they have never encountered. The International Monetary Fund and the Fitch Ratings had also projected deficit at 9.2 percent and 9.5 percent respectively mainly because of a major revenue shortfall due to the economic fallout from pandemic and additional expenditure arising out of Covid-19 relief package. 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. The total development expenditure and net lending during FY20 was amounted to Rs 1.204 trillion. 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. Mr. Haroon Ahmad Khan to acquire more than 30% shares of the company, together with Management control. 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. "There are many aspects of our current economy that are still unprecedented. 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. (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.. Fiscal deficit of Pakistan has been accumulated to a whopping 5.8% of gross domestic product (GDP) and reached Rs. Save my name, email, and website in this browser for the next time I comment. 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. -. 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. Fiscal Policy Statement 2017-18 Debt Policy Coordination Office Ministry of Finance Government of Pakistan 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. News Desk. 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. Current fiscal deficit of Pakistan reduced by 72.6 percent during first five month of FY 2019-2020. 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. But Aaronson noted that Powell will have to communicate clearly to both Wall Street and small businesses to calm concerns. The deficit was recorded at 4.1pc in the last quarter of 2019-20, whereas it remained at 4pc from July to March FY20. You have entered an incorrect email address! Pakistan’s loan from the IMF could be in jeopardy if the trend of the government missing revenue target continues. 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. The net lending stood at Rs 48.5 billion. 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. Pakistan Today. 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. 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. The statement added that the Sukuk market was growing rapidly around the world. Copyright © 2021. The public debt increased from 66% of GDP in 1980 that almost 100% by the mid of 2000. 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.. 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. Till the close of 2019, Sukuk worth USD 1,247 billion have been issued globally. 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. Editors: Zaman Khan I Abdullah Niazi I Mariam Zermina I In fiscal year 2019-20, the coalition government of Pakistan Tehreek-i-Insaf (PTI), according to a report, posted fiscal deficit of Rs. This included about Rs1.422 trillion non-tax revenue of the federal and Rs102 billion of the provincial governments. 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 … "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. 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. Layout: Rizwan Ahmad I Video Editor: Talha Farooqi I Fawad Shakeel I Photographers: Zubair Mehfooz & Imran Gillani I They said the defence expenditure in the last [corona] quarter remained around Rs400 billion. Business, Economic & Financial news by 'Pakistan Today'. 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. ISLAMABAD: Pakistan’s fiscal deficit shrunk to 8.1pc of Gross Domestic Product (GDP) during the fiscal year 2019-20. 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