Tag Archives: Deficit

Pakistan’s trade deficit widens to $8.14 billion

Pakistan’s trade deficit widens to $8.14 billion

ISLAMABAD – Pakistan’s trade deficit has swelled by 18.2 percent to $8.14 billion in July-December during the current financial year compared to $6.89 billion in the same period of the last fiscal year.
According to data released by the Federal Bureau of Statistics on Tuesday, exports in the first half of the current fiscal year jumped by 20.63 percent to $10.97 billion from $9.09 billion during the same period’s last fiscal. Imports during July-December were up by 19.58 percent

‘MPs’ role crucial to remove Indo-Pak trust deficit’

ISLAMABAD – The Indo-Pak parliamentarians’ dialogue in Islamabad concluded on Friday, with both sides issuing a joint declaration that recognised the parliamentarians’ importance in removing the trust deficit between the two countries.
The parliamentarians held constructive, candid and comprehensive dialogue, agreeing that the trust deficit could be removed by building on commonalities and positives, with a view to resume bilateral dialogue and promoting a people’s movement for

Britain raises sale tax in move to slash deficit

LONDON – Britain’s standard rate of sales tax, or VAT, increased to 20 percent in one of several moves to slash a record public deficit, but the opposition said it would hit the poorest hardest.
Finance minister George Osborne insisted the rise from 17.5 percent was a “reasonable” step towards economic recovery and would raise £13 billion ($20.2 billion) a year.
Retailers have warned it could put the brakes on consumer spending at a time when Britain’s economic recovery

PSM faces raw material deficit

KARACHI – Pakistan Steel Mills (PSM) is facing a dire shortage of iron ore and it seems likely that it will lower output further from its current level of 30 percent in the coming weeks. It has been learnt that the mills holds roughly 5,000 metric tonnes of iron ore, which is insufficient in operating beyond the 30 percent level, with about 1,000-2,000 metric tonnes of local iron ore being consumed on a daily basis.
According to sources, last month the mills used 30,000 metric

IMF tells Pakistan to curtail deficit

LAHORE – The International Monetary Fund has issued a stern warning to Pakistan to take measures to cut its spiralling budget deficit, according to a senior Pakistani government official, the Wall Street Journal reported.
In an official letter to the government, the IMF warned that the state of the nation’s economy was far worse than previously realised and urged immediate fiscal belt-tightening measures, said the official, who has seen the missive, the paper said. A spokesman

4.7% fiscal deficit to be achieved, IMF told

ISLAMABAD/KARACHI – Pakistan has assured the International Monetary Fund (IMF) that it would implement the policy measures for reforms during the nine-month extension in the standby arrangement programme in order to achieve the budget deficit target of 4.7 percent of the GDP.
This was revealed by the IMF in its report prepared by its staff after concluding the December 17 negotiations with Islamabad on the state of economic developments and policies in Pakistan.
A letter

Budget deficit spinning out of government’s control

ISLAMABAD – Budget deficit remains out of government’s control because of unavailability of financial aid promised by the ‘Friends of Pakistan’ and the Kerry-Lugar Bill.
According to Finance Ministry sources, the government had allocated Rs 30 billion as power subsidy in 2010-11 budget but it still has to pay Rs 200 billion. Similarly, the circular debit in power sector has become worst, exceeding Rs 300 billion to Rs 600 billion.
While announcing budget, Federal Bureau of

Budget deficit jumps to Rs 276.1b in first quarter

ISLAMABAD: The consolidated budget deficit increased to Rs 276.1 billion or 1.6 percent of the gross domestic product (GDP) during the first quarter of the current fiscal year.
According to the Fiscal Operations Report for July-September 2010-11 released by the Ministry of Finance on Tuesday, the budgetary target for deficit projected at 4 percent of the GDP, which was revised upwards to 4.7 percent due to additional expenditure incurred on flood relief.
During the first

Pakistan’s current account deficit dwindles to $545m

KARACHI: Pakistan’s current account deficit for July-September diminished to a provisional $545 million, in comparison to $587 million in the same period last year, the Central Bank disclosed on Tuesday.
According to the State Bank of Pakistan, the current account refreshingly stood at a provisional surplus of $447 million in September, compared to a deficit of $372 million in August.
“The two primal reasons for surplus in September are an increase in private current

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