Weekly Economic Roundup

October 13, 2019 (MLN): The country's current financial and economical snapshot was brought into clearer picture with the following data releases over the course of last week:

• The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.18% during the week ended Oct 03, 2019 while the SPI increased by 15.23% compared to the corresponding period from last year.
• The total debt of the Pakistan government declined by Rs. 557 billion to Rs.32.240 trillion in August 2019, showing a 1.70% decline over July 2019.
• The non-government sector has borrowed a net sum of Rs.25.62 billion during the week ended October 04, 2019, which brings the cumulative net retirement for ongoing fiscal year FY2020 to Rs.64.42 billion. The net retirement as of prior week was recorded at Rs.90.04 billion.
• The government of Pakistan has retired Rs.76.77 billion during the week ended October 04, 2019, which brings its total net borrowing for ongoing fiscal year 2020 to Rs.182.67 billion. As of prior week, the government had borrowed a net sum of Rs.259.43 billion.
• The sale of passenger cars during the month of September 2019 stood at 10,923 units against the production of 9,090 units, a monthly report by Pakistan Automotive Manufacturer's Association (PAMA) revealed on Friday.
• Pakistan's trade deficit for 3 months (July-September) FY20 was USD 5.73 billion compared to a deficit of USD 8.79 billion from the corresponding period from FY19.
• The exports of spices from the country witnessed an increase of 9.53 percent during the first two month of current financial year 2019-20, against the exports of the corresponding period of last year.
• Power generating machinery imports into the country during first two months of current financial year reduced by 8.53% as compared the corresponding period of last year.
• Pakistan's Forex Reserves decreased by USD 10.80 Million or 0.07% and the total liquid foreign reserves held by the country stood at USD 14,992.90 Million on Oct 04, 2019.
• Overseas Pakistanis remitted USD 1.75 billion in the month of September 2019 compared to USD 1.69 billion in August 2019 showing an increase of USD 57.08 million over the previous month.
• The Senate Standing Committee on Finance, Revenue and Economic Affairs was informed that the government has received Rs7 billion additional tax in last six months after charged the customs duty on mobile phones for overseas Pakistanis.
• The government, under its Public Sector Development Program (PSDP) for the fiscal year 2019-20 has released an amount of Rs 2,092 million for different agriculture sector development projects initiated under 'Prime Minister Agriculture Emergency Program’.
• The government has so far released Rs 2,409.503 million for several agriculture uplift projects under its Public Sector Development Program (PSDP) for financial year 2019-20 as against the total allocation of Rs 12,047.516 million for the current financial year.
• The National Accountability Bureau (NAB), Karachi has recovered Rs 1,191.53 million during 2019 and deposited the amount in the national exchequer.
• The Asian Development Bank (ADB) has approved a $200 million loan for Pakistan. This additional loan has been granted for social protection program, the Benazir Income Support Program (BISP).

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