Pakistan economy under the PDM government & now the caretaker administration

[daytrader]

Govt gets a paltry $8.1bn in financing

Without the IMF umbrella, Pakistan’s external financing pipeline appeared drying up as it received 38 per cent lower inflows — only $8.1 billion in the first 10 months (July-April) of the current fiscal year against over $13bn in the same period last year.

The pace of dwindling inflows could also be seen from the fact that $8.1bn receipts in 10 months of this fiscal year stood at just 35.5pc of the $22.8bn full-year budget target — implying a constant precarious position of the foreign exchange reserves despite tight import curbs.

The foreign assistance so far suggests the annual target would be missed by a wide gap. In April alone, Pakistan received only $359m, down 57pc when compared to $842m in November 2022.

In its monthly report on Foreign Economic Assistance (FEA), the Ministry of Economic Affairs said it received about $8.1bn foreign assistance in 10 months (July–April) compared to $13.03bn in the same period last year. As such, the total inflows at $8.1bn in the first 10 months amounted to just 35.5pc of the budget estimates of $22.817bn for the whole fiscal year. Last year (2021-22), the first 10-month inflows of $13.03bn accounted for 93pc of the annual budget estimates of $14.1. The MEA had finally reported the full fiscal year foreign economic assistance at $16.975bn in 2021-22.

...
https://www.dawn.com/news/1754287/govt-gets-a-paltry-81bn-in-financing

 

[Kianig89]

From Asian Tigers to Emerging Markets to having a strategic geopolitical position to competing with Ethopia and Sudan to now Banana Republic how drastically have Pakistan and its Economy fallen thanks to PDM group

 

[Hextro]

NAC meeting postponed

ISLAMABAD: At the last moment, a National Accounts Committee (NAC) meeting scheduled for Thursday (today) has been postponed apparently on the pretext that some census data will be incorporated into it for calculating the provisional GDP growth figure and per capita income.

However, top sources confided to The News on Wednesday that efforts were still under way to turn the possible negative growth figures into positive despite witnessing a steep fall in the figure of Large-Scale Manufacturing (LSM) in March 2023 whereby it contacted by 25 per cent. In July-March period of the current fiscal, the LSM dropped by 8.1 per cent. There are some more worrying developments as the initial estimates suggest that the finalized figure of GDP growth for the last financial year went up from the provisional figure of 5.97 per cent to finalized figure of 6.5 per cent for 2021-22 so the revised GDP growth figure would also result in showing more declining figure of provisional growth in the outgoing financial year 2022-23. Where there was a higher base, it would negatively affect the provisional growth prospects for the outgoing financial year, said the sources.

“The latest estimates suggest that the provisional GDP growth is negative so far in the range of -0.8 per cent to -1 per cent for the current fiscal year 2022-23,” said the sources and added that it could not be yet ascertained how the provisional GDP growth figures would be turned into positive one. Now the NAC may be rescheduled for Friday (tomorrow), but the Pakistan Bureau of Statistics (PBS) has not yet issued an official notification on the NAC meeting. However, one top official told The News that on the request of the PBS, the NAC meeting was rescheduled for Friday because the latest census data might be incorporated for calculating the provisional GDP growth figures and the per capita income in both rupee and dollar terms.

Pakistan envisaged GDP growth target of 5 per cent for the current financial year 2022-23 on the eve of the budget with the help of agriculture growth target of 3.9 per cent, manufacturing 7.1 per cent and services sector 5.1 per cent. The IMF and the World Bank had projected a downward revision of GDP growth in the range of 0.5 per cent for the current fiscal year. The Ministry of Finance had projected growth rate of 0.8 per cent in its revised estimates for the current financial year. The agriculture sector growth may also remain negative and it will solely depend upon the factor of wheat production. Among the services sector, the credit to private sector witnessed new low as the private sector credit from banks stood at just Rs 72 billion so far in the current fiscal year against Rs 800 billion in the same period of the last financial year.

The Wholesale and Retail trade might also witness declining trends, keeping in view imports compression. On eve of the budget for 2022-23, the government had envisaged GDP growth rate at 5 per cent and inflation at 11.5 per cent. Now the average CPI based inflation is expected to hover around 29-30 per cent on average for the current fiscal year.

https://www.thenews.com.pk/print/1071476-nac-meeting-postponed

 

[MenInG]

Pakistan’s foreign loan inflows during the current fiscal year have significantly dropped, reaching only $8 billion. This represents a 38% decline compared to the previous year and falls far below the annual budget estimates. The decrease in disbursements can be attributed to major international creditors pulling back due to delays in reaching a deal with the International Monetary Fund (IMF).

Data compiled by the Ministry of Economic Affairs reveals that from July to April 2023, foreign loan disbursements amounted to $8 billion, reflecting a $4.8 billion or 38% decrease compared to the same period last fiscal year. These disbursements have been insufficient to finance the maturing foreign debt, resulting in a significant dent in the country’s foreign exchange reserves, which currently stand at just $4.3 billion after a reported decrease of $72 million.

The primary cause of the low disbursements is the government’s failure to ensure the timely completion of the ninth review of the IMF programme. Consequently, the receipt of $8 billion represents only 35% of the annual budget estimate of $22.8 billion.

Express Tribune

 

[Hextro]

ISLAMABAD: At the last moment, a National Accounts Committee (NAC) meeting scheduled for Thursday (today) has been postponed apparently on the pretext that some census data will be incorporated into it for calculating the provisional GDP growth figure and per capita income.

However, top sources confided to The News on Wednesday that efforts were still under way to turn the possible negative growth figures into positive despite witnessing a steep fall in the figure of Large-Scale Manufacturing (LSM) in March 2023 whereby it contacted by 25 per cent. In July-March period of the current fiscal, the LSM dropped by 8.1 per cent. There are some more worrying developments as the initial estimates suggest that the finalized figure of GDP growth for the last financial year went up from the provisional figure of 5.97 per cent to finalized figure of 6.5 per cent for 2021-22 so the revised GDP growth figure would also result in showing more declining figure of provisional growth in the outgoing financial year 2022-23. Where there was a higher base, it would negatively affect the provisional growth prospects for the outgoing financial year, said the sources.

“The latest estimates suggest that the provisional GDP growth is negative so far in the range of -0.8 per cent to -1 per cent for the current fiscal year 2022-23,” said the sources and added that it could not be yet ascertained how the provisional GDP growth figures would be turned into positive one. Now the NAC may be rescheduled for Friday (tomorrow), but the Pakistan Bureau of Statistics (PBS) has not yet issued an official notification on the NAC meeting. However, one top official told The News that on the request of the PBS, the NAC meeting was rescheduled for Friday because the latest census data might be incorporated for calculating the provisional GDP growth figures and the per capita income in both rupee and dollar terms.

Pakistan envisaged GDP growth target of 5 per cent for the current financial year 2022-23 on the eve of the budget with the help of agriculture growth target of 3.9 per cent, manufacturing 7.1 per cent and services sector 5.1 per cent. The IMF and the World Bank had projected a downward revision of GDP growth in the range of 0.5 per cent for the current fiscal year. The Ministry of Finance had projected growth rate of 0.8 per cent in its revised estimates for the current financial year. The agriculture sector growth may also remain negative and it will solely depend upon the factor of wheat production. Among the services sector, the credit to private sector witnessed new low as the private sector credit from banks stood at just Rs 72 billion so far in the current fiscal year against Rs 800 billion in the same period of the last financial year.

The Wholesale and Retail trade might also witness declining trends, keeping in view imports compression. On eve of the budget for 2022-23, the government had envisaged GDP growth rate at 5 per cent and inflation at 11.5 per cent. Now the average CPI based inflation is expected to hover around 29-30 per cent on average for the current fiscal year.

https://www.thenews.com.pk/print/1071476-nac-meeting-postponed

Reportedly the growth rate during PTI's final year in government was 6.5 percent which is higher than the earlier estimate of 5.97 percent.

PDM is delaying the NAC meeting because they don't want the public to know about the growth that occurred during PTI's 3.5 year long reign. Imagine if PTI refused to partly rebase Pakistan's GDP figures because it would increase the growth figures during PMLN's final year in government. Imagine the media outrage that move would've caused for PTI.

The main problem here is that a higher base for last year would mean that there has been a much bigger decline in the economy than everyone first expected.

What PDM is doing is criminal. If we don't know the current state of the economy we can't move forward.

 

[daytrader]

Shehbaz sees Rs700b PSDP insufficient
PM chairs first review meeting of under-consideration Rs14.6tr budget

Prime Minister Shehbaz Sharif on Tuesday instructed the relevant quarters to further increase the proposed allocation of Rs700 billion for the development budget for the next fiscal year after the planning ministry objected to a “small size of the envelope”, which appeared insufficient to propel economic growth in the country.

The prime minister gave the instructions to enhance the Public Sector Development Programme (PSDP) budget during the first review of an under-consideration Rs14.6 trillion budget for the fiscal year 2023-24.

The proposed size is over 50% more than this year’s original budget.

According to sources privy to the discussions, the prime minister also directed the finance ministry to review the proposed salary increase for the federal government employees.

They said that the participants of the meeting also raised questions over the performance of the Federal Board of Revenue (FBR), which had failed to expand the tax base and plug the income leakages.

An official handout issued by the PM Office read that the premier had directed the officials to take all possible steps to provide relief to the common man in the upcoming budget.

“All resources should be utilised to reduce the financial difficulties of the poor and middle-class [group], it quoted PM Shehbaz as saying during the huddle.

Of the Rs14.6 trillion, the finance ministry has proposed only Rs700 billion for development spending for the next fiscal year, which is even less than the approved PSDP for the outgoing one.

“The amount of Rs700 billion is not enough to support the country's economic growth, as the public investment size has to be significant because of the current economic situation,” Federal Planning and Development Minister Ahsan Iqbal told The Express Tribune when contacted.

Pakistan’s economy is passing through a difficult phase and various estimates indicate a contraction of up to 3% to a nominal growth of around 0.5% in the outgoing fiscal year.

The planning ministry is finally expected to approve a provisional economic growth figure for fiscal year 2022-23 on Wednesday (today).

...
https://tribune.com.pk/story/2418320/shehbaz-sees-rs700b-psdp-insufficient

 

[daytrader]

Economy shrinks from 6.1% to 0.3% under PDM govt’s watch
Curbs on imports leave industrial sector crippled

Pakistan’s economic growth rate plummeted to 0.3% in the outgoing fiscal year due to severe restrictions imposed on the imports in an effort to avoid sovereign default, leaving the industrial sector crippled with spillovers on the services sector.

The 0.29% growth rate is the lowest increase in the national output in the past four years that exposes the mismanagement of the economy that is highly insufficient to meet the needs of 250 million people.

Despite severe floods, the agricultural sector still posted 1.6% growth, beating all forecasts of contraction due to a devastating impact on crops. The industrial sector contacted by 2.94%. But the services sector -- the single largest sector in the economy -- showed nominal growth of 0.9%.

...
https://tribune.com.pk/story/2418527/economy-shrinks-from-61-to-03-under-pdm-govts-watch

 

[saeedhk]

^ I was about to post this. This is shocking. It is safe to say that the PDM government is the most inept, incompetent and corrupt government on this planet.

 

[Hextro]

^ I was about to post this. This is shocking. It is safe to say that the PDM government is the most inept, incompetent and corrupt government on this planet.

This is what happens when PMLN and PPP have to deal with a horrid global economy. Remember when certain posters on this forum were convinced PDM could've handled covid as well as PTI did? Had PDM been power since 2018 we would've defaulted two times over. Probably would've been brought back to the stone age.

The silence from PDM leaves me to believe that things are about to get even worse for the economy.

 

[Colorblind Genius]

This is what happens when PMLN and PPP have to deal with a horrid global economy. Remember when certain posters on this forum were convinced PDM could've handled covid as well as PTI did? Had PDM been power since 2018 we would've defaulted two times over. Probably would've been brought back to the stone age.

The silence from PDM leaves me to believe that things are about to get even worse for the economy.

PDM does not care about an economy that benefits Pakistan and it’s people.

They are like tormented wild pigs who are looking to sell every last bit of Pakistani asset to borrow money and pocket it.

Some news is coming that PDM recently pocketed $100 million via the Roosevelt hotel in NYC. Where did that money go? No one knows in the general public.

Pakistan economy is done and dusted.

 

[Hextro]

PDM does not care about an economy that benefits Pakistan and it’s people.

They are like tormented wild pigs who are looking to sell every last bit of Pakistani asset to borrow money and pocket it.

Some news is coming that PDM recently pocketed $100 million via the Roosevelt hotel in NYC. Where did that money go? No one knows in the general public.

Pakistan economy is done and dusted.

I wouldn't be surprised if that's true given PDM's history. Over 10 million jobs in various industries have been lost since these people have been imposed on Pakistan.

 

[Kianig89]

What is the future of masses in Pakistan where daily wage isRs500/- but one time meal for a person at a low level street junction is around Rs.200/-

Also a fresh Mphil in Biotechnology being offered a salary of Rs. 30000/- only with 6 days 9hr work schedule

 

[daytrader]

0.3% economic growth rate debunked
PBS buckles under govt pressure to fudge data

The size of Pakistan’s economy has shrunk to $341.5 billion and its per capita income has slipped to just $1,568 in the outgoing fiscal year due to almost flat economic growth and currency devaluation. Against this backdrop, a dispute has arisen about the official GDP growth figure.

The economy shrank by $34 billion or 9% whereas per capita income also decreased by $198 or 11.2%, according to the provisional estimates that the National Accounts Committee (NAC) approved a day earlier.

But according to some government sources and fresh details, the management of the Pakistan Bureau of Statistics (PBS) faced immense pressure to change the economic growth rate which was initially estimated at a negative 0.5% for the outgoing fiscal year, ending on June 30.

The sources said that the PBS management succumbed to the pressure and agreed to show a nominally positive growth rate of 0.3%. Subsequently NAC stamped the figure.

In the Post-Disaster Needs Assessment (PDNA) report on the 2022 floods, the government had told the world that “around one million livestock are estimated to have perished”.

But the PBS counted that only around 200,000 animals had perished during the last summer floods, calling into question the credibility of both the government and the PBS.

The NAC approved that the livestock grew 3.8%, a number that surprised many as the rate of growth was even higher than 2.3% during the pre-flood period. The glaring contradiction has also put a question mark over the credibility of the official economic growth rate of 0.29%, which the NAC approved on Wednesday.

...
https://tribune.com.pk/story/2418706/03-economic-growth-rate-debunked

 

[the Great Khan]

What is the future of masses in Pakistan where daily wage isRs500/- but one time meal for a person at a low level street junction is around Rs.200/-

Also a fresh Mphil in Biotechnology being offered a salary of Rs. 30000/- only with 6 days 9hr work schedule

There is no.future. just look at a poor Latin American country. That's Pakistans future.

 

[MenInG]

There is no.future. just look at a poor Latin American country. That's Pakistans future.

But we will honour our martyrs every year.

 

[the Great Khan]

But we will honour our martyrs every year.

Yup and produce more year in year out. These babay think 3 percent growth is enough otherwise who will wash their cars and do their errands?

 

[Kianig89]

In this modified regime and with the plague of PTI being removed the economy might prosper now just wait and watch

 

[the Great Khan]

In this modified regime and with the plague of PTI being removed the economy might prosper now just wait and watch

Yes indeed. The evil Khan has been stopping our brilliant administrator and Nobel prize winning genius showbaaz from showing us his awesome skills. The PTI must be stopped from destroying the economy by their numerous social media accounts and speeches. Nawaz has a plan. Just wait. Build new roads and erm get loans..genius..

 

[Kianig89]

Yes indeed. The evil Khan has been stopping our brilliant administrator and Nobel prize winning genius showbaaz from showing us his awesome skills. The PTI must be stopped from destroying the economy by their numerous social media accounts and speeches. Nawaz has a plan. Just wait. Build new roads and erm get loans..genius..

Build new roads and projects like Metro and then get the record burnt like Multan Metro and let machinery rot like Nandipur

 

[Kianig89]

So with PTI done and almost dusted any respite for general public as inflation soares to 38% , hopefully PDM and their hath-rakhy will focus on economy now albeit their illegal tenure

 

[Hextro]

So with PTI done and almost dusted any respite for general public as inflation soares to 38% , hopefully PDM and their hath-rakhy will focus on economy now albeit their illegal tenure

That's quite optimistic of you. If PDM could've handled the economy we wouldn't be where we are now. The reason PTI has managed to pick up momentum with the public is because of PDM's own incompetence.

 

[DRsohail]

Does Ecnomy even exist under PDM lol.

 

[DRsohail]

So with PTI done and almost dusted any respite for general public as inflation soares to 38% , hopefully PDM and their hath-rakhy will focus on economy now albeit their illegal tenure

I hope you have read hostory fo politics, no party can be done and dusted if they have existenece in 4 provinces.

 

[Kriketer]

It is just going through what was expected of corrupt ghundas forming a party together. This will go in history books when all the corrupt clowns had to unite to take on one true Leader, Imran Khan.

Total disaster of economic show under PDM which keeps getting worse. One pleasure this gives is PDM supporters/fans and anti-IK band being totally embarrassed and humiliated all around, they know deep down they support jokes hence don't see them around much. They were so vocal during Imran days

 

[Varun]

We know how this story is going to end from an economic perspective.

I'd advise all Pakistanis on this forum to take out their money from banks right now, convert them to USD/GDP/EUR and store it under their mattress.

 

[RajBan]

We know how this story is going to end from an economic perspective.

I'd advise all Pakistanis on this forum to take out their money from banks right now, convert them to USD/GDP/EUR and store it under their mattress.

Don't think it's that easy with reserves too low and their central bank putting lots of restrictions. They can buy it via non banking channels like Hawala but will not get the best rates.

 

[wasim-fan]

Between economic crash and PTI, the powers to be thought it was more important to take out PTI. Makes sense as they continue minting money while Pakistan heads towards inevitable failure.

 

[Kianig89]

298, 316, 330
$price in Pakistan as per convenience, official , money changer and black rate hopefully finance students will understand the meaning of Arbitrage now

 

[Colorblind Genius]

298, 316, 330
$price in Pakistan as per convenience, official , money changer and black rate hopefully finance students will understand the meaning of Arbitrage now

So from down spiral it’s moving into a free fall state?

 

[Kianig89]

So from down spiral it’s moving into a free fall state?

Exactly a heaven for elite, good thing is, there's still demand for real estate and marriage hall business

 

[DRsohail]

We know how this story is going to end from an economic perspective.

I'd advise all Pakistanis on this forum to take out their money from banks right now, convert them to USD/GDP/EUR and store it under their mattress.

All of them are doing it lol.

 

[DRsohail]

Between economic crash and PTI, the powers to be thought it was more important to take out PTI. Makes sense as they continue minting money while Pakistan heads towards inevitable failure.

And overseas being 90% PTI ae not senidng much remittances, is not helping.

 

[Hitman]

Resolve political disputes in line with 'Constitution and rule of law': IMF tells Pakistan

In an unusual move, the IMF on May 30 urged Pakistan to resolve its political disputes in line with the "Constitution and rule of law."

The remarks by IMF Mission Chief to Pakistan Nathan Porter came after Prime Minister Shehbaz Sharif contacted the chief of the Washington-based lender to revive the much-awaited $6.5 billion bailout package in a last-ditch effort to avoid a possible default.

Cash-strapped Pakistan and the IMF have failed to reach a staff-level agreement on the much-needed $1.1 billion bailout package aimed at preventing the country from going bankrupt.

The funds are part of a $6.5 billion bailout package the IMF approved in 2019, which analysts say is critical if Pakistan is to avoid defaulting on external debt obligations.

Prime Minister Sharif and International Monetary Fund (IMF) Managing Director Kristalina Georgieva took place on Saturday after the government could not break the deadlock, according to The Express Tribune newspaper.

“We take note of the recent political developments, and while we do not comment on domestic politics, we do hope that a peaceful way forward is found in line with the Constitution and rule of law,” IMF Mission Chief to Pakistan Nathan Porter said, days after Mr. Sharif met Ms. Georgieva.

On May 9, violent protests erupted after paramilitary Rangers arrested former prime minister Imran Khan from the Islamabad High Court premises in connection with a corruption case.

His Pakistan Tehreek-e-Insaf (PTI) party workers vandalised a dozen military installations, including the Lahore Corps Commander House, the Mianwali airbase and the ISI building in Faisalabad in response to his arrest.

The mob also stormed the Army headquarters (GHQ) in Rawalpindi for the first time.

Thousands of Mr. Khan’s supporters were arrested following the violence that the powerful Army described as a “dark day” in the history of the country.

Prime Minister Sharif said on Tuesday that his government was unwilling to talk with Mr. Khan's party due to its nation-wide violent riots on May 9.

The IMF usually refrains from commenting on another country's political affairs.

“Sustaining strong policies and obtaining sufficient financing from partners remain key for Pakistan to maintain macroeconomic stability,” Mr. Porter said.

He noted that the IMF staff continues engagement with the Pakistani authorities to pave the way for a board meeting before the current programme expires by the end of June.

Mr. Porter also elaborated on the conditions Pakistan has to meet to reach an agreement with the foreign lender.

These include arranging foreign loans, approval of a new budget in line with the IMF framework, and restoration of the foreign exchange market’s proper functioning.

In February this year, IMF officials and the Pakistan Government held discussions, which remained inconclusive.

Pakistan, currently in the throes of a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves enough to shore up for barely one month's imports.

Pakistan's inflation level rose by a whopping 36.4% in the year in April, driven mainly by food prices.

This is the highest in South Asia, and up from 35.4% in March, according to the country's statistics bureau.

Meanwhile, the rupee traded at Rs 285.41 in the interbank market on Monday.

Link: https://www.thehindu.com/news/inter...of-law-imf-tells-pakistan/article66911822.ece

 

[daytrader]

Govt plans budget at Rs290/$
Underestimations can render budget unrealistic, lead to cost overruns

The federal government has made the decision to set the new budget at an exchange rate of Rs290 to a dollar, aiming to control market expectations of a significant currency devaluation in the coming year. However, this move raises concerns about the feasibility of the budget, given the highly uncertain economic environment.

Sources told The Express Tribune that the Ministry of Finance has instructed government departments to prepare budget estimates for the fiscal year 2023-24 using the Rs290 to a dollar exchange rate. This rate is crucial for determining the defence budget, foreign debt servicing, the cost of running Pakistan’s missions abroad, and the Public Sector Development Programme (PSDP).

Any fluctuations in the dollar value or underestimation at the time of budgeting can render the entire budget unrealistic, leading to cost overruns and the need for supplementary grants.

Sources say that initially, the Ministry of Finance considered using the Rs300 to a dollar rate but later decided to fix it at Rs290 in an attempt to manage market expectations.

For the outgoing fiscal year, the government had set the rupee-dollar parity at Rs186 to a dollar for budget purposes. However, sources say, the average rupee-dollar parity for the fiscal year 2022-23 ended up being Rs249, which was 34% higher than the Finance Ministry’s initial estimate in June last year.

On Tuesday, the interbank rate for the rupee stood at Rs285.31, which was Rs27 to Rs30 per dollar lower than the open market price.

The International Monetary Fund (IMF) has requested Pakistan to share its foreign exchange policy due to the significant gap between the interbank and open market rates.

In an interview with Geo News on Sunday, Finance Minister Ishaq Dar stated that the Rs285 to a dollar rate did not reflect the true value of the rupee. According to him, the rupee was undervalued by at least 15%. Dar mentioned that his assessment of the rupee’s real value was between Rs240 to Rs249, a figure supported by an international report that put it at Rs244 to a dollar.

Pakistan is currently facing a severe shortage of foreign currency as efforts to revive the IMF program have been fruitless due to differences over external financing, exchange rate policy, and the demand for a fiscally responsible budget.

Dar has also expressed frustration with an independent central bank, particularly the ban on government borrowing from the State Bank of Pakistan (SBP), which has left the federal government dependent on commercial banks.

...
https://tribune.com.pk/story/2419505/govt-plans-budget-at-rs290

 

[Varun]

All of them are doing it lol.

Really? "All" Pakistanis are converting cash to dollars?

I think the figure is 5% - the privileged class with access, leaving the rest to sink with the rest of the Titanic.

 

[MenInG]

Pakistan’s annual inflation rose to 37.97 per cent year-on-year in May, the statistics bureau said on Thursday, showing a continued uptick in the highest ever inflation in the country.

Previously, the highest ever percentage of year-on-year inflation was recorded in April at [36.4pc].

The month-on-month rise in May was 1.58pc, the bureau said in a press release, adding vegetables, pulses and chicken prices posted the biggest increases.

Inflation is measured on the basis of a basket of products and services called the Consumer Price Index (CPI), in which items are divided into 12 major components with different weights.

 

[DRsohail]

Really? "All" Pakistanis are converting cash to dollars?

I think the figure is 5% - the privileged class with access, leaving the rest to sink with the rest of the Titanic.

Whosoever can are doing it. ANd overseas are running a campaign not to send a single penny untill and unless its very much needed.

 

[Gharib Aadmi]

PDM has destroyed the economy. They had no plan besides trying to fool the IMF to give them a bailout, and then take the cash and try to win the election.

Rupee at this rate will be 400 early next year.

 

[Kianig89]

People of Pakistan are literally crushed due to inflation and hoarders creating shortage also the shivering effect of sky-rocketed electricity price is also making it a luxury

 

[mazkhan]

Imf has just rejected pakistan loan

Munshi the clown is out of ideas now.

What are the bets whisky will.bw forced to sell up the whole nuke setup.

I predict balkanistation of this country in a couple of yrs Gb , kpk and balochistan will definetly want to break away from this mess.

 

[daytrader]

ECC okays Rs402b more for debt servicing
Sharp currency devaluation, unexpected payments render allocated budget inadequate

The government on Monday approved over Rs402 billion worth of supplementary grants for external debt servicing in the outgoing fiscal year after the allocated budget fell short of the needs due to unexpected short-term debt repayments and steep currency devaluation.

The Economic Coordination Committee (ECC) of the cabinet took various decisions having a direct bearing of a total of Rs444 billion on the federal budget, including a provision of Rs9.5 billion worth of sovereign guarantees for the construction of the Sukkur-Hyderabad motorway.

Headed by Finance Minister Ishaq Dar, the ECC also fixed the prices of 49 medicines that are being introduced in Pakistan for the first time.

The ECC approved Rs402.3 billion as a technical supplementary grant for debt servicing for foreign loans and credits, according to the Ministry of Finance’s press statement.

For the current fiscal year, the National Assembly had approved a total of Rs4.4 trillion budget for payment of foreign loans, short-term foreign commercial loans and interest payments on foreign debt.

However, the allocation of Rs142 billion for short-term loan repayments and Rs511 billion for interest payments on the foreign loans proved insufficient, the ECC was informed.

Against the approved budget of Rs142 billion, the short-term foreign loan repayments surged to Rs331 billion due to some unexpected external debt repayments after some foreign commercial banks refused to extend their loans, said the sources.

The government had hoped that the European and the Gulf-based commercial banks would refinance their loans but its expectations could not materialise due to downward credit ratings revisions and high risks of default.

Similarly, the National Assembly had approved Rs511 billion for interest payments on foreign loans. But the Economic Affairs Ministry has now estimated the interest cost on foreign loans at Rs725.4 billion due to currency devaluation -- showing a gap of Rs214.3 billion, said the sources.

...
https://tribune.com.pk/story/2420443/ecc-okays-rs402b-more-for-debt-servicing

 

[Kianig89]

With searing heat in the country and school vacations to start families most go on outing and shopping after sunset and PDM got a revolutionary step of closing markets at 8pm, not to forget traders pay bill of electricity at govt. Desired rates

 

[daytrader]

World Bank offers dimmer outlook for Pakistan’s economy

• Sees GDP rising by 2pc next fiscal year, well below govt’s 3.5pc projection
• Says floods, policy uncertainty and limited foreign exchange for imports have depressed activity

ISLAMABAD: The World Bank has projected Pakistan’s economy to grow by two per cent in the next fiscal year, compared to the 3.5pc target set by the National Economic Council on Tuesday.

“In Pakistan, the lasting eff*ects of the August 2022 floods, along with policy uncertainty and limited foreign exchange resources to pay for imports of food, energy, and intermediate inputs, have depressed activity, with industrial production contracting by about 25pc in the year to March 2023,” the bank said in its latest Global Economic Prospects report, released on Tuesday.

“With dwindling foreign exchange reserves and stagnant remittances, the government has increased exchange rate flexibility, allowing the Pakistani rupee to depreciate by 20pc since the start of the year,” it added. “Consequently, headline consumer price inflation has risen sharply, reaching 38pc in the year to May, its highest level since records began in the late 1970s.”

It said that consumer price inflation remains above target in most economies and is particularly high in Pakistan and Sri Lanka. Limited foreign exchange reserve cover in some economies limits access to imported intermediate goods for production, it said.

At the same time, it also noted that policy rate increases in Pakistan have not kept pace with expected inflation; consequently, real interest rates have turned deeply negative. This means the World Bank wants Pakistan’s central bank to further increase policy rates from an existing peak of 21pc.

...
https://www.dawn.com/news/1758400/world-bank-offers-dimmer-outlook-for-pakistans-economy

 

[daytrader]

Economic Survey 2022-23 to be launched today
No latest official figures on poverty, unemployment rate included

The Economic Survey 2022-23 is scheduled to be launched today (Thursday) without having the latest official figures on poverty and unemployment rate in Pakistan. Minister for Finance Ishaq Dar will launch the Economic Survey for the outgoing financial year with the feature of one additional chapter on Information Technology (IT) and its impact on Pakistan’s economy. With the looming risk of stagflation in the wake of dismal performance of the provisional GDP growth figure of 0.29 per cent for the outgoing fiscal year and inflation skyrocketing to 38 per cent on a monthly basis, the food inflation is nearing 50 per cent. In such a bleak situation, there will be no official figures incorporated into the upcoming Economic Survey for 2022-23. Some serious questions have been raised over the provisional GDP growth rate figure of 0.29 per cent for the outgoing fiscal year as discrepancies were allegedly found in the estimation of the National Accounts Committee (NAC). This provisional growth figure might turn from a slight positive of 0.29 per cent into negative at the time of revision during the due course of time in the next financial year.

The News PK

 

[Hextro]

Economic Survey 2022-23 to be launched today
No latest official figures on poverty, unemployment rate included

The Economic Survey 2022-23 is scheduled to be launched today (Thursday) without having the latest official figures on poverty and unemployment rate in Pakistan. Minister for Finance Ishaq Dar will launch the Economic Survey for the outgoing financial year with the feature of one additional chapter on Information Technology (IT) and its impact on Pakistan’s economy. With the looming risk of stagflation in the wake of dismal performance of the provisional GDP growth figure of 0.29 per cent for the outgoing fiscal year and inflation skyrocketing to 38 per cent on a monthly basis, the food inflation is nearing 50 per cent. In such a bleak situation, there will be no official figures incorporated into the upcoming Economic Survey for 2022-23. Some serious questions have been raised over the provisional GDP growth rate figure of 0.29 per cent for the outgoing fiscal year as discrepancies were allegedly found in the estimation of the National Accounts Committee (NAC). This provisional growth figure might turn from a slight positive of 0.29 per cent into negative at the time of revision during the due course of time in the next financial year.

The News PK

I'm sure this won't be a complete fabrication.

 

[MenInG]

I'm sure this won't be a complete fabrication.

Finance Minister Ishaq Dar presented the economic survey for the fiscal year 2023 at a press conference in Islamabad on Thursday, which notably showed that the country’s industrial sector contracted by around three per cent.

Before presenting his government’s economic performance for the year, the minister went on a diatribe explaining the difficult condition in which the Pakistan Democratic Movement (PDM) had inherited the economy.

He claimed that he had left Pakistan in a strong economic position in 2017, when he last served as the finance minister under PML-N supremo Nawaz Sharif, saying that his topmost priority at this stage was ensuring macroeconomic stability.

Dar said he had previously championed a 3Es framework, adding that it was now being expanded to a 5Es framework focusing on exports, equity, empowerment, environment and energy.


Express Tribune

 

[daytrader]

Rs6tr deficit budget to be unveiled today
Suggestions include increasing govt employees’ salaries by 30%, pensions by 20%

A draft of the federal budget with over Rs6 trillion deficit has been prepared that will be presented in the cabinet on Friday (today) for its approval and later in the day in parliament.

It carries a proposal of imposing new taxes worth Rs700 billion. The total outlay of the budget is expected to be Rs14.5 trillion. The government employees are likely to receive a boost of 30% in their ad hoc relief allowances as well as a 20% hike in pensions.

It has also been suggested that the medical and conveyance allowance of government employees should be increased by 100%. The fiscal deficit target has been set at 7.7% of the GDP.

A revenue collection target of Rs9.2 trillion has been estimated. The Federal Board of Revenue (FBR) will be assigned a target of generating revenue at Rs2.8 trillion, 55% of which will be transferred to the provinces.

The federal government plans to spend a sum of Rs950 billion on development. An amount of Rs200 billion will be spent on launching new projects under the public-private partnership mode.

The total provincial development budget has been allocated at Rs1.55 trillion.

A sum of Rs1.8 trillion has been proposed for defence.

...
https://tribune.com.pk/story/2420800/rs6tr-deficit-budget-to-be-unveiled-today

 

[wasim-fan]

https://www.dawn.com/news/1758755

 

[Kianig89]

This budget has no value apart from the lollypop served to govt employees and pensioners, tomorrow from hawkers to retail chain store will have increased prices claiming due to budget

 

[the Great Khan]

This budget has no value apart from the lollypop served to govt employees and pensioners, tomorrow from hawkers to retail chain store will have increased prices claiming due to budget

They have given health insurance to journalists..what about healt insurance for everyone? A total bunch of jokers..bribing and chori.

 

[Kianig89]

They have given health insurance to journalists..what about healt insurance for everyone? A total bunch of jokers..bribing and chori.

First abduct them and now give lollypop of health insurance #IRK

This lallu panju Dar cam only do this

 

[JaDed]

Is default not a threat anymore? The events since last year have been very surprising.. we kept hearing IMF IMF but doesn’t seem its a default issue.

 

[JibranAnsari]

They didnt need to sweeten up the budget, they don't have any opposition in the coming elections. PTI has been wiped out , wonder if they will have even 50 candidates in the coming elections.

So basically seat adjustments eveeywhere and a government comprised of PPP , PMLN , PMLQ, JUI , ANP ,MQM and IPP , around 280 seats.

The new oppostion will be TLP ,JI and PTI.

 

[JibranAnsari]

Is default not a threat anymore? The events since last year have been very surprising.. we kept hearing IMF IMF but doesn’t seem its a default issue.

Pakistan have to pay back a lot this year , default is very much a possibility unless we sell or rent out our assets.

 

[Kianig89]

Agreements worth $37billion in pipeline till Dec 23, a new narrative being created by envelope journos however as reports Pakistan suffered damages around $30billion due to this regime change mission since Apr 22

 

[wasim-fan]

I fear I don't see a path to recovery anymore. Only distractions. Wonder how long they can keep the act up till it implodes.

 

[MenInG]

Moody's Investors Service on Wednesday said Pakistan is feared to fail on reviving the International Monetary Fund (IMF)'s stalled loan program worth $6.7 billion by the time it officially expires in two weeks on June 30.

Without the IMF on board, the risk of the nation's default on foreign debt repayment has sharpened amid the country's foreign reserves falling critically low below $3 billion after Pakistan successfully repaid a commercial loan of $1 billion to China earlier than its maturity.

The low reserves, which barely provide cover for three-week imports, may mount pressure on the rupee against the US dollar which was trading at Rs287/$ in the inter-bank market on Wednesday.

It is pertinent to note that on May 11 it was just Rs12 away from a record low hit at Rs299/$ amid high political drama and poor law and order situation.

 

[JaDed]

Doesn't seem to be a thing anymore with constant rolling over loans..

 

[MenInG]

KARACHI (Reuters) -Shell Pakistan said on Wednesday that its parent company, Shell unit Shell Petroleum Company, would be exiting Pakistan with the sale of its 77% shareholding in the local business.

The move came after Shell made several announcements about its global operations and after Shell Pakistan (SPL) suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables, and as the country faces a financial crisis and economic slowdown.

"To support its intention to high-grade and simplify its portfolio, Shell Petroleum Company Ltd ... has initiated a sales process to sell its 77.42% shareholding in Shell Pakistan Ltd," a spokesperson for Shell Pakistan said in an email to Reuters.

That includes "all of SPL’s Downstream businesses and SPL’s 26% ownership of Pak-Arab Pipeline Company Ltd (PAPCO)," the spokesperson added. Its Downstream businesses include Mobility and Lubricants.

SPL is listed on the Pakistan Stock Exchange. The company said in a notice to the exchange that the announcement "does not impact SPL's current business operations, which continue."

It said in the notice that Shell Petroleum Company had notified its board of directors of its intention to sell the holding in a meeting on June 14.

"Shell has entered into a process and wants to be transparent," the spokesperson said.

"These decisions are not taken lightly, and Shell’s focus will now be on pursuing a safe and smooth divestment and continuing to deliver safe, reliable operations."

As Shell exits Pakistan, some multinational companies are facing difficulties in repatriating dividends and making royalty payments.

Mustafa Pasha, chief investment officer at Karachi-based Lakson Investments, said the smoothness of the planned transaction will depend in part on whether the eventual buyer of SPL is an international or domestic company.

"If it’s a domestic buyer, they will probably have to arrange the FX or the payment for the transaction from abroad because Shell will obviously want to repatriate that money and there are FX outflow restrictions. If it’s an international player, the impact of the transaction will be net zero," said Pasha, referring to the inflows being equal to the outflows.

He said Shell's decision to exit Pakistan should be viewed through a holistic lens given Shell's global strategy.

Shell said on Wednesday it is also conducting a strategic review of energy and chemicals assets on Bukom and Jurong Island in Singapore.

New CEO Wael Sawan announced plans to ramp up the company's dividend and share buybacks while keeping oil output steady into 2030.

Pasha added, "The country-specific difficulties in Pakistan, however, probably made it easier for Shell to choose to exit Pakistan as a market, given the supply-chain issues, regulatory environment, exchange losses, foreign exchange outflow restrictions." -

 

[Bewal Express]

KARACHI (Reuters) -Shell Pakistan said on Wednesday that its parent company, Shell unit Shell Petroleum Company, would be exiting Pakistan with the sale of its 77% shareholding in the local business.

The move came after Shell made several announcements about its global operations and after Shell Pakistan (SPL) suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables, and as the country faces a financial crisis and economic slowdown.

"To support its intention to high-grade and simplify its portfolio, Shell Petroleum Company Ltd ... has initiated a sales process to sell its 77.42% shareholding in Shell Pakistan Ltd," a spokesperson for Shell Pakistan said in an email to Reuters.

That includes "all of SPL’s Downstream businesses and SPL’s 26% ownership of Pak-Arab Pipeline Company Ltd (PAPCO)," the spokesperson added. Its Downstream businesses include Mobility and Lubricants.

SPL is listed on the Pakistan Stock Exchange. The company said in a notice to the exchange that the announcement "does not impact SPL's current business operations, which continue."

It said in the notice that Shell Petroleum Company had notified its board of directors of its intention to sell the holding in a meeting on June 14.

"Shell has entered into a process and wants to be transparent," the spokesperson said.

"These decisions are not taken lightly, and Shell’s focus will now be on pursuing a safe and smooth divestment and continuing to deliver safe, reliable operations."

As Shell exits Pakistan, some multinational companies are facing difficulties in repatriating dividends and making royalty payments.

Mustafa Pasha, chief investment officer at Karachi-based Lakson Investments, said the smoothness of the planned transaction will depend in part on whether the eventual buyer of SPL is an international or domestic company.

"If it’s a domestic buyer, they will probably have to arrange the FX or the payment for the transaction from abroad because Shell will obviously want to repatriate that money and there are FX outflow restrictions. If it’s an international player, the impact of the transaction will be net zero," said Pasha, referring to the inflows being equal to the outflows.

He said Shell's decision to exit Pakistan should be viewed through a holistic lens given Shell's global strategy.

Shell said on Wednesday it is also conducting a strategic review of energy and chemicals assets on Bukom and Jurong Island in Singapore.

New CEO Wael Sawan announced plans to ramp up the company's dividend and share buybacks while keeping oil output steady into 2030.

Pasha added, "The country-specific difficulties in Pakistan, however, probably made it easier for Shell to choose to exit Pakistan as a market, given the supply-chain issues, regulatory environment, exchange losses, foreign exchange outflow restrictions." -

It will be one of many. Which businessman and businesses will invest in a country run by fake Hafiz and a puppet who can't string a sentence together. I would urge all overseas PK not to send a penny to PK. Swap money rather than send dollars because these criminals have to be brought down by all means.

 

[Ahmad-GERMANFC]

It will be one of many. Which businessman and businesses will invest in a country run by fake Hafiz and a puppet who can't string a sentence together. I would urge all overseas PK not to send a penny to PK. Swap money rather than send dollars because these criminals have to be brought down by all means.

What makes you think this affects PDM chors and their stay in government.

 

[Hitman]

For people in Pakistan, how are things now? Any relief from inflation?

 

[Bewal Express]

What makes you think this affects PDM chors and their stay in government.

It probabby won't because these criminals don't care for PK but as the dollars run out sooner or later the awaam will have to show some teeth on a large scale. It's IKs battle, it's the battle of all PKs in which ever capacity they can fight it.

 

[saeedhk]

This is shocking!

In last 9 months, 40% of textile factories have closed down, 7 million left jobless.

 

[Colorblind Genius]

This is shocking!

In last 9 months, 40% of textile factories have closed down, 7 million left jobless.

That verbal humiliation to Qamar Javed Bajwa extended by that Afghan person in Italy was nothing but well deserving.

I know he is watching Pakistan melting down - but I am also sure, he doesn't care.

IMO, he is the biggest traitor of Pakistan and should be tried under treason. Bajwa is worse than Kulbhushan Yadav.

 

[daytrader]

$1bn received from China: State Bank
Finance Minister Ishaq Dar said that China has refinanced a recently paid-back $1 billion commercial loan

Finance Minister Ishaq Dar said Friday that China has refinanced a recently paid-back $1 billion commercial loan.

A State Bank of Pakistan spokesman has also confirmed they received the Chinese loan Friday night.

Earlier, while briefing the National Assembly Standing Committee on Finance here at the Parliament House on Friday, Ishaq Dar said: “Within a day or two, Pakistan would get re-financing of a $1 billion commercial loan from China, which was paid back a few days ago.”

Pakistan on Friday got $1 billion inflows from China as refinancing of a loan that was paid earlier this week, a respite for the country that is teetering on a debt default as the stalled International Monetary Fund bailout programme nears expiry. “$1 billion has been received from China,” the State Bank of Pakistan confirmed via a text message. As the government on Tuesday had the first high-level virtual conference with the International Monetary Fund (IMF) in its final effort to receive a $1.2 billion tranche, Pakistan paid off a $1 billion commercial loan from China on Monday.

The gross official currency reserves fell below $3 billion as a result of the loan repayment. The loan had a June 29 due date. Islamabad chose to pay in advance in order to get the money back before the fiscal year’s deadline of June 30. Along with the government’s efforts to secure foreign currency from all possible sources, a repayment has also been made.

“This is a positive sign as Pakistan’s reserves dropped below $3 billion after the commercial loan payment to China,” said Fahad Rauf, the head of research at Ismail Iqbal Securities. “It is a sigh of relief that China has quickly refinanced the loan,” Rauf added.

In the week ending June 9, Pakistan’s central bank’s foreign exchange reserves rose by $107 million to $4.0 billion. However, with the receiving of fresh inflows, the reserves held by the SBP have increased to $5 billion.

...
https://www.thenews.com.pk/print/1081283-1bn-received-from-china-sbp

 

[daytrader]

Finance: Alarm bells ringing

The present government had informed the nation last year that it would borrow Rs843 billion from banks during FY23 ending this month. But between July 1, 2022, and June 2, 2023 (28 days before the close of the year), the federal government has already borrowed Rs3.176 trillion from banks.

This not only crowded out the private sector and contributed to tanking of the economic growth from 6.1 per cent last year to an estimated 0.3pc this year but also played a role in pushing inflation to a half-century high of 38pc.

The State Bank of Pakistan continued pumping liquidity in the interbank market ahead of treasury bills and bond sales to ensure that banks had enough funds to lend to the government. This practice is inflationary as it contributes to growth in the money supply without any economic activity.

In Pakistan, parliamentary democracy, in which the parliament has the power to question the government is too weak. The earlier parliamentary democracy regains its true spirit, and the media gets its constitutionally guaranteed freedom, the better we can handle our current economic crisis.

For that to happen, holding free and fair elections on time —sometime in October —is a must. Everything else will follow the course. But if elections are delayed, the current political polarisation will deepen and the economy will suffer irreparable loss.

That said, let’s look at some other indicators of the fiscal mess. For FY23, the government had projected Rs3.95tr spending on interest payments on domestic and external debts. Actual interest payments, however, devoured Rs3.582tr within three-quarters of FY23 and are expected to end up higher than Rs5.3tr at the end of the fiscal year on June 30.

This massive slippage in the budgetary target is due to genuine reasons, including interest rate hikes to contain inflation and the depreciation in the rupee value during the year. However, the parliamentary accountability for such slippages is nowhere to be seen.

For FY24, the projected spending under the head of interest payments is Rs7.303tr, and the tax revenue target is Rs9.2tr. In other words, about 80pc of the tax revenue would have to be spent on interest payments alone!

...
https://www.dawn.com/news/1760362

 

[Kianig89]

Kse index is down, investors hesitant remittance also down, $ being traded in grey markets inflation surging 20million unemployed, interest rate >21% offered by Banks on specific deposits its regressing drastically

 

[Abstraction1]

I kept hearing from PDM "Supporters" how good of an "Administrator" Shebaz was.

All I've seen is the Country sink into darkness and oblivion and a bad attempt to normalise Maryam and Bilawal.

Are Pakistanis really this Pathetic to not stand up for their own Dignity? Do you guys really want convicted criminals at the helm?

 

[Bewal Express]

Finance: Alarm bells ringing

The present government had informed the nation last year that it would borrow Rs843 billion from banks during FY23 ending this month. But between July 1, 2022, and June 2, 2023 (28 days before the close of the year), the federal government has already borrowed Rs3.176 trillion from banks.

This not only crowded out the private sector and contributed to tanking of the economic growth from 6.1 per cent last year to an estimated 0.3pc this year but also played a role in pushing inflation to a half-century high of 38pc.

The State Bank of Pakistan continued pumping liquidity in the interbank market ahead of treasury bills and bond sales to ensure that banks had enough funds to lend to the government. This practice is inflationary as it contributes to growth in the money supply without any economic activity.

In Pakistan, parliamentary democracy, in which the parliament has the power to question the government is too weak. The earlier parliamentary democracy regains its true spirit, and the media gets its constitutionally guaranteed freedom, the better we can handle our current economic crisis.

For that to happen, holding free and fair elections on time —sometime in October —is a must. Everything else will follow the course. But if elections are delayed, the current political polarisation will deepen and the economy will suffer irreparable loss.

That said, let’s look at some other indicators of the fiscal mess. For FY23, the government had projected Rs3.95tr spending on interest payments on domestic and external debts. Actual interest payments, however, devoured Rs3.582tr within three-quarters of FY23 and are expected to end up higher than Rs5.3tr at the end of the fiscal year on June 30.

This massive slippage in the budgetary target is due to genuine reasons, including interest rate hikes to contain inflation and the depreciation in the rupee value during the year. However, the parliamentary accountability for such slippages is nowhere to be seen.

For FY24, the projected spending under the head of interest payments is Rs7.303tr, and the tax revenue target is Rs9.2tr. In other words, about 80pc of the tax revenue would have to be spent on interest payments alone!

...
https://www.dawn.com/news/1760362

As the Generals dont care and are only worried about their property deals, it makes no difference. For the other 238mn the bells have already rang and they are being held hostage.

 

[Angrez Pakistani]

TBH Pakistan, as a state, is not interested in things like economic progress. Its sole purpose is to just exist. Imagine a person who hose sole purpose in life is to just live. That person has no goals. No dreams. That person is not someone who wants to improve himself. But that person would like to see things improve around him in an ideal world. Pakistan is that person. Just doing the same things again and again, hoping for a different outcome in an ideal world.

 

[saeedhk]

TBH Pakistan, as a state, is not interested in things like economic progress. Its sole purpose is to just exist. Imagine a person who hose sole purpose in life is to just live. That person has no goals. No dreams. That person is not someone who wants to improve himself. But that person would like to see things improve around him in an ideal world. Pakistan is that person. Just doing the same things again and again, hoping for a different outcome in an ideal world.

This mentality is also reflected in its people. All of my cousins in Pakistan refuse to work and instead rely on handouts from here and there. They have no goals, direction and purpose.

 

[DRsohail]

I kept hearing from PDM "Supporters" how good of an "Administrator" Shebaz was.

All I've seen is the Country sink into darkness and oblivion and a bad attempt to normalise Maryam and Bilawal.

Are Pakistanis really this Pathetic to not stand up for their own Dignity? Do you guys really want convicted criminals at the helm?

[MENTION=131701]Mamoon[/MENTION], how is this now.

 

[wasim-fan]

TBH Pakistan, as a state, is not interested in things like economic progress. Its sole purpose is to just exist. Imagine a person who hose sole purpose in life is to just live. That person has no goals. No dreams. That person is not someone who wants to improve himself. But that person would like to see things improve around him in an ideal world. Pakistan is that person. Just doing the same things again and again, hoping for a different outcome in an ideal world.

So true. Which is why further disintegration is inevitable. The only way to thrive is to grow, whether for individual or country. If the baseline is set to survival, then there will only be regression. Because only the fittest survive.

 

[MenInG]

The government on Tuesday unveiled plan that is aimed at reviving the country’s economy by capitalising on its untapped potential in key sectors and investments from friendly countries.

The plan, titled ‘Economic Revival Plan’, was unveiled at a high-level meeting of the government, convened in the “wake of economic hardships being confronted by the country”, a statement issued by the Prime Minister’s Office (PMO) said.

Prime Minister Shehbaz Sharif presided over the meeting while Chief of Army Staff Gen Asim Munir, provincial chief executives, federal and provincial ministers and senior government official were also in attendance.

According to the PMO statement, the plan for economic revival “envisages capitalising [on] Pakistan’s untapped potential in key sectors of defence production, agricultural and livestock, minerals and mining, information technology and energy, through indigenous development [and] investments from friendly countries”.

 

[Kianig89]

In short term there is no revival infact consolidation seems impossible , PDM ship is also sinking

 

[Savak]

Pakistan has been begging the IMF for a while for $1-2 billion. The BCCI earns $6 billion from the IPL rights alone. An Indian entreprenuer has purchased $80 billion of Airlines. Talk about levels.

 

[daytrader]

FDI plunges 21pc in 11 months

oreign Direct Investment (FDI) in the country plunged by 21 percent during the first eleven months of this fiscal year (FY23).

The State Bank of Pakistan (SBP) reported on Tuesday that Pakistan fetched FDI amounted to $1.32 billion during July-May of FY23 as against $1.66 billion in the same period of last fiscal year (FY22), depicting a decline of $345 million.

During the period under review, FDI inflows fell sharply 19 percent to $ 1.948 billion as against $629 million outflows, which rose by 15 percent.

Analysts said that political and economic uncertainty has directly hit the foreign investment in the country. Pakistan is facing a serious crisis of foreign exchange reserves and needs massive inflows to build the depleting reserves.

Foreign portfolio investment remained negative $ 15 million outflow during the first eleven months of this fiscal year, however, the outflow was lower than corresponding period of the last fiscal year, in which outflow from portfolio investment was $376 million.

Total foreign investment in Pakistan, comprising foreign direct investment, portfolio investment and foreign public investment fell massively 82 percent or $1.361 billion to stand at $294 million in July-May of FY23 compared to $1.655 billion in the same period of FY22.

Month-on-month basis, FDI statistics are encouraging with 6 percent growth during May 2023. According to SBP, some $ 149 million worth FDI was arrived in May 2023 versus $141.2 million in May 2022.

...
https://www.brecorder.com/news/40249000

 

[Hitman]

Pakistan has been begging the IMF for a while for $1-2 billion. The BCCI earns $6 billion from the IPL rights alone. An Indian entreprenuer has purchased $80 billion of Airlines. Talk about levels.

Come on, BCCI's earnings don't go to the Government except for taxes. BCCI is a private body.

 

[MenInG]

Shares at the Pakistan Stock Exchange plunged on Wednesday, with analysts attributing the bearish sentiment to a “disappointing” budget as well as no progress on a Staff Level Agreement with the International Monetary Fund (IMF) as the programme deadline of June 30 inches closer.

The benchmark KSE-100 index closed at 40,220.79, down 418 points or 1.06 per cent.

Salman Naqvi, head of research at Aba Ali Habib Securities, said the budget for fiscal year 2024, which was presented in the National Assembly earlier this month, proposed a host of taxes which had discouraged investors.

He referred to an “across-the-board super tax” on industry, a 10pc tax on bonus shares and a 50pc tax on “abnormal profits” as weighing down sentiment.