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Home Economy Pakistan gathers financial assistance worth $321 million from bilateral, multilateral sources
  • Economy

Pakistan gathers financial assistance worth $321 million from bilateral, multilateral sources

By
News Desk
-
August 23, 2019

August 23, 2019 (MLN): Pakistan has acquired around $321.25 million as foreign economic assistance in the first month of FY-2020, from multiple bilateral and multilateral sources.

Going by the details provided by Economic Affairs Divisions (EAD), foreign assistance extended from multilateral sources during the month totaled $221.8 million.

IDB (S-term) emerged as the primary lender within multilateral group, as it disbursed nearly $137 million to Pakistan. The second highest source of multilateral financing is IDA with an assistance of $41.5 million during the said period. Another significant source of assistance was IFAD, with a disbursement of $17.4 million.

On the other hand, the collective disbursement from bilateral donors amounted to $99.4 million during the aforementioned period. Within this category, China emerged as the greatest source of assistance during the year, with a loan of $54.2 million. This was followed by UK, as it disbursed loans amounting to $37.1 million.

All in all, Pakistan received around $494.5 million worth assistance after taking into account loans from multilateral, bilateral sources as well as Commercial Banks.

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Posted on: 2019-08-23T14:58:00+05:00

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    Hub Power Company Limited (HUBC) posted earnings of Rs. 16.88 billion (EPS: 12.60) for the half-year ended December 31, 2020, i.e. around 48% higher than the earnings recorded in same period of last year.

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    Copyright Mettis Link News

    Weekly Economic Roundup

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    Copyright Mettis Link News

    CPI Preview: Inflation to make a comeback in February’21

    February 28, 2021 (MLN):  The inflationary relief that has been seen for the past two months (Dec’20 and Jan’21)  will no longer be sustained as the headline inflation for the month of February 2021, is likely to witness a sharp rebound after slipping to a two-year low of 5.65% on high-base effect and muted food inflation in Jan’21.

    Going by the projections put forth by various brokerage houses, the inflation is expected to clock in at around 8.15%-9.1% with an average estimate of 8.48% YoY compared to 5.65%YoY in the last month and 12.40%YoY in February 2020. This would bring 8MFY21 average inflation to 8.23% as against 11.70% in the corresponding period last year.

    On monthly basis, inflation is expected to escalate with an average estimate of 1.56% MoM compared to the decrease of 0.21% MoM in January 2021.

    The expected resurgence in the cost of living is driven by an increase in electricity and food prices as indicated by the Sensitive Price Index (SPI) data so far. The food index which is expected to inflate by around 12.81% YoY during Feb’21, the major contributors to the upsurge in food inflation include; wheat flour (13.59% YoY), rice (7.71% YoY), meat (10.37% YoY), chicken (32.70% YoY), fresh milk (14.35% YoY), cooking oil (12.94% YoY), vegetable ghee (16.60% YoY), sugar (19.59% YoY) and condiments (47.21% YoY).

    In addition to this, the recent revisions in electricity tariffs and fuel prices (+5.4%MoM) on account of the Oil bull cycle are also likely to pull up inflation for Feb’21. To note, the Government has notified an increase in base tariff of PKR1.95/unit across all consumer categories including life-line consumers and Dec’20 fuel price adjustment of PkR1.54/unit pushing up overall housing index by 4.44%MoM, a report by AKD Securities highlighted.

    Besides these, cotton cloth, education, and footwear prices also increased significantly during the month leading to an increase in Non-Food Non-Energy (NFNE) inflation.

    CPI Projections for February 2021

    YOY

    MOM

    Spectrum

    8.20

    1.33

    Next Capital

    8.20

    1.3

    Pearl Securities

    8.40

    1.5

    Abbasi and Company Ltd

    8.80

    1.90

    Foundation Securities

    9.10

    2.10

    Ismail Iqbal Securities

    8.50

    1.60

    Aba Ali Habib Securities

    8.15

    1.29

    Darson Securities

    8.30

    1.43

    AKD Securities

    8.70

    -

    Range

    9.1 - 8.15

    2.1 - 1.29

    Mode

    8.20

    -

    Median

    8.40

    1.47

    Average

    8.48

    1.56

    Expected Average Inflation in 8MFY21

    8.23%

     

    INFLATION OUTLOOK:  

    With the end of the higher base effect in Mar'21, the headline inflation is expected to start peaking up, further increase in oil prices, upcoming Ramadan season and hovering food prices expected to take inflation towards the north.

    Furthermore, in the medium run, IMF directives to increase tax revenues in FY22 to PkR5.9 trillion vs. revised PkR4.7 trillion for the current year should result in inflationary pressure jacking up. To this end, the Govt. is already considering withdrawing sales tax exemptions worth PKR 360 billion which would push up consumer end prices.

    IMF and Pakistan authorities completed a staff-level agreement which is yet to be approved by the IMF Board. The resumption of the IMF program is clearly positive from the market’s perspective as it will keep the external account in a comfortable position despite potential pressure from the pickup in imports in line with economic activity and rising commodity prices, pushing SBP to maintain interest rates at the current level, AKD Securities cited.

    Moreover, it will open ways to raise /rollover debt through Eurobond, Sukuk, and Panda Bonds and provide stability on the external as well as the fiscal front, another report by Pearl Securities said.

    Next Capital sees inflationary pressures continuing and expects the readings to reach double-digit by the end of the current fiscal year, with higher energy and food prices where some ease is being witnessed in vegetable prices.

    On the monetary policy side, Pearl Securities perceives no signs of early increase and decrease in policy rates. Similarly, AKD Securities expects SBP to keep interest rates on hold in at least the next two monetary policy meetings based on a stable external account outlook (USD 750 million-1bn Eurobond planned next month).

    Copyright Mettis Link News

    Key Pakistan Market Stats and Economic Indicators

    Market Data and Economic Indicators

    Weekly Performance
     Feb 26, 2021Feb 19, 2021
    PKR InterBank158.1007159.1023
    KSE100 Index45,865.0246,227.65
    Avg Daily Volume589,297,783594,931,762
    Gold (Karachi) Rs/10 gm93,66494,264
    KIBOR 6M7.657.57
    10Y PIB10.2010.20
    EUR1.2071.2109
    GBP1.39221.4005
    CHF0.90810.8966
    JPY106.53105.548
    GOLD1734.51783.32
    NY Light Crude61.559.24
    Open Market Rates
     Feb 26, 2021Feb 19, 2021
    USD158.50159.60
    EUR191.58193.64
    GBP220.95223.82
    JPY1.48881.5152
    AED43.1843.49
    SAR42.3342.64
    SBP Data
    T-Bill Auction Cutoff YieldFeb 24, 2021Feb 10, 2021
    3M7.24867.1799
    6M7.54987.4900
    12MBids Rejected7.7989
    PIB Auction Cutoff YieldFeb 03, 2021Jan 06, 2021
    3Y8.99348.4999
    5Y9.58909.5298
    10Y10.05009.9900
    15YNo Bids ReceivedBids Rejected
    20Y10.5800Bids Rejected
    Interest Rate CorridorJun 26, 2020May 18, 2020
    SBP Policy Rate7.008.00
    SBP Reverse Repo Rate8.009.00
    SBP Repo Rate6.007.00
    Weekly Indicators
     Feb 19, 2021Feb 12, 2021
    SBP FX Reserves *12,908.7012,889.70
    Bank FX Reseves *7,132.907,168.90
    Total FX Reserves *20,041.6020,058.60
     Feb 25, 2021Feb 18, 2021
    SPI (Combined Group) **147.09143.63
    Change - WoW (pct)2.410.55
    Change - YOY (pct)13.899.92
    Monthly Indicators
     JanuaryDecember
    Consumer Price Index (Base 2015-16)140.56140.86
    Change - MOM (pct)-0.21-0.68
    Change - YOY (pct)5.667.98
    WholeSale Price Index (Base 2015-16)153.53149.79
    Change - MOM (pct)2.500.34
    Change - YOY (pct)6.375.67
    Sensitive Price Indicator (Base 2015-16)140.08140.68
    Change - MOM (pct)-0.43-1.32
    Change - YOY (pct)6.447.92
     JanuaryDecember
    Exports *2,132.002,366.00
    Imports *4,733.005,005.00
    Trade Balance *-2,601.00-2,639.00
     JanuaryDecember
    Home Remittances *2,273.572,436.98
     JanuaryDecember
    Total Foreign Investment *240.55202.39
     JanuaryDecember
    Current Account Balance *-229.00-652.00
    FY21912.001,141.00
    FY20-2,544.00-2,032.00
     DecemberNovember
    Large Scale Manufacturing Index167.21147.31
    Change - MOM (pct)13.511.34
    Change - YOY (pct)11.3914.44
    Quarterly Indicators
     Dec 31, 2020Sep 30, 2020
    Pakistan's External Debt *115,755.84113,798.10
    Annual Indicators
     FY20FY19
    GDP Growth Rate-0.381.91
    Agriculture2.670.58
    Manufacturing-0.275.43
    Commodity Sector-0.05-0.90
    Services Sector-0.593.75
    Trade Balance * (July - June)-23,183.00-31,805.00
    Worker Remittances * (July - June)23,120.9721,739.40
    Foreign Investment * (July - June)2,038.21-54.80
    Annual Inflation Rate % (July - June)10.746.80
    * Amount in USD Million

     

    Copyright Mettis Link News

    Kyrgyzstan shows interest in getting access to Gwadar, Karachi...

    February 28, 2021: Kyrgyzstan has shown interest in getting access to Gwadar and Karachi ports by using the rail and road links being constructed under China-Pakistan Economic Corridor.

    Talking to business community in Lahore, Kyrgyzstan's Ambassador to Pakistan Erik Beishembiev said his country wants to develop short transportation links through its territory between Central Asia, China and Pakistan.

    The Ambassador said his country greatly values relations with Pakistan and wants to further diversify and strengthen bilateral relations.

    He said direct flights between the two countries on regular basis would help improve trade and cooperation in tourism sector.

    Radio Pakistan

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