Pakistan’s 3-month fiscal deficit at 1.6 pct of GDP

This compared with a fiscal deficit of 1.5 percent in the same period last year. — File Photo

KARACHI: Pakistan’s budget deficit for the first three months of the 2010/11 fiscal year, which runs to next June, was 1.6 percent of gross domestic product, the Finance Ministry said on its web site on Wednesday.

This compared with a fiscal deficit of 1.5 per cent in the same period last year.

Pakistan announced last month a fiscal deficit of 4.7 per cent of GDP, agreed with the International Monetary Fund for fiscal year 2010/11 as part of an $11 billion bailout programme dating from 2008.

Pakistan’s July-Oct c/a deficit narrows to $533 mln

The current account deficit for the fiscal year 2009/10 was $3.495 billion, compared with $9.261 billion in fiscal year 2008/09. — File Photo

KARACHI: Pakistan’s current account deficit for July-October narrowed to a provisional $533 million, compared with $1.177 billion in the same period last year, the central bank said on Tuesday.

In October, the current account stood at a provisional surplus of $35 million, compared with a surplus of $424 million in September, the State Bank of Pakistan said.

The current account deficit for the fiscal year 2009/10 was $3.495 billion, compared with $9.261 billion in fiscal year 2008/09.

IMF sees Pakistan GDP expanding at 3pc in 2009-10

ISLAMABAD: The International Monetary Fund (IMF) says the political and security situation in Pakistan remains challenging, economic reform does not command broad support and adverse security developments continue to hurt the confidence of domestic and foreign investors. 
 
As a result, projected economic growth for 2009-10 would be a modest three per cent, IMF says in a programme note on Pakistan issued following the approval of the fourth tranche of $1.2 billion by the Executive Board in Washington on Wednesday.

Funds for nine major programmes not released

ISLAMABAD: The federal government, owing to financial constraints, did not release any funds to nine major programmes, including the Export Investment Development Fund, SME Development Support Fund and Venture Capital Fund, in the first quarter of the current fiscal year. 
 
The government had allocated Rs10 billion in the budget for fiscal year 2009-10 for the Export Investment Development Fund to finance initiatives for exports enhancement, but no amount was released in the first quarter for this programme.

Moody’s warns of ‘fiscal crisis’ in top-rated nations

Wednesday, December 09, 2009
LONDON: Ratings agency Moody’s warned on Tuesday of a “fiscal crisis” lasting “several years” in Britain, France, Germany and the United States, but saw no immediate threat to their top AAA credit assessments.

Moody’s said although the financial crisis was nearing an end, AAA-rated nations will struggle to find the money to reduce huge public debts. “The global macroeconomic and financial system crises may be close to an end, but the fiscal crisis in a number of AAA-rated countries will likely last for several years,” Moody’s Investors Service said in a key report.

Pakistan’s forex reserves ease to $13.72 bln

KARACHI: Pakistan’s foreign exchange reserves fell to $13.72 billion in the week that ended on November 28 from $13.90 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan were $10.14 billion, down from $10.27 billion a week earlier, while those held by commercial banks also fell to $3.58 billion from $3.63 billion the previous week, the central bank said in a statement.

Pakistan’s 3-month fiscal deficit at 1.5pc of GDP

KARACHI: Pakistan’s budget deficit for the first three months of the 2009/10 fiscal year was Rs223.67 billion ($2.68 billion) or 1.5 per cent of gross domestic product (GDP), the Finance Ministry said on its website.

 
The International Monetary Fund (IMF) and the government had targeted a budget deficit for the three months ending on Sept 30 of Rs194 billion, or 1.3 per cent of GDP.

However, the country’s central bank governor told Reuters last month Pakistan would meet its fiscal deficit target in the first six months of this fiscal year despite slippage in the first quarter.