Next three months are going to be interesting. People were sending remittances and money in RDA, housing scheme, car scheme etc only because of the face value of Imran Khan. News are floating on the social media that people are already withdrawing deposits from RDA after the fall of IK govt. I have personally seen many people asking about the future of RDA in Question Updates group on FB and most of the answers were in the favor of withdrawal. Kindly note that RDA reached $4 Billion by the end of March 2022. Fingers Crossed.
Govt plans to introduce reforms for economic growth: Miftah
Finance Minister Miftah Ismail informed the executive directors of the Asian Development Bank (ADB) that the incumbent government is working on structural reforms in order to promote sustainable economic growth, according to media reports published in the leading newspaper on May 17.
The minister stated that ADB has supported the country in implementing development projects and pursuing reform agenda. He acknowledged the efforts and commitment of ADB to bringing critical reforms in important economic areas. During the meeting, Finance Minister Ismail highlighted the economic challenges being faced by the government.
Moreover, ADB Executive Directors Noor Ahmed and Wan Farissan Bin Wan Suleiman, speaking at the occasion, affirmed their support for the reform agenda in the social, infrastructure, and financial sectors in the country. They reassured ADB’s commitment to supporting the implementation of development agendas like boosting competitiveness building resilience, fiscal management, and developing the private sector.
The revenue collection by the Federal Board of Revenue (FBR) witnessed a growth of 28.4 percent during the first eleven months of the current fiscal year as compared to the corresponding period of last year, the bureau reported Tuesday.
According to provisional figures released by the board, the net revenue collection grew to Rs5,349 billion during July-May (2021-22) as against the collection of Rs4,164 billion during July-May (2020-21).
The provisional figures reported will further improve after closure of payment receipts and reconciliation with the State Bank of Pakistan (SBP).
During the month of May 2022, the net collection was recorded at Rs.490 billion compared to Rs.387 billion in May 2021, showing growth of in May rose by 26.8 percent.
On the other hand, the gross collections increased from Rs. 4,389 billion during July-May (2020-21) to Rs 5,644 billion during July0May (2021-22), showing an increase of 28.6%.
Likewise, the amount of refunds disbursed during May 2022 was Rs.30.4 billion while in May 2021 the refunds disbursed were Rs.21.1 Billion, registering an increase of 44.3%.
Similarly, refunds worth Rs 295.5 billion have been disbursed during July, 2021- May, 2022 compared to Rs 224.2 billion paid last year, showing an increase of 31.8%.
The FBR statement said, the ongoing unprecedented and constant growth trajectory in revenue collection has been achieved despite massive tax relief given by the government on various essential items to common man.
For the first time ever in the country’s history, Sales Tax on all POL products has been reduced to zero which cost FBR Rs45 billion in May, 2022
How the hell has Pakistan economy rating suddenly gone from stable to negative? The economy was doing ok in a global crisis. The government was catching many untapped markets that lead to growth in exports since like 2010. We also beat our expected gdp growth from 5% to 6%.
Decision is driven by external vulnerability risk and uncertainty around ability to secure external financing
The decision to change the outlook to negative is driven by Pakistan's heightened external vulnerability risk and uncertainty around the sovereign's ability to secure additional external financing to meet its needs, the rating agency said in its report.
Moody's assessed that Pakistan's external vulnerability risk has been amplified by rising inflation, “which puts downward pressure on the current account, the currency and – already thin – foreign exchange reserves, especially in the context of heightened political and social risk”.
Finance Minister Miftah Ismail on Thursday revealed the Pakistan Economic Survey for Financial Year 2021-22, which revealed a record high growth rate of 5.97 percent against a target of 4.8 percent.
In a rare development, the Sharif-led coalition government presented the economic performance of a former government.
Country’s new financial chief Miftah Ismail released the survey alongside Planning Minister Ahsan Iqbal, State Minister for Finance Ayesha Ghous Pasha, and Power Minister Khurram Dastgir during a presser in country’s federal capital Islamabad.
Miftah expressed hope that foreign exchange reserves held by the central bank will soar to $12 billion in the coming days following inflow from Beijing.
Pakistan Economic Survey is an annual report on the performance of the economy, focusing in particular on major macroeconomic indicators.
The economic growth of fifth most populous nation was recorded at 5.97pc as opposed to the target of 4.8pc. Growth of agri sector growth was 4.40pc against a target of 3.5pc; industries posted growth of 7.19pc against the target of 6.5pc, services industry 6.19pc; and services industries recorded 6.19c growth against their target of 4.7 per cent.
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