Pakistan’s trade deficit with nine neighboring countries rose sharply by 43.22% to reach $5.328 billion in the first half of fiscal year 2025 (1HFY25), compared to $3.72 billion in the same period last year, according to data from the Bank Pakistani state. SBP). The widening trade gap is primarily due to a significant increase in … Read more
ISLAMABAD: Pakistan’s per capita debt rose by 11.3% to nearly Rs 302,000 at the end of fiscal year 2024, as the government failed to adhere to the fiscal deficit limit set by the Fiscal Responsibility and Debt Reduction Act, 2005. The 2025 Fiscal Policy Statement, submitted to the National Assembly on Tuesday, revealed that the … Read more
Remittances from overseas Pakistanis exceeded export earnings during the first half of fiscal year 2024-25, highlighting a shift in foreign exchange inflows despite the government’s efforts to boost exports. According to data issued by the State Bank of Pakistan, remittances amounted to $17.645 billion, exceeding exports of $16.561 billion, a difference of $1.084 billion. In … Read more
The Ministry of Finance has finalized the proposed timeline for Pakistan’s federal budget for the fiscal year 2025-2026, with plans to present the budget in the first week of June 2025. Preparatory meetings and deadlines have been set to ensure timely submission and approval of key documents. Under the proposal, all budget documents would be … Read more
ISLAMABAD: Services exports from Pakistan rose by 7.8% during the first five months of the current fiscal year, reaching $3.275 billion, compared to $3.044 billion during the same period of the previous year, according to trade data released by the Pakistan Bureau of Statistics. This growth reflects an upward trend in the country’s services sector, … Read more
The federal government’s development spending slowed to Rs115 billion in the first five months of the fiscal year due to fiscal constraints, far below the Rs376 billion allowed under the Public Sector Development Program (PSDP) for 2024-25. The Ministry of Planning authorized significant spending from July to November, but actual spending represented only 10% of … Read more
IslamabadWheat imports into the country during the first four months of the current fiscal year recorded a 100 percent decline compared to imports for the corresponding period last year. During the period from July-October 2023-24, the country spent $166,633 million on importing more than 556,903 metric tons of wheat to meet local needs, which recorded … Read more
The IMF has identified significant problems in Pakistan’s budget preparation and implementation processes, revealing that deviations from the approved budget reached a record high of 55% in FY 2022-23 due to supplementary grants. The findings were outlined in the IMF’s technical assistance report on budget practices in Pakistan, emphasizing the need for stronger financial institutions … Read more
State Bank of Pakistan building in Karachi. – Application/File KARACHI: Despite difficult conditions, Pakistan’s external account has improved significantly since October 2023, State Bank of Pakistan Governor Jamil Ahmed said. Hence, the Central Bank Governor expects the country’s foreign exchange reserves to reach $13 billion by the end of the current fiscal year. This came … Read more