October 18, 2020 (MLN): The weekly Economic Roundup summarises key economic and financial data releases for the week, providing a more context on the current economic situation of Pakistan.
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The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.45% during the week ended Oct 15, 2020, while the SPI increased by 9.2% compared to the corresponding period from last year.
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Pakistan witnessed Foreign Direct Investments (FDI) of $189 million during the month of September 2020, i.e. around 68.2% higher as compared to the net inflows of $112.3 million received in August 2020.
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The overall output of the Large Scale Manufacturing Industries (LSMI) increased by 1.19% for August 2020 as compared to August 2019 and decreased by 6.78% if compared to July 2020.
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Remittances from our hardworking overseas Pakistanis rose to $2.3 bn in Sept 2020, 31% higher than last Sept & 9% higher than August 2020.
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State Bank of Pakistan (SBP) has updated Exchange Companies Manual to draw exchange companies’ attention towards Anti-Money Laundering, Combating the Financing of Terrorism & Countering Proliferation Financing (AML/CFT/CPF) Regulations issued by the State Bank of Pakistan via circular on September 30, 2020.
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Economic Coordination Committee (ECC) has approved the import of 340,000 metric tonne wheat.
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The World Bank will provide 1.150 billion dollars concessional financing to Pakistan for the two projects to support hydropower and renewable energy development in Khyber Pakhtunkhwa, and transmission of power from the Dasu Hydropower Project.
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Pakistan's Forex Reserves decreased by USD 335.50 Million or 1.73% and the total liquid foreign reserves held by the country stood at USD 19,015.50 Million on Oct 09, 2020.
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The total deposits held by commercial banks reached an all-time high at Rs 16.8 trillion by the end of September 2020, depicting a growth of 20% YoY and 3% MoM despite low-interest rates.
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The Federal Cabinet approved the Export-Import Bank of Pakistan (EXIMBP) Bill. The objective of the EXIM Bank is to support exporters with facilities such as export credit guarantees, financing for working capital and capital goods, project financing together with bid bonds, etc.
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Savings mobilization by the National Savings Schemes (NSS) during Jul-Aug 2020 clocked in at Rs. 7.135 billion, compared to the withdrawal of Rs. 97.67billion recorded in the same period of the previous fiscal year.
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Central Development Working Party (CDWP) approved 08 projects worth Rs.36 billion and recommended 07 projects worth Rs. 233.014 billion to ECNEC for consideration.
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The total debt of the Central Government during the month of August 2020 stood at Rs. 35.65 trillion, i.e. 0.29% percent higher than the figures reported last month. On a yearly basis, it translated into an increase of 10.6%.
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Pakistan and International Islamic Trade Finance Corporation have signed a financing agreement amounting to 386 million dollars for the import of oil and LNG.
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The non-government sector has borrowed a net sum of Rs.26.22 billion during the week ended October 02, 2020, which brings the cumulative net retirement for the ongoing fiscal year FY2021 to Rs.130.54 billion. The net retirement as of the prior week was recorded at Rs.156.76 billion.
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The government of Pakistan has acquired an additional debt of Rs.69.21 billion during the week ended October 02, 2020, which brings its total net borrowing for the ongoing fiscal year 2021 to Rs.163.09 billion. As of the prior week, the government had borrowed a net sum of Rs.93.88 billion.
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