【Daily】10 June Brief of Pak BizNews
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Federal Budget today
Finance Minister Miftah Ismail to present budget for fiscal year 2022-23 today (Friday).
Tough fiscal consolidation measures on the way
Finance Minister Miftah Ismail Thursday unveiled Economic Survey 2021-22 with a 5.97 percent GDP growth for the outgoing fiscal year against the projected target of 4.8 percent in the budget, but noted that the underlying macroeconomic imbalances and associated domestic and international risks have dampened celebrations.
Forex, PSEs and banks liabilities not included: $88.8bn external debt recorded at end of March
External public debt was recorded at $88.8 billion at end-March 2022 in the Economic Survey 2021-22, but it does not contain liabilities of foreign exchange, Public Sector Enterprises (PSEs), banks and private sector.
Actual target 8pc: Revised forecasts put inflation at 11.5-12pc
The inflation forecasts have been revised upward and will remain elevated at 11.5-12 percent against the target of 8 percent set for the current fiscal year, revealed the Economic Survey 2021-22.
Credit to private sector rises to record Rs1.3trn
Private sector obtained a record Rs 1.3 trillion loans from the domestic banking sector during the first 10 months of this fiscal year (FY22).
Tax exemptions cost govt over Rs1.757trn
The total tax exemptions, concessions and special tax treatments to various businesses, sectors/industries, lobbies/ groups and investors have cost the government Rs1,757.035 billion during the fiscal year 2021-22 against Rs1,314.3 billion in 2020-21, reflecting an increase of Rs442.735 billion.
Survey lists factors behind mammoth trade deficit
The government Thursday said that significant rise in import bill due to broad-based surge in global commodity prices, Covid-19 vaccine imports and demand-side pressures, all contributed to widening trade deficit, ie, by 55.5 percent ($ 30.1 billion) during the first three quarters, ie, July-March 2021-22 as compared to corresponding period of 2020-21.
KE’s tariff increased by Rs7.82/unit
National Electric Power Regulatory Authority (Nepra) has approved an increase of Rs 7.82 per unit in KE’s tariff for four quarters under quarterly tariff adjustment mechanism.
Reforms measures in budget to pave way for IMF deal: Miftah
Minister for Finance Miftah Ismail stated on Thursday that the reform measures to be announced in the budget today (Friday) for the next fiscal year would make easier staff-level agreement with the International Monetary Fund (IMF) to bring the stalled Extend Fund Facility (EFF) back on track.
Gas sector circular debt nearly doubled in 3 years
Over the past three years, the stock of circular debt in gas sector has nearly doubled to Rs 650 billion from Rs 350 billion in 2018. The inappropriate response of the government created problems in the import of LNG by the private sector which led to gas crisis in the country, especially in winter.
Agri sector registers 4.40pc positive growth
Agriculture sector registered a positive growth of 4.40 percent and surpassed its target of 3.5 percent and last year’s growth of 3.48 percent, according to the Economic Survey 2021-22.
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