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Pak Economy

Important information about Pakistan economy

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

Plan to establish Islamabad Industrial Park

By Noor Aftab (The News)

Ministry of Finance is giving a serious thought to a proposal for establishment of Islamabad Industrial Park near Motorway, M-2, on a land measuring 5,000 kanals at a cost of Rs13.2 billion that would have 380 developed plots of one acre each for industry and 25 acres of developed plots for commercial operations, the sources said here on Saturday.Read More »Plan to establish Islamabad Industrial Park

MCB launches world’s first socially connected Mobile Wallet

LAHORE: The Muslim Commercial Bank (MCB) has launched the world’s first socially connected Mobile Wallet backed by the powerful technology giant -VISA on the eve of New Year terming it an innovative package for its clients.
The commercial launch ceremony of MCB Lite held at MCB House Lahore.  MCB President & CEO Imran Maqbool, Group Head (Retail) Ali Kazmi, Digital Banking & Business Development Head Qasif Shahid, a large number of other stakeholders and media was present on this occasion.Read More »MCB launches world’s first socially connected Mobile Wallet

Implications of falling value of Pak rupee vs. dollar

Common man is visible sufferer
By Abdul Waris 

Regular fluctuations in currency market (both currency appreciation and depreciation of currency) is a matter of routine. However one has to express his concerns regarding recent sharp decline of rupee. There are certainly some positive aspects of this depreciation but they do not seem to exist visibly. However whole economy has been griped due to its dire consequences and the common man is the visible sufferer. Why has rupee gone down so sharply against dollar? it is a separate debate, which can be discussed on some other occasion. Read More »Implications of falling value of Pak rupee vs. dollar

Pakistan slides further down the list

THE NEWS report by Mehtab Haider

 Pakistan overall ranking in the World Bank’s Doing Business Report 2014 further slid towards bottom as the country failed to undertake any business regulatory reforms.

The report disclosed that the country’s ranking in terms of paying taxes stood at 166 with 47 payments per year and 577 hours per year required to pay taxes. Total tax rate of 34.7 percent is paid out of total profit earned by taxpayers.Read More »Pakistan slides further down the list

Multiple impacts of a falling rupee

By Mohiuddin Aazim

 The falling value of the rupee will have many fiscal and monetary implications, including an increase in the rupee-cost of external debt servicing and a rise in liquidity levels.

And depreciation of the rupee is partially explained by the recent central bank’s buying of $125 million from the interbank market.

It is not unusual for the State Bank of Pakistan (SBP) to buy dollars from banks, either on spot or through swaps. “But this time, the buying is covered under the scope of the IMF’s new lending programme,” says the treasurer of a large local bank. ‘That’s unusual.”Read More »Multiple impacts of a falling rupee