Issue 19

Budget Study Centre Issue 19
July 17, 2018


Fortnightly Budget News Alerts

55,000 people avail amnesty scheme thus far

The DAWN (July 12, 2018)

ISLAMABAD: Nearly 55,225 people have filed returns declaring their Rs577 billion worth of foreign assets and Rs1,192bn domestic assets under the tax amnesty scheme, new data released by the finance division on Wednesday shows. The declarants have paid around Rs97bn in taxes thus far with more in the pipeline. The break down showed that the government received a tax amount of Rs36bn on whitening of foreign assets and Rs61bn………Read More

SBP sees gloomy growth for Pakistan in FY19

The Express Tribune (July 12, 2018)

KARACHI: Pakistan is unlikely to achieve the growth target of 6.2% in the current fiscal year amid an increase in the number of challenges facing the economy, wrote the State Bank of Pakistan (SBP) in its quarterly report on the state of the economy. After achieving a 13-year high growth of 5.8% last fiscal year, the government set a growth target of 6.2% for 2019. However, depleting foreign exchange reserves and a weaker rupee stifle growth………Read More

Public debt rises 11 percent, touches Rs23.769 trillion during July-May FY18

Pakistan Today (July 10, 2018)

LAHORE: The State Bank of Pakistan (SBP) on Monday released data pertaining to central government debt which rose to Rs23.769 trillion during first 11 months (July-May) of FY18, registering an 11 percent increase during this period. At the end of FY17 (June 2017), the debt was recorded at Rs20.767 trillion, posting an increase of Rs3.002 trillion till May 2018 largely driven by rising domestic and foreign borrowing amidst increasing twin deficits………Read More

IMF bailout on the cards for Pakistan’s next government: analysts

The DAWN (July 09, 2018)

RAWALPINDI: The country’s next government, to be chosen in the July 25 general elections, faces growing fears of a balance of payments crisis with speculation it will have to seek its second IMF bailout in five years, analysts say. The central bank is running down its foreign reserves and devaluing the currency in a bid to bridge a yawning trade deficit, and the winners of the election will have “limited time” to act, Fitch ratings agency said on July 2.…Read More

China and Germany swear to keep trade free

The Times of Malta (July 09, 2018)

Germany and China signed a raft of commercial accords worth some €20 billion on Monday, with their leaders reiterating commitments to a multilateral global trade order despite a looming trade war with the United States. The deals, involving German industrial giants such as Siemens, Volkswagen and BASF, come with the two leading exporting powerhouses being forced into an unlikely alliance in defence of the open global trade on …Read More

Egypt expects 9.8% deficit in FY 17/18 budget-MOF

The MUBASHER (July 05, 2018)

Cairo – Mubasher: The Egyptian finance ministry forecasts fiscal year 2017/2018 budget deficit to reach 9.8% of the gross domestic product (GDP). Revenues in the last fiscal year budget are expected to hit EGP 989 billion ($55.47 billion), of which Egypt will repay EGP 817 billion in interests and debt installments, finance minister Mohamed Maait said. The minister has noted that the North African country will announce the,……Read More

Inflation touches 44-month peak at 5.2%

The Express Tribune (July 05, 2018)

ISLAMABAD: The inflation rate rose 5.2% in June, which was its highest level in the past 44 months, as an increase in prices of petroleum products and sharp depreciation of the rupee started impacting every household adversely. Measured by the Consumer Price Index (CPI), the average increase in prices of 40 dozen items was calculated at 5.2%, reported the Pakistan Bureau of Statistics (PBS) on Wednesday. It was the highest level since .…Read More

GST: India’s big reform paying off, but budget hole fears stay

The Economic Times (July 03, 2018)

One year after India introduced a consumption tax, the results have been mixed. Hailed as one of the biggest reforms by Prime Minister Narendra Modi, the goods-and-services levy has helped increase tax collections in a country where compliance is historically low. While monthly receipts have picked up after a chaotic rollout, they are still not strong enough to meet the government’s annual tax target. GST brought in an average….…Read More

The role of Civil Society Organization is very vital to improve the governance issues. CNBA

News Room (June 29, 2018)

Quetta: The role of Civil Society Organizations is very vital they can watch the Budget Making Process to improve the governance issues at Provincial level said Raja Shoaib Akbar, Senior Program Manager Center for Peace and Development Initiatives (CPDI) Islamabad. In 2 Days workshop organized by CPDI, Citizen Network for Budget Accountability (CNBA) raised the demand to ensure the participation of local population in budget making process .…Read More

Civil society organizations raise demand to ensure participation of local population in budget making process at district level.

The Balochistan Point (June 29, 2018)

QUETTA: The civil society organizations can watch the budget making process to improve governance issues at provincial level, said Raja Shoaib Akber, senior program manager Centre for Peace and Development Initiatives (CPDI) Islamabad. While addressing the participants of two-day workshop in Quetta, senior program manager CPDI emphasized the vital role of   civil society organizations for improving governance challenges and budget ….…Read More

Caretakers increase government employees’ salaries, pension in Punjab

The Express Tribune (June 26, 2018)

LAHORE: The provincial cabinet on Tuesday approved a four-month budget for Fiscal Year 2018-19. The meeting approved the proposal of a 10% increase in the salaries of government employees, besides approving to review the house rent. It also gave approval of a 10% increase in the pension of retired government employees. The caretaker government gave approval to the development budget for four months for the new Fiscal Year 2018-19. The meeting also .…Read More

Pakistan’s foreign borrowing surges to $10b in 11 months

The Express Tribune (June 26, 2018)

ISLAMABAD: Pakistan has received nearly $10 billion in foreign loans in the past 11 months, and almost three-fourths have been utilised for budgetary support and meeting external financing requirements, underscoring that the amount cannot be returned without resorting to fresh borrowing. The total loan disbursement from July through May of fiscal year 2017-18 stood at $9.98 billion, reported the Economic Affairs Division on Monday. The 11-month….…Read More

Civil society organizations can watch budget making process: Manager CPDI

Onlineindus News (June 23, 2018)

KARACHI: June 23, 2018: Civil Society Organizations can watch the Budget Making Process to improve the governance issues at Provincial Level Said Raja Shoaib Akber, Senior Program Manager Centre for Peace and Development Initiatives (CPDI) Islamabad. Citizens’ Network for Budget Accountability (CNBA) raised the demand to ensure the participation of local population in budget making process at district level. CPDI’s …………Read More