KARACHI  - State Bank of Pakistan released its Third Quarterly Report for FY13 on the State of Economy Thursday, envisaging that economy would continue to face fiscal and external challenges in Q3-FY13.The Report says that key challenges to macroeconomic management emanated from fiscal as well ...

lahore - The upcoming government of the PML-N has no other option but to approach International Monetary Fund to control its fiscal imbalances, which country has been facing due to dwindling foreign reserves, balance of payment crisis, weakening exchange rate and financial mismanagement during the ...

The International Monetary Fund is not an icon of economic management even among economists. But it is perplexing to see the convenience with which the IMF is singled out for its ‘severe’ policy advice.Take the example of the last five years. The Pakistan People’s Party came to ...

ISLAMABAD (APP):  The Ministry of Railways would demand around Rs 75 billion budget for next fiscal 2013-14 to meet its expenditures. “We are in the process of finalizing a draft for the demand for grant.  This demand would later be forwarded to the Finance Division during next ...

LAHORE - Expressing concerns over slow economic growth and increasing fiscal deficit, the Lahore Chamber of Commerce and Industry has said that the country’s economy is at a high risk and remains vulnerable to internal and external shocks.In a statement issued on Saturday the LCCI President ...

The State Bank of Pakistan’s admonition that the country would continue to sink into the debt quagmire unless its financial policy was changed is a harsh, if justified criticism of the government’s economic planning over the past five years. From the day one, when it assumed office, ...

Given our tendency of relying on crutches of loans and aid largesse alike, it does not come as a big surprise to hear Finance Minister Abdul Hafeez Sheikh say that Pakistan’s total debt has now crossed the lawful limit. Truly, the speed with which we normally take the foreign and domestic ...

The shale energy revolution is likely to shift the tectonic plates of global power in ways that are largely beneficial to the West and reinforce US power and influence during the first half of this century. Yet, most public discussion of shale’s potential either focuses on the alleged ...

The IMF has rightly sounded a dire but timely alarm that Pakistan’s inflationary spiral is swirling at a breakneck pace. Holding the government’s unchecked spending responsible, it warns that the deteriorating levels of the economic growth whose present rate stands at 3.2 percent is too ...

TOKYO - The world economy needs to balance austerity with growth if it is to recover fully from the global financial crisis, a key IMF committee said in Tokyo on Saturday.“Fiscal policy should be appropriately calibrated to be as growth-friendly as possible,” the International Monetary ...

KARACHI – Sindh Senior Minister for Education & Literacy Pir Mazharul Haq said on Thursday that budget for education has been doubled from Rs7 billion to Rs15.5 billion in the next fiscal year. The purpose of this increase was to spread education in every nook and corner of the ...

ISLAMABAD - Despite increasing power tariff by 90 percent in last four years, the government is still paying huge amount in term of power subsidy, as this amount could go beyond the level what it paid (Rs 335 billion of last year) in the ongoing financial year 2011-12, which might increase fiscal ...

KARACHI  - Pakistan’s fiscal deficit for the first six months of the fiscal year 2011/12 (July-June) was 2.6 percent of gross domestic product (GDP), a Finance Ministry official told Reuters on Friday.This compared with a deficit of 2.9 percent of GDP in the same period the previous ...

OUR STAFF REPORTER KARACHI - The local equity market ended nearly flat Friday as investors remained sidelined due to growing uncertainty over countrys political situation. The benchmark KSE-100 index dropped by 11.86 points or 0.09 per cent to close at 12,484.17 points, on record low market turn ...

LAHORE (PPI) The governments fiscal deficit stands at Rs490 billion, which is 2.9 percent of the GDP in 1HFY11 as compared to Rs403 billion in 1HFY10, depicting a growth of 22 percent, said the latest number released by Ministry of Finance. During 2QFY11 deficit reduced marginally by 22pc to ...

ISTANBUL (Reuters) - Turkish Prime Minister Tayyip Erdogan said on Saturday he did not completely rule out an International Monetary Fund-backed fiscal reform bill that reins in the public spending. Erdogan, however, told a news conference that the reforms adoption has been postponed for now as it ...

AMSTERDAM (Reuters) - As many as one-third of Dutch farmers consider themselves to be in financial trouble, and a similar percentage feel abandoned by society, according to a new study by farm organizations and a public television show. A quarter of farmers consider themselves working poor, and 32 ...

KARACHI - Pakistans fiscal deficit for the financial year 2009-10 (July-June) is reported to have soared by 6.3 per cent of GDP, compared to 5.2 per cent in fiscal year 2008-09 and higher than the revised FY10 fiscal deficit target of 5.1 per cent. The fiscal deficit has reached a record Rs930 ...

LISBON (AFP) - After Spain cut public salaries, Portuguese ministers on Thursday took their turn to enforce a fiscal shock to stop the country becoming the next battleground in Europes debt crisis. While Australias central bank warned that Europes turmoil could hit Asian growth, international share ...

ISLAMABAD The National Assembly (NA) on Wednesday was informed that around Rs153.3 million were spent by the administration of President House in the first ten months (July -April) of the current fiscal year 2009-10. The written information was given on the question posed by MNA Khalida Mansoor ...

The budget for fiscal year of 2010-11 would be tabled in Parliament house on June 05 or June 12, as work into this effect is underway in Federal Finance Ministry. A Private TV Channel quoted sources as saying that paper-2 of budget for next financial year would be handed over to standing ...

ISLAMABAD (Reuters) - Abdul Hafeez Shaikh, the man charged with steering Pakistans economy, has wide financial and management experience and is likely to focus on tight fiscal discipline as inflation remains a threat. Shaikh, a former privatisation minister, will be put to the test as Pakistans ...

BERLIN (AFP) - Countries that break the euro areas fiscal rules should, in extreme circumstances, be expelled from the club, Germanys finance minister said Monday. We need stricter rules that means, in an extreme emergency, having the possibility of removing from the euro area a country that does ...

LAHORE - After seeing less weightage being given to their suggestions and advices in the fiscal layout, Members Punjab Assembly from both sides of the political divide averred that the pre and post-budget general discussions were useless, and such sessions should not be held in future. During ...

ISLAMABAD (APP) - The Islamabad High Court is expected to get an amount of Rs 106 million in the next fiscal budget. Secretary to Chief Justice Ejaz Ahmed told this agency that the indicative budget showed the amount of Rs106 million as against the demanded budget of Rs113 million for the year ...

ISLAMABAD - Planning Commission has suggested growth target of 3.3 percent for the next fiscal, 2009-10 to be considered by Annual Planning Coordination Committee (APCC) scheduled to meet tomorrow (Friday). According to the official documents available to TheNation and Waqt News TV, the Annual Plan ...

ISLAMABAD - The government is confident to achieve the economic growth between 2.5 to 3 per cent during the ongoing fiscal year 2008-09, despite unfavourable global economic scenario and prevailing security situation coupled with negative growth in large-scale manufacturing (LSM) sector. A report ...

KARACHI - PTCL, the major telecom service providers in the country, succeeded to achieve important milestones and targets for 2008 which include provision of better customers service and new products. PTCL earned a profit of Rs.6 billion in the first quarter of financial year 2008-2009. PTCL ...

The Japanese economy will shrink this fiscal year and will manage only flat growth the following year, the government said on Friday, underlining looming fears about a global recession. The Cabinet Office lowered its forecast for the nation's gross domestic product _ the value of goods and services ...

KARACHI (Agencies) - Pakistan needed $13.4 billion and $12.2 billion as gross external financing requirement for the 2008/09 and 2009/10 (July-June) fiscal years respectively, a senior International Monetary Fund (IMF) official said on Tuesday. The IMF will provide $4.7 billion of that total, Juan ...