Issue 72

Budget Study Centre   Issue 72
August 06, 2020

CPDI BUDGET WATCH

Fortnightly Budget News Alerts
 

FY2019-20: Pakistan’s fiscal deficit narrows to 8.1pc of GDP

The Pakistan Today (Aug 06, 2020)

ISLAMABAD: Pakistan’s fiscal deficit shrunk to 8.1pc of Gross Domestic Product (GDP) during the fiscal year 2019-20. 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. This also included corona expenditures and if these expenditures were omitted, the deficit would have been 7.3pc of the GDP,… Read More
 

Pakistan approves most expensive China-aided project to date

The asia.nikkie.com (Aug 06, 2020)

ISLAMABAD (Reuters) — Pakistan’s top economic body on Wednesday approved its costliest project to date as part of the multibillion-dollar China-Pakistan Economic Corridor (CPEC) agreement, giving the go-ahead for a $6.8 billion project to upgrade its railway lines, the government said. CPEC has seen Beijing pledge over $60 billion for infrastructure projects in Pakistan, central to China’s wider Belt… Read More
 

Exports increased by 5.80pc in July

The Nation (Aug 05, 2020)

ISLAMABAD-Pakistan’s exports increased by 5.80 percent in July 2020 as compared to the same month of last year. On the import side, a decline of 4.2pc, in dollar value terms, was recorded in July 2020 as compared to July 2019. This was disclosed during an internal strategy meeting chaired by advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood… Read More
 

Exports to Afghanistan down 25.46pc in FY2019-20

The Nation (Aug 05, 2020)

ISLAMABAD -Pakistan’s exports of goods and services to Afghanistan witnessed decrease of 25.46 percent during the fiscal year (2019-20) as compared to the corresponding period of last year, State Bank of Pakistan (SBP) reported. The overall exports to Afghanistan were recorded at $888,913 million during July-June (2019-20) against exports of $1192,559 million during… Read More
 

After months of Covid-led downfall, Pakistan’s exports grow 5.8pc in July

The Pakistan Today (Aug 04, 2020)

ISLAMABAD: Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood on Tuesday chaired an internal strategy meeting at the commerce ministry to review the recent trade statistics and to devise plans for the enhancement of exports. As per the data shared by the commerce ministry, the country exported goods and services worth $1.998… Read More
 

President of Belarus says oil disputes with Russia cost budget $700 million

The Investing.com (Aug 04, 2020)

MINSK (Reuters) – Belarusian President Alexander Lukashenko said on Tuesday his country’s budget had been deprived of 1.5 billion Belarusian roubles ($700 million) due to oil disputes with Russia. Relations between Minsk and traditional ally Russia are strained. The two countries earlier this year failed to agree an oil supply contract… Read More
 

EC asked to prepare budget for LG polls

The Dawn (Aug 04, 2020)

LAHORE: Chief Election Commissioner Sikandar Sultan Raja visited the Punjab Election Commission (PEC) here on Monday and discussed demarcation of constituencies for the forthcoming local government polls in the province. He also reviewed various hurdles in recruitment of staff for provincial and district offices of the entity, equal distribution… Read More
 

Export of transportation services falls 4.8pc to $758m

The Pakistan Today (Aug 03, 2020)

ISLAMABAD: Pakistan generated a revenue of $758.02 million by providing transportation services to different countries during the first 11 months (July-May) of the fiscal year 2019-20 (FY20). According to data issued by the Pakistan Bureau of Statistics (PBS), Pakistan’s earnings through the provision of transportation services suffered a decrease of 4.81pc during the period under review… Read More
 

Export of transportation services falls 4.8pc to $758m

The Pakistan Today (Aug 03, 2020)

ISLAMABAD: Pakistan generated a revenue of $758.02 million by providing transportation services to different countries during the first 11 months (July-May) of the fiscal year 2019-20 (FY20). According to data issued by the Pakistan Bureau of Statistics (PBS), Pakistan’s earnings through the provision of transportation services suffered a decrease of 4.81pc during the period under review… Read More
 

Philippines’ Duterte approves 91.65 bln USD national budget proposal for 2021

The xinhuanet.com (Aug 02, 2020)

MANILA, Aug. 2 (Xinhua) — Philippine President Rodrigo Duterte has approved the proposed 4.506-trillion-peso (roughly 91.65-billion-U.S. dollar) national budget for 2021, the Department of Budget and Management (DBM) said on Sunday. In a statement, the DBM said Duterte approved the budget during a special meeting with the Development Budget Coordination Committee (DBCC)… Read More
 

Germany provides 3 million Euros to Pakistan for skill development of returnee migrant workers

The Nation (Aug 01, 2020)

ISLAMABAD-The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) signed a Memorandum of Understanding (MoU) with the Overseas Pakistanis Foundation (OPF) to provide technical assistance amounting to three million Euros for re-integration of the returning migrant workers in society through their skill development. The MoU was signed by… Read More
 

Record 12.1pc collapse in Q2 eurozone GDP

The Nation (Aug 01, 2020)

Brussels-The European economy was hit by its sharpest recorded contraction in the second quarter, with GDP down 12.1 percent in the eurozone and 11.9 percent across the EU. The official Eurostat agency said that, with much of the economy paralysed by coronavirus lockdowns, the fall was “by far” the largest since it began recording the figure in 1995. “It is a shocking drop… Read More
 

FBR collects Rs300b revenue in first month of fiscal year 2020-21

The Nation (July 31, 2020)

ISLAMABAD –  Federal Board of Revenue (FBR) has collected Rs300 bil­lion in the first month (July) of the fiscal year of 2020-21.The FBR has released the revenue collection informa­tion of first month of current financial year, July 2020. Ac­cording to the released infor­mation, against the assigned revenue target of Rs.243 bil­lion, FBR has collected Rs.300 billion overshooting the target by a staggering… Read More
 

Financial constraints hindering development in KP

The Pakistan Today (July 30, 2020)

PESHAWAR: Work on several important developmental projects has come to a halt in Khyber Pakhtunkhwa (KP) as the provincial government had failed to release funds for the Annual Development Programme (ADP). Sources informed Profit that due to the Covid-led reduction in the federal and provincial revenue, the federal government could not release funds for developmental purposes… Read More
 

Govt obtained $10.6b in foreign loans in FY2019-20, including $3.373b commercial borrowings

The Pakistan Today (July 30, 2020)

ISLAMABAD: The government has obtained $10.6 billion foreign loans from multilateral and bilateral creditors during the financial year 2019-20. Out of this $10.6 billion, $3.373 billion were secured as foreign commercial borrowings, The News reported. The foreign commercial borrowing has become the second major source of getting foreign inflows as it constitutes 32 percent… Read More
 

Annual budget of LDA and subordinate agencies for FY21 approved

The Pakistan Today (July 30, 2020)

LAHORE: The governing body of Lahore Development Authority (LDA) on Thursday approved the annual budget of LDA and its subordinate agencies, Water and Sanitation Agency (WASA) and Traffic Engineering & Transport Planning Agency (TEPA), for the fiscal year 2020-21. Total resources of LDA (U.D Wing), WASA, and TEPA have been estimated as Rs58.61 billion out of which Rs32.45… Read More
 

Post-budget HEC

The Nation (July 29, 2020)

Budget 2020-21 was approved amidst the clamour of the opposition and the chaos of COVID-19. In these wretched times when the economy was faltering and the health system was choked due to an exponential increase in COVID-19 cases, a people-friendly budget wasn’t being anticipated. Among many subjects, the budget for higher education had also been a matter of extensive debate and… Read More
 

USF’s budget of Rs11,376m for FY2020-21 approved

The Nation (July 28, 2020)

ISLAMABAD-Federal Minister for Information Technology and Telecommunication Syed Amin Ul Haque chaired 39th meeting of the Universal Service Fund (USF) Policy Committee and gave approval for the USF’s annual budget of Rs 11,376 million for financial year 2020-21. The meeting approved the minutes of the 38th meeting of the Universal Service Fund Policy Committee and gave approval for the USF… Read More
 

Tobacco taxation can positively contribute to revenues for education budget

The Daily Times (July 27, 2020)

Society for Protection of Rights of the Child (SPARC) organized a briefing session on “raising taxes on tobacco products for revenue generation” at National Press Club Islamabad on Monday Sajjad Ahmed, Executive Director, SPARC said that Pakistan has not made much progress on its commitment of providing free and quality education to every child according to article 25-A of constitution… Read More
 

Russian Budget Lost Over $654Mln Because Of Tax Crimes – Investigative Committee

The Urdu Point (July 27, 2020)

MOSCOW (UrduPoint News / Sputnik – 27th July, 2020) Russia’s budget has not received more than $654 million of tax Dollars because of tax crimes, Vice-Chairman of the Investigative Committee of the Russian Federation Yelena Leonenko told Sputnik. According to her, the law enforcement authorities have registered 3062 tax crimes within the first six months of 2020…. Read More
 

LDA allocates Rs 3b in new budget for construction of apartments

The Nation (July 26, 2020)

LAHORE – In line with the vision of Prime Minister of Pakistan Imran Khan for providing housing facilities to the low income groups, Lahore Development Authority (LDA) had allocated a sum of Rs 3 billion in the new budget for construction of apartments in Lahore Division.  Vice-Chairman Lahore Development Authority S.M.Imran informed this on Saturday. He told that LDA had… Read More
 

A disappointing budget

The Express Tribune (July 25, 2020)

While Pakistan remains fixated on developing its traditional systems, developed countries around the world are investing in industrialisation through information technology and artificial intelligence in order to strengthen their economics. The main reason behind the development of countries like China, the US and Korea is that they have focused more on human capital by… Read More
 

In FY20: Govt gets over $13b in foreign loans

The Express Tribune (July 25, 2020)

ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government took over $13 billion in foreign loans in the previous fiscal year – the second highest amount in history – to repay maturing external debt and cushion the shrinking foreign exchange reserves. During fiscal year 2019-20 that ended on June 30, the country received $13.2 billion worth of gross loans from bilateral and multilateral… Read More
 

HEC and post-budget scenario

The Daily Times (July 24, 2020)

The budget 2020-21 was approved amid clamor of opposition and chaos of covid-19. In these wretched times when the economy was faltering and the health system had choked due to an exponential increase in covid-19 patients, a people-friendly budget wasn’t being anticipated. Among many subjects, the budget for higher education had also been a matter of extensive debate and discussion… Read More

AJK Govt. Approves Revised Budget Estimates For Last Financial Year
The Urdu Point (July 24, 2020)

MIRPUR AKK: (APP – UrduPoint / Pakistan Point News – 24th Jul, 2020 ) :AJK Government Friday approved the revised budget estimates for the last financial year amounting to over Rs.120 million out of which over Rs. 110 million spent to extend financial assistance to the deserving persons of the state, it was officially said. In a high level meeting of Zakat board, chaired by AJK Prime Minister Raja… Read More

KP awaits release of funds from federal govt for ADP 2020-21
The Pakistan Today (July 24, 2020)

PESHAWAR: The Khyber Pakhtunkhwa (KP) government has not yet released the first tranche of the Annual Development Program (ADP) 2020-21 three weeks after the end of FY20 due to delay in release of funds by the federal government. According to sources in the KP Finance Department, the policy for the release of funds is usually formulated at the start of every new… Read More