It gives me a pleasure to present the summary and analysis of Union Budget 2015.
While you may have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2015 on You, Your company and Your sector.
Hope you find this analysis useful in taking business decisions and align your company's strategy with over all economic climate for the upcoming financial year.
Would love to hear your feedback on the usefulness of the same.
By Muhammad Saad Moeen, Zeeshan Haider, Sania Haider Shikoh, Noormah Rizwan, Amna Ejaz, Stephen Davies and Abdul Wajid Rana
This presentation has been developed under the Pakistan Agriculture Capacity Enhancement (PACE) program funded by the United States Agency for International Development (USAID)
Updated: December 30, 2020
Prepared by Clemens Breisinger1, Mariam Raouf1, Manfred Wiebelt2, Ahmed Kamaly3, Mouchera Karara3
1. International Food Policy Research Institute
2. Kiel Institute for the World Economy
It gives me a pleasure to present the summary and analysis of Union Budget 2015.
While you may have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2015 on You, Your company and Your sector.
Hope you find this analysis useful in taking business decisions and align your company's strategy with over all economic climate for the upcoming financial year.
Would love to hear your feedback on the usefulness of the same.
By Muhammad Saad Moeen, Zeeshan Haider, Sania Haider Shikoh, Noormah Rizwan, Amna Ejaz, Stephen Davies and Abdul Wajid Rana
This presentation has been developed under the Pakistan Agriculture Capacity Enhancement (PACE) program funded by the United States Agency for International Development (USAID)
Updated: December 30, 2020
Prepared by Clemens Breisinger1, Mariam Raouf1, Manfred Wiebelt2, Ahmed Kamaly3, Mouchera Karara3
1. International Food Policy Research Institute
2. Kiel Institute for the World Economy
Dr. Alejandro Diaz-Bautista, Korea Mexico Economy Presentation, University of...Economist
“Competitiveness and Economic Growth. An Analysis of Mexico and Korea.” Crecimiento Económico y Competitividad. Un Análisis de México y Corea.
Dr. Alejandro Díaz-Bautista
Professor of Economics and Researcher at
El Colegio de la Frontera Norte (COLEF)
Profesor Investigador del Colef. Miembro del SNI Conacyt.
adiazbau@hotmail.com
Prepared for the Conference at the Faculty of Economics, University of Colima, April 29-30, 2010. Colima, Colima, Mexico.
Preparado para la Conferencia en la Facultad de Economía de la Universidad de Colima, para los estudios en Cuenca del Pacífico en la Universidad de Colima, los días 29 y 30 de abril de 2010.
This Memorandum summarizes an overview of economy for the year 2015-2016 and the important changes proposed through the Finance Bill 2016. It contains comments on the budget and on the Finance Bill 2016, including highlights of the changes brought through the Income Tax Ordinance, 2001, the Sales Tax Act, 1990, the Federal Excise Act, 2005, the Customs Act, 1969, the Islamabad Capital Territory (Tax on Services) Ordinance, 2001 and Fiscal Responsibility and Debt Limitation Act, 2005. The amendments proposed through the Income Tax Ordinance, 2001 and through other laws are intended to be effective once the parliament has accorded its assent and thereafter, would be effective from July 01, 2016 i.e. tax year 2017 unless otherwise indicated.
This Memorandum is intended to provide general guidance to the readers on the important changes brought through the Bill and should not be considered as a substitute for specific advice relating to a particular enactment. For considering the precise effect of a proposed change, reference should be made to the appropriate wordings in the relevant statutes and the notifications issued where relevant.
The monetary policy and related measures of Taiwan are successful in overcoming the adverse
impacts of pandemic on its economy. Taiwan has managed the spread of COVID-19 far better than most. Except
for a few short weeks of soft lockdown in March in 2021, life in Taiwan has been normal. Taiwan’s ability to
fight COVID-19 illustrates its excellent
Indias great slowdown cause and way forward by arvind subramanian and josh fe...DVSResearchFoundatio
The Indian economy is facing a Severe Slowdown with the GDP growth falling to 4.5% in the 2nd Quarter of FY19-20. Mr. Aravind Subramanian, former Chief Economic Adviser to the Government of India has termed it as The Great Slowdown. A recent Faculty Working Paper (WP) for the Center for International Development (CID) at Harvard University by Mr. Arvind Subramanian and Mr. Josh Felman provides an Analysis of the Slowdown. In this webinar, we shall understand the thesis provided on Reasons and Remedies for the Current Slowdown.
http://pwc.to/1lN91cC
Comme tous les mois, l’équipe d’économistes de PwC publie une note sur la situation macro-économique mondiale. Ce mois-ci, focus sur l’accroissement des inégalités dans les pays matures ; les incertitudes concernant la croissance chinoise ; et les prévisions de croissance pour la Grande-Bretagne.
In August-September, 2014 issue of Economy Matters, we analyse the recently held G20 Summit; movement in oil prices and Ukraine situation in the section on Global Trends. In the section on Domestic Trends, we discuss the trends emanating out of the recent releases on GDP, IIP, Inflation and Trade. In the section on Taxation, the urgency of implementing GST in India is discussed. The Sectoral spotlight for this issue is on the Food Processing Industry. In Focus of the Month, the spotlight is on improving investment in Infrastructure.
Deloitte India: What the union budget 2021 brings?aakash malhotra
The Union Budget of 2021 was presented on 1 February 2021 by the Finance Minister, Smt. Nirmala Sitharaman. Deloitte India analyses how the presented budget turned out against expectations. Experts bring forth Deloitte’s View regarding the key highlights of the budget. The presentation also studies the impact of the budget on tax and various industries including, the banking sector, insurance, and healthcare sector. Download here and learn more.
Post covid ecnomic condition ways to recover from covid-19 pandemic recessionShimanta Easin
Current condition of world economy and Bangladesh in Covid-19 pandemic, Ways to recover from this pandemic destruction, Challenges faced by world and Bangladesh in Covid-19 pandemic
Prepared By:
Roksana Rahim Rumki
Roll: 1610
49th Batch JU
BGE 10th Batch
Jahangirnagar University
Budget Preview 2015-16: 'Acche din' for capital market?IndiaNotes.com
FY16 Union Budget would be presented in the backdrop of easing inflation and interest rates but continued growth challenges which the government needs to address.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Dr. Alejandro Diaz-Bautista, Korea Mexico Economy Presentation, University of...Economist
“Competitiveness and Economic Growth. An Analysis of Mexico and Korea.” Crecimiento Económico y Competitividad. Un Análisis de México y Corea.
Dr. Alejandro Díaz-Bautista
Professor of Economics and Researcher at
El Colegio de la Frontera Norte (COLEF)
Profesor Investigador del Colef. Miembro del SNI Conacyt.
adiazbau@hotmail.com
Prepared for the Conference at the Faculty of Economics, University of Colima, April 29-30, 2010. Colima, Colima, Mexico.
Preparado para la Conferencia en la Facultad de Economía de la Universidad de Colima, para los estudios en Cuenca del Pacífico en la Universidad de Colima, los días 29 y 30 de abril de 2010.
This Memorandum summarizes an overview of economy for the year 2015-2016 and the important changes proposed through the Finance Bill 2016. It contains comments on the budget and on the Finance Bill 2016, including highlights of the changes brought through the Income Tax Ordinance, 2001, the Sales Tax Act, 1990, the Federal Excise Act, 2005, the Customs Act, 1969, the Islamabad Capital Territory (Tax on Services) Ordinance, 2001 and Fiscal Responsibility and Debt Limitation Act, 2005. The amendments proposed through the Income Tax Ordinance, 2001 and through other laws are intended to be effective once the parliament has accorded its assent and thereafter, would be effective from July 01, 2016 i.e. tax year 2017 unless otherwise indicated.
This Memorandum is intended to provide general guidance to the readers on the important changes brought through the Bill and should not be considered as a substitute for specific advice relating to a particular enactment. For considering the precise effect of a proposed change, reference should be made to the appropriate wordings in the relevant statutes and the notifications issued where relevant.
The monetary policy and related measures of Taiwan are successful in overcoming the adverse
impacts of pandemic on its economy. Taiwan has managed the spread of COVID-19 far better than most. Except
for a few short weeks of soft lockdown in March in 2021, life in Taiwan has been normal. Taiwan’s ability to
fight COVID-19 illustrates its excellent
Indias great slowdown cause and way forward by arvind subramanian and josh fe...DVSResearchFoundatio
The Indian economy is facing a Severe Slowdown with the GDP growth falling to 4.5% in the 2nd Quarter of FY19-20. Mr. Aravind Subramanian, former Chief Economic Adviser to the Government of India has termed it as The Great Slowdown. A recent Faculty Working Paper (WP) for the Center for International Development (CID) at Harvard University by Mr. Arvind Subramanian and Mr. Josh Felman provides an Analysis of the Slowdown. In this webinar, we shall understand the thesis provided on Reasons and Remedies for the Current Slowdown.
http://pwc.to/1lN91cC
Comme tous les mois, l’équipe d’économistes de PwC publie une note sur la situation macro-économique mondiale. Ce mois-ci, focus sur l’accroissement des inégalités dans les pays matures ; les incertitudes concernant la croissance chinoise ; et les prévisions de croissance pour la Grande-Bretagne.
In August-September, 2014 issue of Economy Matters, we analyse the recently held G20 Summit; movement in oil prices and Ukraine situation in the section on Global Trends. In the section on Domestic Trends, we discuss the trends emanating out of the recent releases on GDP, IIP, Inflation and Trade. In the section on Taxation, the urgency of implementing GST in India is discussed. The Sectoral spotlight for this issue is on the Food Processing Industry. In Focus of the Month, the spotlight is on improving investment in Infrastructure.
Deloitte India: What the union budget 2021 brings?aakash malhotra
The Union Budget of 2021 was presented on 1 February 2021 by the Finance Minister, Smt. Nirmala Sitharaman. Deloitte India analyses how the presented budget turned out against expectations. Experts bring forth Deloitte’s View regarding the key highlights of the budget. The presentation also studies the impact of the budget on tax and various industries including, the banking sector, insurance, and healthcare sector. Download here and learn more.
Post covid ecnomic condition ways to recover from covid-19 pandemic recessionShimanta Easin
Current condition of world economy and Bangladesh in Covid-19 pandemic, Ways to recover from this pandemic destruction, Challenges faced by world and Bangladesh in Covid-19 pandemic
Prepared By:
Roksana Rahim Rumki
Roll: 1610
49th Batch JU
BGE 10th Batch
Jahangirnagar University
Budget Preview 2015-16: 'Acche din' for capital market?IndiaNotes.com
FY16 Union Budget would be presented in the backdrop of easing inflation and interest rates but continued growth challenges which the government needs to address.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
2. Outline Of The Presentation
Where Pakistan’s Economy Stand Today?
⎯ Various Government Initiatives
Covid – 19 and Pakistan Economy
Pakistan’s Economic Prior to Covid-19
3. ♦ Pakistan’s Economy was already facing serious challenges owing to
economic mis-governance of the decade (2008-18). During the
decade (2008-18), Pakistan witnessed.
⎼ Its economic growth slowing
⎼ Both public and private sector investment declining
⎼ The pace of job creation slowing, resulting in rising
unemployment
⎼ Fiscal deficit rising
⎼ Public and External Debt growing
⎼ Exports remaining stagnant/declining
⎼ Import rising at a greater pace
⎼ Current account deficit widening
PAKISTAN’S ECONOMY PRIOR TO COVID - 19
4. KEY ECONOMIC INDICATORS
Economic Indicators Unit 2003-07 2008-13 2013-18
Real GDP Growth Percent 6.8 2.8 4.7
Agricultural Growth Percent 4.6 2.4 2.2
Large-scale Manufacturing Percent 12.4 0.3 4.5
Services Percent 6.7 3.6 5.5
Investment as % of GDP Percent 22.5a 15.5* 15.9*
Budget Deficit as % of GDP Percent 3.6 7.0 5.5
Public Debt Billion Rs 4814a 14321b 25545c
Public Debt as % of GDP Percent 52.5a 66.6b 73.8c
Foreign Direct Investment Million $ 5140a 1456b 2780c
Foreign Exchange Reserves Billion $ 14.3a 6.0b 9.8c
External Debt Billion $ 40.3a 60.9b 95.3c
Current Account Deficit Billion $ 6.9a 2.5b 19.2c
Note: a= 2006-07; b=2012-13; c=2017-18;*= definition of investment has been changed, in
2012-13 therefore these numbers are not comparable with the past.
5. ♦ One thing was common in this decade that Pakistan remained
under the IMF Program during most of the period of the decade.
♦ Pakistan also witnessed the adverse impact of 2007/08 global
financial meltdown
♦ Against the backdrop of the decade of 2008-18, the present
government took charge of the state affairs in August 2018. It was
indeed a challenging task for the inexperienced government to
address multi-dimensional challenges.
♦ There is a general consensus among the independent economists
within and outside the country that instead of addressing the
challenges, it further compounded the difficulties. The
government decided to go to the IMF for a third balance of
payment support in a decade.
6. ♦ The government started implementing the four decades old
Stabilization Program that include:
⎼ Tight Monetary Policy (Raising Policy Rate)
⎼ Tight Fiscal Policy (cutting expenditure and raising revenue)
⎼ Market – based exchange rate (devaluation)
⎼ Raising utility Prices (Gas and Electricity)
♦ These policies totally devastated the economy. It suffocated
economic growth, raised cost of production which rendered the
industries non-competitor in international markets.
10. ♦ Real GDP growth slowed to 2.1 percent in 2018-19 from 5.5
percent last year, investment rate declined from 17.3 percent of
GDP to 15.6 percent in 2018-19, Revenue witnessed sharp decline
from 15.2 percent of GDP to 12.7 percent in 2018-19, budget
deficit surged from 6.6 percent of GDP to 8.9 percent in 2018-19,
current account deficit improved from $19.2 billion to $13.4
billion, external debt and liabilities surged to over $100 billion
($106.3 billion) and foreign exchange reserved also declined.
♦ IMF Program badly damaged the already weak economy
11. ♦ It is in the midst of the challenging economic time that
the coronavirus struck Pakistan in late February 2020.
Pakistan began to close down small and large
businesses, transport, airlines, educational
institutions, markets, industries, hotels and
restaurants from March 22, 2020 with a view to
stopping the spread of Virus.
COVID – 19 AND PAKISTAN’S ECONOMY
12. ♦ Government took various fiscal and monetary measures to
minimize the adverse effects of Pandemic on the one hand and
protect the poor and the vulnerable sections of the society on the
other:
⎼ The country’s Central Bank reduced the policy rate from 13.25
percent to 7.0 percent in a short span of time.
⎼ Small and Large businesses were provided subsidized loan so
that they should not fire their workers on the one hand and
prevent the collapse of the businesses and industries on the
other
⎼ The government provided various tax incentives to revive
construction sector activities with a view to promoting
industrial growth and creating employment opportunities
VARIOUS GOVERNMENT INITIATIVES TAKEN
13. ⎼ To protect the poor segment of the society, the
Government provided emergency cash to 14.8 million
families amounting Rs. 208 billion ($1.3 billion). Such cash
relief program kept aggregate demand alive and industries
continued to operate to meet the demand.
⎼ World Bank termed Pakistan Cash Emergency Scheme as
top four such initiative in the world.
⎼ Vaccination Program has already been launched in an
aggressive manner since March 2021. So far over 32 million or
15 percent of the population have been vaccinated.
14. ♦ As stated earlier, Pakistan’s Economy took heavy tool on account
of the on going IMF Program. Coronavirus further compounded
the challenges.
♦ Contrary to the general believe, while Coronavirus adversely
affected the economy, the Virus brought many positives for
Pakistan. Let me state the negative first.
⎼ Like all other economies in the World, Pakistan’s economic
growth turned negative (-0.5%) half – a – percent in 2019-20
– first time since 1952-53 (Korean War).
⎼ Industrial production contracted almost 10.1.0% and services
sector which accounts for over 61 percent in GDP, contracted
by 0.6% for the first time in Pakistan’s history.
⎼ Total investment also declined to 15.3% of GDP from 15.6
percent a year ago
⎼ Budget deficit remained at elevated level (-8.1% of GDP)
WHERE PAKISTAN’S ECONOMY STAND TODAY?
15. ⎼ Inflation remained in double – digit (10.7%) but most
importantly food inflation jumped to close to 15% in
2019-20
⎼ Contrary to the general believe remittances registered a
robust growth and stood at $23.1 billion – much more
than the total merchandise exports of Pakistan ($22.5
billion)
⎼ External debt and liabilities also increased substantially to
$113 billion
16. ♦ Positives
─ Covid-19 has also positively contributed to improving
Pakistan’s balance of payments
─ Pakistan received $3.5 billion in Debt relief from G-20
countries
─ Pakistan received $1.4 billion from the IMF under the Rapid
Financing Instrument to cope with Covid-19 Crisis
─ As a result of the collapse of the international price of oil
during the Covid-19, Pakistan saved $4.7 billion in oil import
bill
─ Most importantly, as a result of the Covid-19, the IMF Program
got suspended since February 2020 until Jan 2021. and with
suspension of he IMF Program came the suspension of the
hara-kiri that the program brought to the economy.
17. ─ Pakistan’s economy is now on the path of recovery. Economy
witnessed a V-shaped recovery and grew by 3.9 percent in
2020-21. This growth number when revised, may be in the
range of 4.7-5.0% range.
─ Industrial growth also registered a massive recovery to 9.3
percent in 2020-21 but again when it is revised it will be in
the range of 14-15 percent.
─ Exports, remittances registered impressive recovery and as a
result, the current account deficit improved further. Pakistan’s
balance of payments are in comfortable position, economic
growth picking up, the pace of external borrowing is slowing,
inflation has come down to single – digit level, tax collection is
improving and there are expectations that budget deficit will
come down further going forward.