Business

ISLAMABAD: the incumbent government plans to increase foreign borrowing for budgetary support by threefold in the next fiscal year compared to the proposals in the budget 2018-19. The budget document released on Tuesday announced that the government is likely to obtain foreign loans worth Rs3.003 trillion compared to Rs1.087tr during the final budget presented by the PML-N government in 2018. …

The Pakistan Tehreek-i-Insaf (PTI) government unveiled its first annual budget for fiscal year 2019-20 on Tuesday. The budget projects the economy will grow at a rate of 2.4 per cent ─ a massive decline from last year’s projected growth rate of 6.2pc ─ and its revised growth rate of 3.3pc. Read more: Indirect taxes in Budget 19-20: What you need …

Stocks rose amid mixed reviews by the business community on Wednesday a day after Prime Minister Imran Khan’s government presented its first annual budget. The benchmark KSE-100 index of the Pakistan Stock Exchange rose 278.08 points, or 0.8 per cent, to close at 34,939.16 points led by gains in materials, energy and financial stocks. Engro, the country’s biggest conglomerate, was …

ISLAMABAD: The government has proposed several amendments to the income tax laws to tighten the noose around offshore tax evaders. Under the proposed amendments, tax evasion via offshore accounts will be deemed as a punishable crime and those found guilty will either have to pay hefty fines or face jail time of up to seven years. The amendments are in …

KARACHI: The country’s public debt has recorded a sharp increase costing heavily to the national kitty as debt servicing surged with widening fiscal deficit thus minimising the government’s ability get higher fund for development. “Total public-debt-to-GDP ratio further increased and recorded at 74.2 per cent of GDP at end March 2019,” said the Economic Survey 2018-19 issued on Monday. The …

KARACHI: The Economic Survey seems to sweep the vagaries of the year 2018-19 under the carpet and instead of mentioning the performance for the outgoing year, it begins tracking the index from Jan 1, 2016 stating that the 100 index which stood at 33,229 points climbed 16 per cent to 38,649 points on March 31. “Fiscal year 2016-17 witnessed steep …

ISLAMABAD: The agricultre sector posted a meagre growth of 0.85 per cent against projected target of 3.8pc for the outgoing fiscal year, the Pakistan Economic Survey 2018-19 released on Monday showed. The under-performance of agriculture sector hinged upon reduction in the area of cultivation, lower water availability and drop in fertiliser offtake. The crops sector witnessed negative growth of 4.43pc …

[G] rowing deficits in a slowing economy present the government with its starkest challenge. Revenue growth is zero while expenditures shot up by 8.7 per cent, yielding a fiscal deficit of 5.0pc of GDP. Meanwhile, the economy ground to a virtual halt — actually contracting in dollar terms — with large-scale manufacturing showing negative growth. The current account deficit shrank …

The economy grew at an average rate of 3.29 per cent (provisional) in fiscal year 2018-19 against an ambitious target of 6.2pc set in last year’s budget, the Pakistan Economic Survey revealed on Monday. Sector-wise growth rates: Agriculture: 0.85 per cent (against target of 3.8pc) Industry: 1.4pc (against target of 7.6pc) Services 4.7pc (against target of 6.5pc) Revenue collection Total …

As the federal tax collection in first 11 months of this fiscal year shows a record shortfall of Rs447 billion and current expenditure surges, the challenges to mobilise resources for development spending are becoming more formidable. On the external sector too, the situation is not encouraging. The International Monetary Fund’s Fiscal Monitor for April advises governments of the emerging markets, …