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Profit Repatriation for FY22
It was reported that foreign investors repatriated $1.65 billion (last: $1.62 billion) as profit and dividend on their investments in Pakistan in FY22. This represents an increase of 1.7%. Â
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IMF Cuts Global and Country Growth
The International Monetary Fund again cut global and country growth forecasts to 3.2% from its April forecast of 3.6%. Post COVID global growth was at 6.1%, which during COVID was 3.1%. The IMF said “the downside risks from high inflation and the Ukraine war were materializing and could push the world economy to the brink…
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Pakistan Current Account Deficit for FY22
Pakistanâs current account for FY22 posted a deficit of $17.4 billion (last: $2.8 billion), which represents an increase of 531%. This deficit came about due to an upsurge in the price of imports, dominated by oil and food prices. The last time the deficit was close to this was in FY18 when it touched $18.1…
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Pakistan’s Foreign Debt in FY22
Pakistan incurred foreign debt of $17 billion in FY22 against a budget of $14.1 billion. This increase in debt included $4.9 billion from foreign commercial banks which is close to 30% of the increase. The government had budgeted foreign assistance of $14.1 billion, including $13.9 billion loans and $217.44 million grants from multilateral and…
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Prices of Essential Items Increase By 32.82%
Inflation in prices of essential items of daily usage
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Fitch Rates Pakistan Outlook Negative
Fitch Ratings changed Pakistan’s Outlook from Stable to Negative, while affirming the long-term foreign-currency (LTFC) issuer default rating (IDR) at ‘B-‘. This was done in light of the worsening liquidity crunch, limited external funding since the beginning of this year.
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Pakistan Remittances Cross $31 billion
Pakistan remittances for FY22 increased 6% and touched $31.2 billion (last: $29.5 billion). Improved remittances methods and client friendly systems have helped this continuous increase.
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Saudi Opens Air To All Carriers
Saudi Arabia said that it has opened its air space for âall carriersâ. This appeared to be a gesture of openness towards Israel hours before the US President was scheduled to arrive in Saudi Arabia.
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Europe Growth & Inflation Forecasts
The European Commission released Europe’s GDP growth & inflation forecasts , showing an easing of GDP and inflation in FY23. The war in Ukraine was quoted as one of the reasons for the slowing in growth.
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IMF Says Global Economic Outlook is Dark
The IMF Managing Director Kristalina Georgieva said that the global economic outlook has âdarkened significantlyâ and could deteriorate further. She cited the Ukraine conflict as a reason for rising inflation, supply disruption and widespread hunger and poverty. Recently the IMF revised downwards the global growth forecast for 2022 / 23 to 3.6%. She said…
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Food Prices Fall in June, But Still High: FAO
According to the FAO, world Food prices fell in June. This is the third month that prices have dipped, but they remain at all time high levels. After a record level in March the FAO food price index fell 2.3% in June, but is still 23.1% higher than it was in June 2021. The…
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SBP Policy Rate Increased 1.25%
The State Bank of Pakistan decided through its Monetary Policy Committee to increase the Policy Rate by 125 basis points (1.25%) to 15% from 13.75%, to ‘cool the economy, reduce inflation and support the Pakistan Rupee. This level is now a 14 year high. The SBP Acting Governor Dr. Murtaza Syed said that after…
