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National forex reserves rise to $11.64b

admin — Fri, 19 Jun 2009 22:06:21 +0000

KARACHI: National exchange reserves mounted to $11.64 billion, State Bank of Pakistan said Thursday. According to SBP spokesman, the national forex reserves bulged by $128.3 million and forex reserves with the central bank stand at $8.30 billion. The central bank spokesman said the bank achieved its target of deal with International Monetary Fund, under which the SBP was to take its reserves to $8 billion by June 30, 2009.

Pak Budget deficit to be 4.6pc: IMF

admin — Fri, 29 May 2009 04:15:29 +0000

ISLAMABAD: International Monetary Fund (IMF) Thursday said that the unemployment rate is likely to increase in Pakistan, as the direct investment in the country and foreign remittances have gone down. Talking to media, IMF Country Director said the third installment of loan will be issued to Pakistan in July; whereas, Pakistan wants more loans in addition to the ongoing $7.6 billion loan programme. He said Pakistan’s request for loan is under consideration. The IMF official said that upcoming Pakistani budget will be 4.6 percent, GDP at 3.5 percent and the inflation rate will remain at 7.5 percent, adding the government needs to take care of the deprived sections of society. A ceremony was held here at Planning Commission, where an IMF economic report on Middle East and Central Asian region was issued.

Pak: Rs2740 billion next fiscal year budget expected

admin — Mon, 18 May 2009 09:04:57 +0000

ISLAMABAD: The national budget for the fiscal year 2009-10 is expected to amount to Rs2740 billion, higher by Rs211 billion as compared to the current fiscal year. Finance ministry sources told that following February 2009 talks held with the IMF, it was being expected that the amount of Budget- 2009-10 expected to be higher by Rs211 billion as compared to the sum for current fiscal year. Sources said that the total expenditures for 2009-10 have been estimated at Rs2170 billion as against Rs2120 billion for the current fiscal year. Similarly, Rs690 billion would be paid on debt financing, which works out to Rs72 billion higher as compared current fiscal year. The government has estimated an income of Rs2270 billion for 2009-10, constituting of Rs1710 billion from taxes and Rs560 billion from non-tax sources, while the total income for current fiscal year was kept at Rs1970 billion. Sources said that the budget deficit for the fiscal year 2009-10 was estimated at Rs475 billion as against expected Rs562 billion during the current fiscal year.

State bank of Pakistan, Trade deficit expected to rise

admin — Fri, 08 May 2009 06:16:53 +0000

KARACHI: Pakistan’s trade deficit is likely to mount in the current fiscal as country’s export target is not going to be met this year. This was highlighted in the Economic Update issued by the State Bank of Pakistan. It said achieving the tax revenue target will be difficult and it appears that the target will be missed this year. The Update underlined sticking to the IMF program in order to bring improvement in the economic condition of the country