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Weekly Economic Roundup

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April 12, 2020 (MLN): The latest weekly economic roundup provides a summary of the key economic and financial developments from the preceding week.

  • The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.44% during the week ended Apr 09, 2020 while the SPI increased by 8.2% compared to the corresponding period from last year.

  • Overseas Pakistanis remitted USD 1.89 billion in the month of March 2020 compared to USD 1.82 billion in February 2020 showing an increase of USD 69.43 million over the previous month.

  • The total money supply circulating within the economy in February 2020 has been recorded at around Rs.22.5 trillion, according to provisional accounts on Monetary Aggregates for the month, maintained by the State Bank of Pakistan.

  • Pakistan's Forex Reserves decreased by USD 399.30 Million or 2.3% and the total liquid foreign reserves held by the country stood at USD 16,988.20 Million on Apr 03, 2020.

  • International investors continued with their current tradition of escaping from the local debt market as a withdrawal of another $81.5 million in T-bills has been recorded on Wednesday i.e. April 8, 2020.

  • The hot money is also the most slippery money as it flees with the same speed it comes from. After witnessing an inflow of $3.43 billion of hot money, within two months we saw a blow of $2.25 billion investment slippage in Pakistan’s debt market particularly T-bills.

  • Net foreign outflows slowed down by Rs 5.18 billion to Rs 37.98 billion from local securities during the week ended April 03, 2020, marking the sixth straight week of foreign net selling.

  • Taking inspiration from last weeks’ transactions, overseas investors again indulged in the sale of securities during the week ended March 27, 2020, as they withdrew a net amount of Rs 43.171 billion from local securities.

  • The total debt of Central Government during the month of February 2020 stood at Rs. 33.42 trillion, i.e. merely 1 percent higher than the figures reported last month. whereas, on a yearly basis, this debt figure was 21% higher compared to Rs 27.54 trillion recorded in February 2019.

  • The non-government sector has borrowed another net sum of Rs.48.61 billion during the week ended March 27, 2020, which brings the cumulative net borrowing for ongoing fiscal year FY2020 to Rs.308.89 billion. The net borrowing as of prior week was recorded at Rs.260.28 billion.

  • The government of Pakistan has acquired an additional debt of Rs.400.25 billion during the week ended March 27, 2020, which brings its total net borrowing for the ongoing fiscal year 2020 to Rs.995.44 billion. As of prior week, the government had borrowed a net sum of Rs.595.19 billion.

  • The government has released a sum of Rs 47,305.087 million for various water resource projects under the annual Public Sector Development Programme (PSDP) for the fiscal year 2019-20 so far.

  • The Ministry of Commerce has released Rs. 20.5 billion for the textiles & Rs. 828 million for the non-textile sector under the Drawback of Local Taxes and Levies (DLTL) scheme.

  • Pakistan has pledged three million US dollars towards SAARC COVID-19 Emergency Fund to support regional efforts in the fight against Coronavirus.

  • The Asian Development Bank (ADB) has repurposed $50 million from Pakistan’s National Disaster Risk Management Fund ( NDRMF ) to support the Government of Pakistan’s preventive and response efforts to fight the outbreak of the novel coronavirus disease (COVID-19) in the country.

  • The Economic Coordination Committee (ECC) of the cabinet has approved four technical supplementary grants worth Rs13,811.212 million during the current fiscal year (2019-20).

  • The Economic Coordination Committee (ECC) of the Cabinet Wednesday approved six technical supplementary grants in addition to approving Rs 50 billion technical supplementary grant for the Utility Stores Corporation (USC).

  • The Federal government has so far authorized to release Rs 7.109 billion for various ongoing and new projects of the Finance Division under its Public Sector Development Programme (PSDP) 2019-20, as against its total allocation of Rs 11834.749 million.

  • Tractors manufacturing in the country during the first seven months of the current financial year decreased by 37.22 percent as compared to the manufacturing of the corresponding period of last year.

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Posted on: 2020-04-12T11:30:00+05:00

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