Current account deficit rises to $16bn
The Dawn (June 21, 2018)
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| KARACHI: The current account deficit rose to $16 billion in the first 11 months of this fiscal year, an increase of 43 per cent from the same period last year, according to |
data released by the State Bank on Wednesday. According to SBP the deficit rose to $15.961bn during the July-May period of 2017-18 against $11.14bn in the |
corresponding period last year. As a percentage of GDP, the current account deficit rose to 5.5pc from 4pc of GDP in the same …
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Circular debt swells Rs40 billion in just three weeks
The Express Tribune (June 21, 2018)
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| ISLAMABAD: The circular debt has grown Rs40 billion in first three weeks of the current caretaker government, reaching close to Rs550 billion. “The circular |
debt stood at Rs507 billion on May 31, the last day of the previous government, but it increased Rs40 billion to Rs547 billion in June,” revealed Hub Power Company |
Chief Executive Officer Khalid Mansoor while briefing the Senate special committee on circular debt …
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Uncertainty results in currency plunging to Rs 125 in open-market
The Express Tribune (June 21, 2018)
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| KARACHI: Speculation and uncertainty over Pakistani rupee’s value against the US dollar has pushed currency dealers to sell it a record rate of Rs125 on Wednesday, |
widening the spread with the inter-bank market. As Pakistan desperately moves to arrest the slide of its foreign exchange reserves, the rupee has lost value in both inter- |
bank and open markets, with the spread between the two going as high as Rs3.52 as currency dealers remained worried over its
…
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EU set to push for WTO reforms to ease global trade tensions
Business Recorder (June 19, 2018)
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| Japan left unchanged its assessment that the economy is gradually recovering, showing policymakers remain confident of a moderate upturn after a contraction in |
the first quarter. “Japan’s economy is gradually recovering,” the Cabinet Office said in its monthly economic report for June on Tuesday. That was unchanged |
from the previous month. There was also no change to its assessment that consumer spending is “recovering” and its view that
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Japan sticks with assessment economy is ‘gradually recovering’
The Daily Times (June 20, 2018)
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| BRUSSELS: European Union countries will commit to drive reform of the World Trade Organization to ensure trade is both free and fair, assuming their leaders adopt draft |
conclusions prepared ahead of next week’s EU summit. EU leaders will meet in Brussels on June 28-29 to discuss a range of issues, including migration and security as well |
as trade, which has taken on added importance after US President Donald Trump imposed import tariffs on EU steel
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Finance minister seeks support for success of amnesty scheme
The Express Tribune (June 19, 2018)
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| KARACHI: The caretaker government, with its limited mandate to fix the faltering economy, has urged bankers and stockbrokers to play their role in making the tax |
amnesty scheme successful and the first dollar-based savings certificates for overseas Pakistanis to shore up the critically low foreign currency reserves. To make |
the scheme successful, the government is ready to make amendments to relevant laws in order to remove the emerging…..
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Trump sets $50bln in China tariffs; Beijing wows to strike back
The News (June 16, 2018)
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| WASHINGTON: US President Donald Trump said he was pushing ahead with hefty tariffs on $50 billion of Chinese imports on Friday, and the smoldering trade war |
between the world’s two largest economies showed signs of igniting as Beijing immediately vowed to respond in kind. Trump laid out a list of more than 800 |
strategically important imports from China that would be subject to a 25 percent tariff starting on July 6, including…
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Budget deficit widens to Rs2.1tr, far exceeding FY18 target
The Express Tribune (June 14, 2018)
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| ISLAMABAD: The budget deficit is estimated to have widened to roughly Rs2.1 trillion in 11 months of the current fiscal year, of which nearly 30% was recorded in |
last two months of the Pakistan Muslim League-Nawaz (PML-N) government, indicating negligence of the finance ministry. Initial estimates of fiscal operations |
suggested that the budget deficit from July through May of fiscal year 2017-18 could have shot up to Rs2.1 trillion or 6.1% of …
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Pakistan braces for higher inflation as rupee weakens
The Express Tribune (June 13, 2018)
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| KARACHI: Contrary to the previous two rounds of rupee devaluation, this time the KSE-100 Index underwent a rather subdued ride when the currency weakened against |
the US dollar. Analysts say the third round of rupee weakening, which came against expectations and assurances given by the PML-N government, has left |
investors bewildered at the extent of the plunge, sending them ducking for cover as macroeconomic………..
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No mandate to seek IMF package, says finance minister
The DAWN (June 13, 2018)
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| ISLAMABAD: Highlighting serious issues relating to current account and fiscal deficit, caretaker Finance Minister Dr Shamshad Akhtar on Tuesday said the interim |
government had no mandate to sign any new agreement or start negotiations with the International Monetary Fund (IMF) for a bailout package, stressing that any decision to |
that effect should be taken by the upcoming elected government. She also said that market forces should decide the …..
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Pakistan’s trade deficit widens to $34 billion
Daily Times (June 12, 2018)
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| KARACHI: Pakistan’s trade deficit in eleven months of outgoing fiscal widened to $33.88 billion from the $29.88 billion reported in corresponding period of last |
fiscal, official data showed on Monday. The overall trade deficit widened by 13.40 percent in July-May period of Fiscal Year 2017-18 (FY18) as compared to the same period |
of FY17, reported the Pakistan Bureau of Statistics (PBS). The overall exports in eleven months of FY18 increased by 15.28 percent
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Overseas Pakistanis remit $18 billion in 11MFY18, up by2.95%
Daily Times (June 12, 2018)
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| KARACHI: Overseas Pakistani workers remitted $18028.24 million in the first eleven months (July to May) of FY18, showing a growth of 2.95 % compared with US $17511.12 |
million received during the same period in the preceding year. According to State Bank of Pakistan, during May2018, the inflow of worker’s remittances amounted to US |
$1771.24 million, which is 7.30% higher than April 2018 and 5.13%lower than May2017. The country wise details for the
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Pakistan uses Chinese trade finance to repay foreign debt
The Express Tribune (June 10, 2018)
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| ISLAMABAD: Pakistan has largely exhausted a Chinese trade financing facility to repay its foreign debt as the finance ministry struggles to find another source to finance |
the current account deficit in June in a bid to keep foreign currency reserves at current levels and prevent them from falling further. The State Bank of Pakistan (SBP) has largely |
tapped $1.5 billion in additional trade financing facility available under the China-Pakistan currency swap
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