June 14, 2020 (MLN): The latest weekly roundup is here to synthesize the events of the last week as well as to update the financial and economic data releases as they provide a guide to keeping an eye on trends in the upcoming week.
The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.05% during the week ended Jun 11, 2020 while the SPI increased by 8.49% compared to the corresponding period from last year.
Minister of Industries and Production, Mr. Hammad Azhar presented the budget for the Fiscal Year 2020-21 in the federal cabinet session, under the presidency of the Prime Minister Imran Khan.
The total amount for External Receipts in the federal budget for FY21 are estimated at Rs 2.22 trillion, shows a decline of 2% over the revised estimates for budget 2019-20.
The total amount allocated for Total Capital Receipts, which is the sum of Recoveries of Loans & Advances and Capital Receipts, in the Federal Budget for the Fiscal Year 2020-21 totals 1.54 trillion, i.e. nearly 30.9 percent higher as compared to the revised figures of the previous budget.
The much-awaited budget FY2020-21 was announced yesterday, with Rs 209 billion enacted towards subsidy, marking a decrease of 40% and 24% from the revised estimates and actual budget figures of FY2019-20 respectively.
The total outlay for the net revenue receipts, which is a component of internal resources, has been set at Rs. 3.69 trillion, i.e. around 6.6 percent as compared to the actual budget figures and 19 percent higher as compared to the revised figures of the Fiscal Year 2019-20.
The tax revenue target for the fiscal year 2020-21 is Rs 5464 billion, framing the COVID-19 situation and its subsequent impacts on the battering economy.
The total outlay for overall government expenditure during FY21 has been set at 7.23 trillion, out of which the amount for current expenditure is Rs 6.34 trillion, which shows a detailed budget document for FY21.
The size of the Public Sector Development Programme (PSDP) for 2020-21 has been set at Rs1.3 trillion, shows the PSDP document issued by the Ministry of Planning, Development and Special Initiatives.
The Economic Survey for 2019-20 reveals a seventy-three percent decline in current account deficit, bringing it down from 20 billion dollars to three billion dollars.
Pakistan's Forex Reserves decreased by USD 214.80 Million or 1.27% and the total liquid foreign reserves held by the country stood at USD 16,705.30 Million on Jun 05, 2020.
Despite the economic slow down across the world due to COVID-19, the workers' remittances in the country grew by 6 percent during the first nine months (July-March), 2019-20 as compared to the same period of last year, Pakistan Economic Survey 2019-20 said on Thursday.
Textile exports of the country maintained about 59 percent, according to Pakistan Economic Survey (PES) 2019-20.
The agriculture sector performed well as it recorded strong growth of 2.67 percent considerably higher than 0.58 percent growth achieved during the outgoing fiscal year (2019-20) as per PES
The total amount remitted by Overseas Pakistani during July-May FY20 was USD 20.6545 billion compared to USD 20.1031 billion from the corresponding period of FY19 which showed an increase of USD 551.43 million or 2.74 percent.
According to the Economic Survey 2019-20, the overall Federal Board of Revenue (FBR) tax collection grew by 10.8 percent during the first ten months of the financial year (2019-20) as compared to the corresponding period of last year.
The Economic Coordination Committee (ECC) of the Cabinet approved technical supplementary grants of billions of rupees for various ministries and division.
The sale of passenger cars during the month of May 2020 stood at 3,800 units against an overall production of 656 units, which is around 75.4 percent lower than the sales recorded in the same month of the previous year.
The Asian Development Bank (ADB) has approved a $500 million loan to help the government of Pakistan deliver social protection programs to the poor and vulnerable, expand health sector capabilities, and deliver a pro-poor fiscal stimulus to boost growth and create jobs as the country fights the novel coronavirus disease (COVID-19) pandemic.
Pakistan has been officially included in the group of countries that will be entitled to debt relief as part of the G20 debt relief deal.
Central Development Working Party (CDWP) meeting on Tuesday chaired by Deputy Chairman Planning Commission Mohammad Jahanzeb Khan approved 07 projects worth Rs. 29.351 Billion.
The Central Directorate of National Savings (CDNS) has achieved a collection net target of Rs 350 billion in the current fiscal year by June 8.
The non-government sector has borrowed another net sum of Rs.21.02 billion during the week ended May 29, 2020, which brings the cumulative net borrowing for ongoing fiscal year FY2020 to Rs.416.41 billion. The net borrowing as of prior week was recorded at Rs.395.39 billion.
The government of Pakistan has acquired an additional debt of Rs.216.27 billion during the week ended May 29, 2020, which brings its total net borrowing for the ongoing fiscal year 2020 to Rs.1997.79 billion. As of prior week, the government had borrowed a net sum of Rs.1781.51 billion.
Pak Rupee's Real Effective Exchange Rate Index (REER) decreased by 1.48 percent in April 2020 to a provisional value of 95.71 from the revised value of 97.15 in March 2020.
The federal government has so far authorized the release of Rs 584.9 billion for various ongoing and new social sector uplift projects under its Public Sector Development Programme (PSDP) 2019-20, as against the total allocation of Rs701 billion.
According to a notification issued by the OGRA, there is a US $ 1.48 per mmbtu (Million British Thermal Unit) decrease in the sale price of imported RLNG on the system of Sui Southern Gas Company (SSGC) for the month of June as compared to May.
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