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August Exports Down
Pakistan’s exports for August 2020 decreased by 21% to $1.6 billion (last: $2.001 billion).
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Repatriation of Profits and Dividends
Repatriation of profit and dividend in July 2020 by foreign investors in Pakistan increased by 156% to $354.5 million (last: $138.2 million). This figure is more than the FDI received in July.
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Circular Debt Increases by Rs. 538 billion
The Power Division said that Pakistan’s energy sector circular debt increased by 18% in FY20 by Rs. 538 billion (last: Rs. 465 billion). The circular debt, which was Rs. 1.61 trillion as of 30th June 2019 rose to Rs. 2.15 trillion as of 30 June 2020.
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Oil Sales Increase in August
Oil sales in Pakistan in August increased 21% to 1.6 million tons (last: 1.3 million tons). Furnace oil consumption in the power generation sector increased as activities have restarted post COVID lockdowns. Sales of furnace oil (FO), high-speed diesel (HSD) and motor spirit increased 71% to 311,000 tons, 25% to 508,000 tons and 10% to…
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Auto Sector Loss in 4th Quarter 2020
The profitability of Pakistan’s auto sector in 4QFY20 experienced a net loss of Rs. 1.9 billion (last: net profit Rs. 3.2 billion) and net profit of Rs. 1.7 billion in 3QFY20. This was primarily due to the COVID effect and economic slowdown.
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CPI For August at 8.2%
Pakistan’s Consumer Price Index (CPI) experienced in August 2020 an increase of 8.2% due to increase in prices of sugar, wheat, confectionery, milk, food.
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India China Border Flares Up Again
Tensions between India and China flared up again, after they accused each other of trying to seize territory across their disputed Himalayan border.
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FBR To Issue Gold, Platinum, Silver Certificates
The Federal Board of Revenue (FBR) will issue gold, platinum and silver certificates to the Authorized Economic Operators (AEOs). This will facilitate investments, trade, speedy clearance of imports and exports consignments and timely payment of refunds/duty drawback to the holders of such certificates.
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Gradual Recovery Likely as Economy Reopens: IMF
The IMF in its “Policy Actions Taken by Countries” report, reviewed various steps Pakistan has taken since March to deal with the Covid-19 crisis. Pakistan’s economic activity worsened notably, and growth was estimated at –0.4% in FY20. A gradual recovery is expected in fiscal year 2021 as the economy reopens The IMF said…
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Clarification on CPEC
A leading local newspaper ran an article on 26th August 2020“CPEC hits financial snag?” The Chairman of CPEC Authority, Lt-Gen Asim Bajwa (retd), clarified through a tweet that during the last two months, the largest single project under China Pakistan Economic Corridor (CPEC), ML-1, envisaging total reform of Pakistan Railway and Kohala (1124MW) and Azad…
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External Debt at $113 billion
Pakistan’s external debt and liabilities for FY20 increased 6.1% to $112.8 billion, as the GOP relied on foreign support to finance the twin deficits. IMF and other multilateral donors were the main contributors. This external debt makes up 46% (last: 45.7%) of Pakistan’s GDP in FY20.
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ADB To Float $200mln Rs Linked Bond for Pakistan
The Asian Development Bank (ADB) said that it will float rupee-linked bonds worth $200 million for Pakistan to support its external account position. “ADB will issue bonds denominated in Pakistani rupee up to a value of $200 million equivalent to support local currency operations and develop capital markets,” ADB said in a tweet.
