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Articles for tag: 47bn, deficit, hike, seeks, SSGC

December 19, 2023

News Desk

SSGC seeks hike amid Rs 47bn deficit

KARACHI: In a bid to offset a staggering shortfall of Rs 47.77 billion in its revenue from the sale of domestic natural gas in the current financial year 2023-24, Sui Southern Gas Company Limited (SSGC) has approached the Oil and Gas Regulatory Authority (Ogra) . , seeking approval for an additional increase of Rs 266.18 per mmbtu in end-user tariffs, which is expected to take effect from July 1, 2023. In a public hearing on Monday, the SSGC appealed to Ogra, seeking approval for this supplementary tariff hike, in addition to the previously allowed hike of Rs 417.23 per million

December 8, 2023

News Desk

Revenue growth helps contain the deficit

Islamabad: An extraordinary surge in non-tax revenue helped the government narrow the fiscal deficit to just Rs900 billion in the first four months of the current fiscal year, despite a rise in interest payments to a staggering Rs2.3 trillion. Higher non-tax revenue, which multiplied to Rs 1.6 trillion, has also camouflaged the poor fiscal performance of provinces that are seemingly on a spending spree ahead of the general elections. Government sources said the central bank posted nearly Rs 1 trillion in profit in October, taking the Centre’s non-tax revenue to Rs 1.6 trillion in the first four months. Non-tax revenue

December 1, 2023

News Desk

Pakistan’s trade deficit shrinks by 33.5% as exports grow by 1.9%.

Representational image of containers being placed in a port. — Reuters/File The trade deficit narrowed to $9.3 billion from $14 billion a year earlier. Exports reach $12.17 billion compared to $11.9 billion last year. Imports shrank to $21.5 billion from $26 billion after a 17.3 percent decline. As Pakistan struggles to stabilize a depreciating rupee and depleting foreign exchange reserves, the latest data from the Pakistan Bureau of Statistics (PBS) has given some hope showing a 33.59% decline in trade deficit and a 1.93% increase in exports. The country’s trade deficit in the last five months from July to November

November 21, 2023

News Desk

The C/A deficit is breaking even

KARACHI: Pakistan’s current account balance hit a record high for the second consecutive month in October, recording a nominal deficit of $74 million and suggesting that the country’s external economy and balance of payments situation are steadily improving. The State Bank of Pakistan (SBP) reported on Monday that the current account deficit stood at $74 million in October 2023, which was slightly higher than the deficit of $46 million in the previous month, showing a 61% month-on-month increase in a month (Mom). Speaking to the Express Tribune, Pak-Kuwait Investment Company’s Head of Research Samiullah Tariq observed that “this shortfall ($74

November 6, 2023

News Desk

IMF Focused on Helping Pakistan Turn Primary Deficit into Surplus

IMF logo on a wall. — Reuters/File The IMF is not concerned about the increase in the budget deficit due to debt servicing. The Pakistan and IMF teams are currently holding talks at the technical level. The Fund delegation is in Pakistan until November 16 to hold talks. ISLAMABAD: The International Monetary Fund (IMF) mission is focusing on Pakistan’s fiscal framework for the current fiscal year 2023-24 to turn the primary deficit into surplus under the $3 billion stand-by arrangement (SBA). The news on Monday. The IMF is not worried about the overall widening fiscal deficit due to the escalating

November 2, 2023

News Desk

Import management reduces the deficit

Islamabad: The trade deficit shrank 35 percent to $7.4 billion in the first four months of the current fiscal year as the authorities managed imports – the only viable tool at Pakistan’s disposal amid a significant shortfall against projected external financing requirements. The Pakistan Bureau of Statistics (PBS), the national data collection agency, reported on Monday that the gap between imports and exports narrowed to $7.4 billion, a 35 percent decline in the July-October period of the current fiscal year. This amount was $4 billion less than the comparable period last fiscal year. That reduction has eased pressure on foreign

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