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Loan of $500m from Chinese bank

The government has signed another commercial loan programme of $500 million with the Industrial and Commercial Bank of China, bringing the total loan it obtained from the bank to $1 billion just in three months. Last month, the government took a total of $704 million loans, taking foreign borrowings to new heights of $6.6 billion just in seven months of ... Read More »

Dictation by foreign lending agencies

Senate Chairman Mian Raza Rabbani has called it extremely worrisome that the International Monetary Fund and other financial institutions are interfering in the internal affairs of the country over the devolution of powers under 18th Constitutional Amendment and are also creating an impression that the National Finance Commission is a futile exercise. The criticism of the senate chairman came at ... Read More »

Missing major macroeconomic targets

According to newspaper reports, the government has missed all the major macroeconomic targets in its 11th five-year development plan, including the target it had set to achieve growth rate of 5.4 percent to the gross domestic product. However, the government has managed to make progress in all the sectors of the economy and achieved a secure growth rate of 4.4 ... Read More »

External pressures on economy

The external debts of the country have crossed $85 billion mark in five years, but the government is still in process to get more assistance from the international donor agencies. The Pakistan Muslim League-Nawaz government had accepted a three year extended facility programme of over $6 billion from the International Monetary Fund in 2013. Unfortunately, the economy has been experiencing ... Read More »

Reforms in tax collection system

The government is still far from introducing structural reforms in the tax collection system aimed at not only to enhance tax net, but also rationalize the tax rates and plug the loopholes in the tax collection process. The recommendations of the Tax Reforms Commission are also awaiting implementation by the Tax Implementation Reform Committee led by none other, but Special ... Read More »

Need to break monotony

A new programme for capacity building of bureaucrats, a new government narrative and a new standard operating system are the need of the hour to put the country on the road of development. However, in a country like Pakistan where political system is unstable, corruption has been institutionalized and bureaucracy blindly follows red tap as an official policy, there is ... Read More »

Irrational increase in oil prices

The oil prices dropped in the international market, including the US benchmark, marking the lowest settlement in a couple of months. Reports suggest the number of active US rigs drilling for oil rose this week but abrupt fall in prices in the international stock markets has contributed to losses in the oil business. Ironically, prices of petroleum products have been ... Read More »

Resilience of Pakistani economy

According to media reports, the World Economic Forum has put Pakistan ahead of India in terms of emerging economies of the world. This is the economic performance of a country which is marred by corruption, mismanagement and in most of the cases administrative failure. If you bring logic and reasons to your side, there is no way Pakistan should have ... Read More »

Rendering SAARC ineffective

The chief of the SAARC Chamber of Commerce and Industry has pledge to take result-oriented steps for greater economic integration between the member states. The official, who is the Indian national, explained that all indigenous natural resources need to be exploited for development, prosperity and welfare of the people and do away with poverty in the South Asia region. Addressing ... Read More »

Potentials of shoes industry

Shoe making is not mere an industry, but economy. However, the country could not utilize full potentials of this industry which can be the engine of growth for the overall economy. As a country of meat-eating nation, Pakistan produces high-quality leather in the world and its shoes industry has been picking up for the last many years. The population is ... Read More »

Future of Pak-Iran gas pipeline

The future of Pak-Iran gas pipeline is in doldrums, but the onus of failure is more on Pakistan than Iran. The people sitting at the helm of affairs in Islamabad are either incapable of protecting the national interest or they are too obsessed to consider anything without the nod of their foreign masters. The project was conceived in 1952, but ... Read More »

Another World Bank loan

The external debt liabilities of Pakistan have crossed $85 billion mark in the second half of the current fiscal year, but the government has signed another loan programme with the World Bank to get $305 million purportedly to support projects in agriculture sector in Punjab and improve nutrition status of women and children in Khyber Pakhtunkhwa. Reports suggest the loan ... Read More »

Abandoning development schemes

  According to media reports, the federal government has cut the budget for 400 development schemes partly to fund the projects in the political constituencies and partly to save money for the general elections. The decision will spare at least Rs 200 billion at the cost of 175 new and 217 ongoing schemes. Apart from this, the Ministry of Finance ... Read More »

Fallouts of international bonds

News are circulating in the media that the government is considering floating another Eurobond to raise around $1 billion to arrest the fast depletion foreign currency reserves. Only two months ago, the government had issued two international sovereign bonds worth $2.5 billion and the move not only shacked the entire financial system, but economic stability of the country. As the ... Read More »

Money in Swiss banks

A senior official of the Federal Board of Revenue has informed the Senate Standing Committee on Finance that there is a little hope and scope the government will be able to retrieve the money stashed by corrupt Pakistanis in Swiss banks. The situation is the same after the Supreme Court sent the then prime minister Yousaf Raza Gilani home for ... Read More »

Weak financial management

The government’s admission that the country’s external debt bearing capacity has deteriorated shows how much it lacks ability to manage financial and economic affairs. The admission came through a debt policy statement by the Finance Ministry that there was disproportional increase in the country’s external debt than the foreign exchange earnings last year. Experts put increase in the external debt ... Read More »

Need for new airlines

In the backdrop of its open skies policy, the government is likely to allow at least five new airlines to become part of Pakistan’s aviation industry in one year. The new entrants will not only create competitive environment in Pakistan, but will also break the monopoly of the airlines already operating in the country. However, the new airlines will also ... Read More »

Pushing exports to $36 billion

The government is considering launching another Strategic Trade Policy Framework to push exports to $36 billion in the next five years. Earlier, the Strategic Trade Policy Framework launched by the PML-N government ended in failure as it could not even maintain the export volume of $25 billion which was achieved during the PPP government. Now the government is involving business ... Read More »

Underperformance of economy

The economy of Pakistan has always under performed during political as well as military governments partly because of ill-planning and ill-devised policies and partly due to incapacity of the official machinery to implement the vital decisions. The country is potentially rich in human and natural resources, with highly qualified fund managers and skilled workforce. But no one could do anything ... Read More »

Fitch revises Pakistan’s ratings to negative

  In its recent announcement, Fitch Ratings has downgraded the outlook on Pakistan’s long-term foreign and local currency issuer default ratings to negative and has affirmed ‘B’ rating on the grounds that the gains that the country had made under three-year extended fund facility programme of the International Monetary Fund had been partial reversed. The loan programme was completed in ... Read More »