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Articles for tag: aims, Aurangzeb, Budget, deficit, FinMin, fiscal, FY25, reduce

June 25, 2024

News Desk

FY25 budget aims to reduce fiscal deficit, says FinMin Aurangzeb

Finance Minister Senator Muhammad Aurangzeb speaks on the floor of the National Assembly on June 25, 2024. — APP The austerity and simplicity of the prime minister will continue in the next fiscal year. Under EFS 2021, the zero rating for local suppliers will remain intact. Crackdown on retailers not registered with FBR TDS from 1st July. Finance Minister Senator Muhammad Aurangzeb said the budget for the next financial year was aimed at narrowing the fiscal deficit by expanding the government’s revenue and reducing unnecessary expenditure. Wrapping up the debate on the 2024-2025 budget in the National Assembly on Tuesday,

June 22, 2024

News Desk

C/A returns to $270M deficit

KARACHI: Pakistan’s current account returned to a deficit of $270 million in May 2024, breaking its cycle of being in surplus for the previous four consecutive months. The country posted its first current account deficit in five months after the central bank allowed foreign companies to send significantly higher profits and dividends to their overseas headquarters to clear the backlog, and made notably higher interest payments during the month. . The deficit recorded was in stark contrast to higher expectations for a fifth straight month of surplus, fueled by strong inflows of worker remittances sent home by overseas Pakistanis of

June 4, 2024

News Desk

With lower imports, trade deficit narrows to $21.7 billion

Islamabad: Pakistan’s trade deficit narrowed to $21.7 billion in the first 11 months of the outgoing fiscal year on continued contraction in imports and momentum in exports, which brought the annual export target within reach. The trade deficit – the gap between exports and imports – was 15%, or $3.9 billion, lower in the July-May period of this financial year compared to a year ago, according to data released by the Bureau of Statistics of Pakistan (PBS). on Monday. Imports in the first 11 months of 2023-24 reached $49.8 billion, down $1.2 billion, or 2.4 percent, according to the national

June 4, 2024

News Desk

Trade deficit shrank by 15.25% in July-May 24

A Pakistani trader counts US dollars at a foreign exchange shop in Karachi on October 9, 2018. — AFP Imports fell 2.37% to $49.8 billion from $51 billion. According to PBS, imports still exceed exports by more than 56%. The contraction is due to the decline in global commodity prices. Pakistan’s trade deficit declined by 15.25% in the July-May period of the current fiscal year to $21.7 billion compared to $25.6 billion in the corresponding period of the previous fiscal year, according to official data released released on Monday. This reduction can strengthen the country’s current account balance and stabilize

May 3, 2024

News Desk

Trade deficit widened by 181% in April

Islamabad: For the second consecutive month, Pakistan’s trade deficit widened to $2.4 billion in April, which was 181% more than the same month last year due to poor export performance and rising imports. The monthly trade report provides a picture of how the country’s foreign trade would fare if imports were unrestricted. The Pakistan Bureau of Statistics (PBS) reported on Thursday that the gap between exports and imports widened 181 percent to $2.4 billion in April compared to a year ago. In absolute terms, the trade deficit widened by $1.6 billion, more than half the size of the recently concluded

April 18, 2024

News Desk

Pakistan will miss its fiscal deficit target

Islamabad: A new report by the International Monetary Fund has shown that Pakistan is set to miss this fiscal year’s fiscal deficit target by around Rs 1 trillion, as the global lender anticipates the country’s increased reliance on loans in the coming years. The IMF released the report from Washington on the same day that Pakistan’s finance minister asked for help from the United States for “debt financing”. The IMF’s Fiscal Monitor report said the gap between spending and revenue is likely to remain at 7.4% of Gross Domestic Product (GDP) for the fiscal year 2023-24 that ends in June.

April 2, 2024

News Desk

The trade deficit widened by 56% in March

Islamabad: Pakistan’s trade deficit widened over 56% in March 2024 due to a sudden increase in imports, underscoring the challenges facing the stability of an external sector that remains dependent on administrative controls. The Pakistan Bureau of Statistics (PBS) said on Monday that the gap between exports and imports widened 56.3 percent to $2.2 billion in March from a year earlier. In absolute terms, the trade deficit widened by $782 million, which was more than the last loan tranche of $706 million. PBS reported that exports totaled $2.56 billion in March, up just $189 million, or 8 percent, from the

February 21, 2024

News Desk

The fiscal deficit increases to 8.54 trillion

design: Ibrahim Yahya Islamabad: The caretaker government made major revisions to the current fiscal year’s budget, significantly increasing the federal budget deficit to a new record high of Rs 8.54 trillion, but reducing external borrowing estimates by over $6 billion due to non-implementation of Eurobonds and foreign commercial loans. On Tuesday, the Ministry of Finance released its new Annual Borrowing Plan, detailing revised estimates of Pakistan’s growing gross financing needs for bridging the fiscal deficit and debt repayments. The new report reveals that, compared to the federal budget deficit target of Rs 7.5 trillion approved by the last National Assembly,

February 3, 2024

News Desk

The trade deficit shrinks to $13.1 billion

Islamabad: Pakistan’s trade deficit narrowed to $13.1 billion in the first seven months of this fiscal year, which is $6.4 billion less than the corresponding period of the previous fiscal year. This development offsets pressures in the exchange rate market amid tight foreign exchange reserves. In the July-January period of the current fiscal year, the gap between imports and exports stood at $13.2 billion, according to the Pakistan Bureau of Statistics. The trade deficit was $6.4 billion, 33 percent less than the comparable period last fiscal year, he added. The deficit reduction of $6.4 billion is now equivalent to 78%

January 30, 2024

News Desk

The fiscal deficit exceeded 50%

Islamabad: The federal government’s fiscal deficit widened by more than 50%, mainly due to a sharp rise in interest that reached Rs 4.2 trillion in the first half of this fiscal year, casting doubt on the effectiveness of the International Monetary Fund’s (IMF) program ). . Interest payments of Rs4.22 trillion exceeded the federal government’s net revenue by Rs207 billion during the July-December period of this fiscal year, according to a report released by the Finance Ministry on Monday. The Fiscal Operations Report shows that Pakistan is far from achieving fiscal consolidation despite a significant slowdown in development spending. The

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