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IMF Projects 4% Growth For Pakistan GDP
The IMF projected a 3.9% growth rate for Pakistan’s GDP for FY22, which ends in June 2022. This was discussed in the IMF World Economic Outlook (WEO) report, which projected unemployment at 4.8% for 2022 (last: 5%), an inflation rate at 8.5% (last: 8.9%), the current account balance as -3.1% (last: -0.6%).
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Low Level of Press Freedom In Global Community
It was reported by Reporters Without Borders that there is a generally low level of press freedom in global community. This came in their latest report, which showed that most of the world was problematic or worse.
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Remittances Coming Into Pakistan Increase
Remittances coming into Pakistan for the 1st Quarter FY 22 (July – September) increased by 12% to touch $8 billion (last: $7.4 billion). This increase was attributed to the GOP’s policy measures and ease of transfers via legal channels.
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Pakistan National Security Council Meets
Pakistan’s National Security Council (NSC) meet under the Chairmanship of the PM, to discuss security matters related to Pakistan and the situation in Afghanistan. The reiterated Pakistan’s commitment to a peaceful, stable, and sovereign Afghanistan as members of the committee noted that evolving situation in the region was extremely complex and that any instability in…
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Pakistan Wheat and Cotton Production Expected to Rise
It was reported that Pakistan wheat and cotton production are expected to rise. For the FY22 the GoP set a wheat production target at 28.9 tons for the Rabi season on an area of 9.2 million hectares of land, while the cotton production target was set at 9.37 million bales from an area of 1.9…
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World Bank Trims Pakistan Growth Projection
The World Bank trimmed Pakistan’s growth projection for FY22, from 3.5% to 3.4%. At the same time, inflation for the new fiscal year was expected to rise, with a rise in energy rates and higher international oil prices. This trimming came in the World Bank report, “The latest South Asia Economic Focus titled Shifting…
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SBP Steps In To Curb Rs. Dip
The SBP stepped in to curb the dip in the Pakistan Rupee (Rs.). People persons traveling to Afghanistan will be allowed to carry only $1,000 per person per visit with a maximum annual limit of $6,000. Transparency is also being enhanced in this process, so as to make it a full proof system. Foreign…
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Pakistan Q1 Trade Deficit Increases
Pakistan‘s Q1 trade deficit increased by 100.6% to $11.7 billion (last: $5.8 billion). In this period, imports increased 65% to $18.6 billion (last: $11.3 billion), while exports grew 27.3% to $7 billion (last: $5.5 billion).
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WTO Reports Trade Crosses Pre Pandemic Levels
The WTO reported that global trade crossed pre pandemic levels. This was revealed in the WTO 2021 and 2022 trade forecasts. Their office said, “The WTO is now predicting global merchandise trade volume growth of 10.8% in 2021 — up from 8% forecasted in March — followed by a 4.7% rise in 2022, up…
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Saudia Arabia Restarts Deferred Oil Payment For Pakistan
Saudia Arabia restarted the deferred oil payment facility for Pakistan worth $3.6 billion. The Federal Minister for Finance and Revenue Shaukat Tarin said that “Saudi Arabia has agreed $150 million credit on a monthly basis for providing oil facility on deferred payment. It will provide $3.6 billion in cash for two years for allowing…
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Pakistan PM Meets To Increase Exports
Pakistan’s PM met the Ministry of Commerce, Ministry of Finance and the National Security Division to establish a plan to increase exports beyond $40 billion.
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Foreigners’ Repatriation of Profits from Pakistan
Foreign investors repatriated $396 million on account of profits and dividends during July – August FY22, which was down 3% (last: $408 million). Foreign investors sent $372.8 million on return on FDI (last: $391.7 million). Repatriation of profits and dividends from portfolio investment increased by 48% to $23.6 million (last: $15.9 million).
