Weekly Economic Roundup

April 04, 2021 (MLN): The financial highlights of the country are brought to light with the economic and financial data releases over the course of the week.

The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.43% during the week ended Apr 01, 2021, while the SPI increased by 17.21% compared to the corresponding period from last year.

Pakistan's trade deficit for 9 months (July-March) FY21 was USD 20.83 billion compared to a deficit of USD 17.35 billion from the corresponding period from FY20.

The cement sector posted the highest ever monthly growth of 44.39 percent in March 2021 due to a massive increase in domestic consumption as well as exports. Total Cement despatches during March 2021 were 5.373 million tons against 3.722 Million Tons despatched during the same month of last fiscal year.

The upturn in the sales of Petroleum and Lubricants continues, as the total sales volume of the Oil and Marketing Companies (OMCs) increased by 6% MoM to stand at 1.48MTs in the month of March’21 as compared to 1.39MTs in the previous month.

Pakistan's Yearly Inflation Rate (New Base 2015-16) in March 2021 was 9.05 percent compared to 8.70 percent in February 2021 and 10.24 percent in March 2020.

Pakistan's Forex Reserves increased by USD 401.80 Million or 1.97% and the total liquid foreign reserves held by the country stood at USD 20,836.40 Million on Mar 26, 2021.

Exports from Pakistan witnessed a growth of 13.4% MoM to stand at USD 2.345 billion in the month of March 2021.

Moody's Investors Service, (“Moody's”) assigned a foreign currency senior unsecured program rating of (P)B3 to the Government of Pakistan's global medium-term note program, as well as B3 ratings to the senior unsecured, US dollar-denominated notes issued under the program with maturities of 5, 10 and 30 years.

Pak Rupee's Real Effective Exchange Rate Index (REER) increased by 2.06 percent in February 2021 to a provisional value of 97.12 from the revised value of 95.16 in January 2021.

Pakistan raised Eurobonds worth $2.5 billion on Tuesday in an auction that attracted bids of $5.3bn, suggesting there is interest among international investors for the country’s sovereign instruments given the high interest rates at the offer. 

The State Bank of Pakistan (SBP) has received an IMF tranche of US$ 498.7 million (equivalent to SDR 350 million) under the Extended Fund Facility.

The Central Directorate of National Savings (CDNS) has reached the free deposit of Rs 660 billion in the last three quarters from July 1 to March 28 in the current Fiscal Year (FY) 2020-21.

The government of Pakistan has acquired an additional debt of Rs.68.3 billion during the week ended March 19, 2021, which brings its total net borrowing for ongoing fiscal year 2021 to Rs.655.09 billion. As of the prior week, the government had borrowed a net sum of Rs.586.79 billion.

The non-government sector has borrowed another net sum of Rs.16.19 billion during the week ended March 19, 2021, which brings the cumulative net borrowing for ongoing fiscal year FY2021 to Rs.361.91 billion. The net borrowing as of the prior week was recorded at Rs.345.71 billion.

The Asian Development Bank (ADB) has approved a $300 million loan to finance the construction of a 300-megawatt hydropower plant that will increase the share of clean energy in Pakistan and improve the country’s energy security.

Fitch Ratings has assigned Pakistan's (B-/Stable) proposed foreign-currency bonds a 'B-' rating.

Federal Government has released Rs. 492.772 billion out of the total allocation of Rs 650 billion for various ongoing and new social sector uplift projects till date under its Public Sector Development Programme (PSDP) 2020-21.

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Posted on: 2021-04-04T15:31:00+05:00