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Pak Economy

Important information about Pakistan economy

Pakistan Economic Survey: Higher growth but missed targets

GDP grows by 4.24% in fiscal year 2014-15 against a target of 5%

* LSM sector registers growth of 2.38% against a target of 7% * Industrial sector grows by 3.62%

 Majority of the economic targets set for fiscal year 2014-15 were missed, including the Gross Domestic Product (GDP) which grew by 4.24% against a target of 5%, according to the Pakistan Economic Survey Report 2014-15 released on Thursday.Read More »Pakistan Economic Survey: Higher growth but missed targets

CNIC number to replace NTN

Pakistani Finance Minister Ishaq Dar said on Thursday that country’s foreign exchange reserves will cross $18.2 billion by end-2015, and from July 1, Computerised National Identity Card (CNIC) number will be treated as National Tax Number (NTN) for individuals.

The minister, who was addressing members of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), categorically stated that the government’s focused approach would continue to transform the recently achieved macro-economic stabilisation into economic growth.Read More »CNIC number to replace NTN

Lahore Vision-2035 document presented

Following a series of consultative seminars, the Lahore Vision-2035 document was presented at a ceremony held here on Saturday, envisioning sustainable development for the Punjab capital that is people-centric, environment-friendly, equitable and inclusive.

The United States Agency for International Development (USAID), the Centre for Public Policy and Governance (CPPG) of Forman Christian College and the Punjab government’s Urban Unit collaborated in holding the series of seminars to develop the document.Read More »Lahore Vision-2035 document presented

Performance vs promises

By Dr. Muhammad Yaqub

The PML-N government proclaimed, in the words of its finance minister in his first budget speech on June 12, 2013, that it “is inheriting a broken economy” requiring a “comprehensive agenda of reforms” for its turn around. In the same speech, he also made a “declaration of our intent to fulfil all promises that we made to the nation” during the election.

The PML-N promised to break the begging and borrowing bowl and achieve self-reliance, and improve rates of investment and growth and create employment opportunities. Assurances were given that a clean and lean government would be run, and the palatial prime minister house and similar other lavish official residencies would not be used – to save taxpayers’ money and set personal examples of austere living. It was promised loadshedding would be managed better, laws obeyed universally, accountability enforced vigorously and all key appointments made on strict merit to ensure good governance.Read More »Performance vs promises

Poor performance of transport sector costing Pakistan 5% of GDP

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*Railway enduring worst crisis mainly due to locomotive shortages

The World Bank estimates that poor performance of the transport sector is costing Pakistan about five percent of its GDP. Furthermore thirty percent of agriculture output is currently wasted due to its inefficient farm to market channels, lack of cold storage facilities and an obsolete underpowered trucking fleet, says Pakistan Economic Survey 2013-14. According to the survey, Pakistan Railway is enduring the worst crisis mainly due to locomotive shortages. Passenger and freight services substantially declined during last five years. This is evident from above table that gross earning of Pakistan Railway has declined during last five years. Due to over aged infrastructure and rolling stock, increase in Read More »Poor performance of transport sector costing Pakistan 5% of GDP

Rich growing richer at the cost of poor

Pakistan’s economy has not done badly in the last two decades and per capita income in the country rose from $612 in 2003 to $1,295 in 2013 despite deteriorated internal security and frequent natural disasters, according to the International Monetary Fund. But participants in a discussion on inequality, arranged by SDPI and Oxfam here on Wednesday, learnt that the doubling of national income benefited the poor of the country the least.

“In urban areas, the top 20 per cent of the population take 61 per cent of the monthly income in comparison to 3.45 per cent of the bottom 20 per cent,” informed Babar Jamal of the Sustainable Development Policy Institute.Read More »Rich growing richer at the cost of poor

Highlights of Punjab Budget 2014-15

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Broadening  the tax net instead of burdening the existing taxpayers and setting up of coal and solar power plants from own resources are the highlight of Punjab government’s over Rs1 trillion budget for the next fiscal year

Following in the footsteps of the federal government, the provincial administration would also propose a 10 per cent increase in the salaries and pensions of its serving and retired employees.Read More »Highlights of Punjab Budget 2014-15

Pakistan Economic Survey 2013-14

Growth rate less than the targeted 4.4% but highest in six years at 4.14%

Finance Minister Ishaq Dar said on Monday that the country could provisionally achieve 4.1 percent growth target for the outgoing year, and termed the 4.4 percent GDP growth rate target for fiscal year 2013-14 as over-stretched.

Launching the Economic Survey for the year 2013-14 at a press conference at the premises of the Finance Ministry, the federal minister said the GDP growth rate was less than the targeted 4.4%, but it was for the first time in six years that the country had entered the territory of four percent growth in the fiscal year 2013-14. And, the GDP growth rate would be increased by one percent during the next three years, rising to 7% in 2017. Similarly, the industrial growth has been recorded at 5.84% as against 1.37% last year, he added.Read More »Pakistan Economic Survey 2013-14

Impact of devaluation of Pakistan rupee during last 5 years

Foreign debt liability increases by Rs 1.909 trillion

January 27, 2014

The National Assembly (NA) was informed that due to devaluation of the rupee foreign debt burden increased by Rs 1.909 trillion during the last five years (2008-13).
According to the written details presented in the NA, the break-up of the year-wise impact of devaluation of rupee on foreign debt since 2008, during fiscal year 2008-09 (FY09) devaluation of rupee increased the foreign debt burden by Rs 582.194 billion, during FY10 Rs 211.200 billion, in FY11 Rs 25.807 billion, during FY12 Rs 458.738 billion, in FY13 Rs 228.224 billion and from June 2013 to October 2013 Rs 403.063 billion, making a total of Rs 1.909 trillion. Read More »Impact of devaluation of Pakistan rupee during last 5 years