Budget deficit widens to record Rs2.26tr in FY18 I.E 6.6 % GDP EXCLUDING CIRCULAR DEBT

[Dark-Destroyer]

Indians wet dreams

 

[Hiraa]

That TaskForce to get looted money back needs to get working. I am sure not everything is in swiss banks. If they try, they will find money in pakistan as well.

 

[Mrc]

Some Indians already had orgasms

 

[SunilM]

Debt and defence spending consumed 66 per cent of the total current expenses and 53 per cent of the total budget.

An article which sets out the facts. Question is with the military and debt servicing taking over the majority of the budget whats left for development?

 

[Sugarcane]

I'm not convinced PTI will do much better, with regards to the budget deficit and current account/forex crisis, Imran Khan has promised a lot of things which involve much higher spending. Spending which he might not be able to do, and should not do even if he could.

Imran Khan's vision, is at least in the short term, incompatible with ground realities. We probably will need to take on foreign loans (IMF or otherwise), and the need of the day is lower spending, reduced import bills, structural reforms, more tax collection if he does it will also help. These steps will probably slow or at least contain change in economic growth too.

Nobody is expecting PTI to turn around Pakistan's economy overnight, neither we are expecting balanced budget or current account surplus. But do you seriously believe that PML-N & PPP actually spent all the money on Pakistan? Anyway, I do believe that PTI at-least will screw the country less then these entrenched crooks.

 

[Jungibaaz]

Nobody is expecting PTI to turn around Pakistan's economy overnight, neither we are expecting balanced budget or current account surplus. But do you seriously believe that PML-N & PPP actually spent all the money on Pakistan? Anyway, I do believe that PTI at-least will screw the country less then these entrenched crooks.

I've nowhere claimed that all this money is spent without corruption. But even if corruption were to be factored out, we still have a large budget deficit, a sky high import bills, and plethora of idiots in the national assembly who for the moment are corrupt as well as incompetent, taking away the latter will expose the extent of the former. These issues do not end with PMLN and PPP, Musharraf was no better, much of the shit we dealt with in the last 10 years was cultivated under his time.

And I expect PTI to be better, but they will never live up to the vision they've given to people who support them. It's not possible or sensible for the moment.

 

[Sugarcane]

I've nowhere claimed that all this money is spent without corruption. But even if corruption were to be factored out, we still have a large budget deficit, a sky high import bills, and plethora of idiots in the national assembly who for the moment are corrupt as well as incompetent, taking away the latter will expose the extent of the former. These issues do not end with PMLN and PPP, Musharraf was no better, much of the shit we dealt with in the last 10 years was cultivated under his time.

And I expect PTI to be better, but they will never live up to the vision they've given to people who support them. It's not possible or sensible for the moment.

Corruption is big factor, you can't downplay it. For example, billions spent on project of providing clean water but no result and we again have to spend money on same thing - it's case with almost every project. So, we accumulated huge loans without any effect on economy and common man's life.

 

[Jungibaaz]

Corruption is big factor, you can't downplay it. For example, billions spent on project of providing clean water but no result and we again have to spend money on same thing - it's case with almost every project. So, we accumulated huge loans without any effect on economy and common man's life.

I am not downplaying it, I am keeping things in the proper perspective. Your response to my posts can't be strawman me about corruption. I expect big things from PTI, it's early days and I suspect I am right about what to expect from the next 1-2 years.

 

[randomradio]

Amen. With the depreciation of the PKR, it will only increase. Imagine Over Rs 1 trillion on defense and less than half on that on development. Atleast they know their priorities.

And some here are blaming the wrong person.

 

[BetterPakistan]

You think this figure will come down in the future? I don't think so. PKR is Rs 124 now and will be Rs 130 by the end of the year. There is no money for development.. Also can Pakistan afford to spend Rs 1 trillion on its military? These question are conveniently avoided by the Media. I would expect only a Rauf Kulasara to have the balls to discuss these issues openly and debate them.

So you come up with your ambitions?? You want us to cut our defence expenses??? Never

Second thing I bet budget deficit will be less than 5% this year. And Rupee will appreciate against dollar the same way it appreciated after the news of Imran Khan party won comfortably. I am shock to see that Rauf Klasra is being considered an intellectual here

BTW why are Indian FX reserves decreasing from months?? And why is INR all time low against dollar nowadays?

 

[Amalek]

BTW why are Indian FX reserves decreasing from months?? And why is INR all time low against dollar nowadays?

Election next year. Government is doing a lot of dumb things, like replacing all competent people with "yes men". The need of the hour in India is more production and more exports. It is impossible to curb imports even with massive import duties. People want luxury items at any cost. They have money to spend. Screwing up forex reserves.

 

[Thorough Pro]

a slip of tongue (pen) and now we know who is on whose payroll.

You think this figure will come down in the future? I don't think so. PKR is Rs 124 now and will be Rs 130 by the end of the year. There is no money for development.. Also can Pakistan afford to spend Rs 1 trillion on its military? These question are conveniently avoided by the Media. I would expect only a Rauf Kulasara to have the balls to discuss these issues openly and debate them.

 

[SunilM]

Pakistan receives $439m in foreign loans in July

ISLAMABAD:

International creditors have disbursed $439 million loans to Pakistan last month, an amount that still seems insufficient to meet the country’s growing external sector requirements.


About two-thirds of the total loans have been received from China against four projects, showed statistics compiled by the Ministry of Finance and Economic Affairs. The Chinese project financing is expected to slow down in the coming months due to completion of ongoing schemes.

The $439 million in loans are exclusive of the $2-billion one-off Chinese injection meant to stabilise gross official foreign currency reserves held by the State Bank of Pakistan (SBP). The loans have not been booked on the federal government’s books, according to the officials.

China disbursed $290 million in July. This amount includes $166 million for the Orange Line Metro Project, $95 million for the Sukkur-Multan section of China-Pakistan Economic Corridor’s (CPEC) eastern route, and $22 million for Havelian-Thakot road of CPEC. All these three schemes are near completion.

Yao Jing, the Ambassador of People’s Republic of China, met with Asad Umar, the Finance Minister, on Monday. The ambassador said that he looked forward to working closely with Pakistan with a view to further increase the economic cooperation between the two countries, an official handout of the finance ministry stated.

Pakistan expects continued Chinese financial assistance to deal with the current economic crisis, as reliance on the International Monetary Fund (IMF) may make things complicated for both Islamabad and Beijing, according to officials.

The minister expressed his desire to further enhance bilateral cooperation in various fields. Referring to CPEC, he said that the corridor will play an important role in taking Pakistan’s economy forward as well as cementing bilateral relationship. Umar assured the ambassador of his full support for CPEC, according to the finance ministry.

Pakistan also received $70 million worth of two commercial loans from Noor Bank PJSC and consortium-led by Suisse AG. Both of these loans have been obtained for one year at the floating London Interbank Offered Rates. Noor Bank disbursed $20 million in July out of total committed amount of $130 million.

Another $1 billion loan makes its way from China

The Suisse AG also disbursed $50 million out of its total commitment of $750 million. Both of these loans will mature within this fiscal year, increasing the refinancing risks for the country at a time when it is already facing pressure on its external sector.

Pakistan’s gross external financing needs are assessed at a minimum $26 to $28 billion, depending upon the projected current account deficit.

Pakistan booked $2.2 billion current account deficit in July, which was 16% higher than the already higher base. But authorities believe that the trend will reverse in the coming months, as July’s current account deficit widened due to clearance of some pending import dues.

Finance Minister Asad Umar remained busy in assessing the macroeconomic situation and held another meeting with senior officials on Monday.

Pakistan receives $9.2b in foreign loans, but reserves still plunge

The minister was reviewing all the available options to deal with the external sector crisis, the officials said.

The loan disbursements by multilateral creditors remained low in July, as the country received only $48 million from multilateral lenders. The Asian Development Bank (ADB) disbursed $23.3 million. The World Bank also released $23.1 million last month.

Pakistan receives less than projected loans from World Bank

The Economic Affairs Division (EAD) gave a detailed presentation to Umar and the main lenders of Pakistan. The briefing included financial progress of different foreign funded projects as well as certain aspects of potential projects to be included in the pipeline in future, stated the finance ministry.

Umar underlined the realistic assessment of required foreign assistance was an important function and the EAD should regularly update its assessment of various sectors in order to utilise the valuable resources in the most productive manner.

The finance minister also met with Nawaf Bin Said Al Malki, the Saudi Ambassador to Pakistan, and discussed bilateral economic cooperation.

https://tribune.com.pk/story/1789289/2-pakistan-receives-439m-foreign-loans-july/

 

[randomradio]

Pakistan receives $439m in foreign loans in July

ISLAMABAD:

International creditors have disbursed $439 million loans to Pakistan last month, an amount that still seems insufficient to meet the country’s growing external sector requirements.


About two-thirds of the total loans have been received from China against four projects, showed statistics compiled by the Ministry of Finance and Economic Affairs. The Chinese project financing is expected to slow down in the coming months due to completion of ongoing schemes.

The $439 million in loans are exclusive of the $2-billion one-off Chinese injection meant to stabilise gross official foreign currency reserves held by the State Bank of Pakistan (SBP). The loans have not been booked on the federal government’s books, according to the officials.

China disbursed $290 million in July. This amount includes $166 million for the Orange Line Metro Project, $95 million for the Sukkur-Multan section of China-Pakistan Economic Corridor’s (CPEC) eastern route, and $22 million for Havelian-Thakot road of CPEC. All these three schemes are near completion.

Yao Jing, the Ambassador of People’s Republic of China, met with Asad Umar, the Finance Minister, on Monday. The ambassador said that he looked forward to working closely with Pakistan with a view to further increase the economic cooperation between the two countries, an official handout of the finance ministry stated.

Pakistan expects continued Chinese financial assistance to deal with the current economic crisis, as reliance on the International Monetary Fund (IMF) may make things complicated for both Islamabad and Beijing, according to officials.

The minister expressed his desire to further enhance bilateral cooperation in various fields. Referring to CPEC, he said that the corridor will play an important role in taking Pakistan’s economy forward as well as cementing bilateral relationship. Umar assured the ambassador of his full support for CPEC, according to the finance ministry.

Pakistan also received $70 million worth of two commercial loans from Noor Bank PJSC and consortium-led by Suisse AG. Both of these loans have been obtained for one year at the floating London Interbank Offered Rates. Noor Bank disbursed $20 million in July out of total committed amount of $130 million.

Another $1 billion loan makes its way from China

The Suisse AG also disbursed $50 million out of its total commitment of $750 million. Both of these loans will mature within this fiscal year, increasing the refinancing risks for the country at a time when it is already facing pressure on its external sector.

Pakistan’s gross external financing needs are assessed at a minimum $26 to $28 billion, depending upon the projected current account deficit.

Pakistan booked $2.2 billion current account deficit in July, which was 16% higher than the already higher base. But authorities believe that the trend will reverse in the coming months, as July’s current account deficit widened due to clearance of some pending import dues.

Finance Minister Asad Umar remained busy in assessing the macroeconomic situation and held another meeting with senior officials on Monday.

Pakistan receives $9.2b in foreign loans, but reserves still plunge

The minister was reviewing all the available options to deal with the external sector crisis, the officials said.

The loan disbursements by multilateral creditors remained low in July, as the country received only $48 million from multilateral lenders. The Asian Development Bank (ADB) disbursed $23.3 million. The World Bank also released $23.1 million last month.

Pakistan receives less than projected loans from World Bank

The Economic Affairs Division (EAD) gave a detailed presentation to Umar and the main lenders of Pakistan. The briefing included financial progress of different foreign funded projects as well as certain aspects of potential projects to be included in the pipeline in future, stated the finance ministry.

Umar underlined the realistic assessment of required foreign assistance was an important function and the EAD should regularly update its assessment of various sectors in order to utilise the valuable resources in the most productive manner.

The finance minister also met with Nawaf Bin Said Al Malki, the Saudi Ambassador to Pakistan, and discussed bilateral economic cooperation.

https://tribune.com.pk/story/1789289/2-pakistan-receives-439m-foreign-loans-july/

The CAD is going to continue increasing.

 

[BetterPakistan]

Election next year. Government is doing a lot of dumb things, like replacing all competent people with "yes men". The need of the hour in India is more production and more exports. It is impossible to curb imports even with massive import duties. People want luxury items at any cost. They have money to spend. Screwing up forex reserves.

Isn't returning of foreign loans pressurizing India FX reserves?