Weekly Economic Roundup

December 29, 2019 (MLN): The financial picture of the country in full detail was highlighted with the economic and financial data releases over the course of the week.

• Pakistan's Forex Reserves decreased by USD 60.30 Million or 0.34% and the total liquid foreign reserves held by the country stood at USD 17,595.20 Million on Dec 20, 2019.
• Foreign investors remained net buyers for the 10th consecutive week as the total purchase of securities during the week via Special Convertible Rupee Account (SCRA) surpassed total sale by around Rs. 31.8 billion as on December 20, 2019.
• United Kingdom’s profits repatriation during Jul-Nov 2019 surged by 15% YoY, as it repatriated $165.8 worth profits from Pakistan to maintain its position as the highest profits repatriating country.
• SBP data on repatriation of profits by sector showed that Financial Businesses, Oil & Gas Exploration Sector, Chemicals, and Transport sector remitted the higher profits to their headquarters abroad.
• Pakistan has acquired around $1.63 billion as foreign economic assistance during Jul-Nov FY20 from bilateral and multilateral sources.
• The Banking sector spread for November 2019 depressed by 12 basis points (bps) over the month which brings its latest value to 6.01% as compared to the prior month's spread of 6.13%. Alternatively, the spread has unfolded by 86 bps as compared to the same period last year.
• The exports of pharmaceutical products during the first five months of the financial year (2019-20) grew by 8.66 percent as compared to those of the corresponding period of last year.
• The non-government sector has borrowed another net sum of Rs.14.89 billion during the week ended December 20, 2019, which brings the cumulative net borrowing for ongoing fiscal year FY2020 to Rs.85.49 billion. The net borrowing as of prior week was recorded at Rs.70.59 billion.
• The government of Pakistan has acquired an additional debt of Rs.29.03 billion during the week ended December 20, 2019, which brings its total net borrowing for the ongoing fiscal year 2020 to Rs.281.68 billion. As of prior week, the government had borrowed a net sum of Rs.252.65 billion.
• The Cotton Crop Assessment Committee (CCAC) has estimated the local crop output at 9.451 million bales as against the set production targets of 12 million bales during the season.
• The Planning Commission has authorized to releases Rs 20.063.701 million for various development projects of Kashmir Affairs and Gilgit Baltistan division under the Public Sector Development Programme (PSDP 2018-19).
• Economic Coordination Committee (ECC) of the Cabinet has approved a technical supplementary grant equal to Rs 4.05 billion funds lapsed during the financial year 2018-19 under the Sustainable Development Goals Achievement Programme (SAP).

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