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Policy-level discussions between Pakistan and the IMF begin today.
Policy-level discussions between Pakistan and the IMF begin today. It was reported that The International Monetary Fund (IMF) and Pakistan will begin crucial policy-level discussions to conclude a memorandum of economic and financial policies today (MEFP). Technical level discussions between Pakistan and the IMF began on January 31 and were supposed to end last Friday.…
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FBR Tax Refunds for July – Jan
The Federal Board of Revenue (FBR) paid tax refunds worth Rs. 208 billion during July-January 2022-23 (last: Rs. 183 billion).
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Pakistan Trade Deficit for 7 Months Dips 32%
Pakistan’s trade deficit for the July 2022 – January 2023 dipped by 32% to touch $19.6 billion (last: $28.9 billion). Pakistan’s exports were $16.5 billion (last: $17.7 billion) while imports were $36.1 billion (last: $46.6 billion).
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Pakistan Government Borrows $5.5 billion
It was reported that for the period July – December, the Pakistan Government borrowed $5.6 billion (last: $9.4 billion) from financial institutions, which included $1.2 billion from IMF.
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IMF Says Mixed Growth in Coming Years
The IMF gave a mixed global growth outlook, saying that the global growth estimation of 3.4% for 2022 is now projected at 2.9% for 2023 and 3.1% for 2024. The historical average for the period 2000–2019 has averaged 3.8%. The flood of currency across the globe, which was meant to ease COVID issues, the…
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Russia and Iran Join Their Banking Systems
It was reported that Russia and Iran joined their banking systems. This was done primarily through joining their inter-bank communication and transfer systems. Without any communication it is not possible to have regular transactions. SWIFT is the leading organization in the world in this communication. China’s CIPS is the second most used communication system.…
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Inflation Dips in US
It was reported that inflation has dipped in the US. This has led to analyses that further US Fed hikes may not happen or if they do they will not be that steep. The inflation rate for CY22 is 6.5% while for CY21 it was 7%. Currently the rate US Fed rate is 4.5%.…
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SBP Raises Interest Rates Again
State Bank of Pakistan Raised Interest Rates again, by 1% to 17%, citing rising inflation as the main reason.This is the first time this interest rate has been touched since 1997 / 8. For FY23, the interest rate has been raised already by 3.25%. The Governor SBP Jameel Ahmed announced the decision. He said…
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Iranian Currency Falls to Record Lows
The Iranian currency fell to a record low against the US Dollar touching 447,000 rials / $ in the unofficial market, which was 430,500 rials / $ a day ago. Reports of further sanctions and new sanctions from EU have been attributed to this fall. The rial has lost 29% of its value since…
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US Debt Ceiling Hit
It was reported that the US hit its debt ceiling, again. Currently the ceiling is $31.4 trillion. This happened due to a disagreement between the Republican controlled House of Representatives and President Joe Biden’s Democrats. The US Treasury Secretary Janet Yellen informed congressional leaders, her department has started using extraordinary cash management measures that…
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Current Account Dips for Half Year FY23
Pakistan’s current account deficit for the half year FY23 (July – December) dipped by 60% touching $ 3.7 billion (last: $9.1 billion). Goods imported dipped to $29.5 billion (last: $36.1 billion) while exports decreased to $14.2 billion (last: $15.1 billion) and remittances dipped to $14 billion (last: $15.5 billion). The GoP has been…
