Connect with us

Hi, what are you looking for?

Latest News
• Lahore has highest number of patients-329 in country • Punjab allowed use of its water share for cotton sowing to Sindh • Faisal Edhi files visa application for Palestine to help war-torn country • Indus water system to see massive dip in next 24-48 hours • 100 migrants swim to Spain’s Ceuta enclave during last weekend of April • Prisoners make up over 60pc of Thailand’s Covid cases • Economy contracts 1.5pc in CY2020: study • 18 officials suspended in Lahore over ‘out-of-turn vaccination’ • Carmakers seek cut in duties • CAA revokes permission for Dubai-Peshawar flight • Pakistan desires strong ties with EU: COAS • K2 base camp area gets internet access, phone coverage • Govt challenges LHC order letting Shehbaz go abroad • Govt to unveil Rs110bn agri package in budget • Forex firms supply $4b to inter-bank market • Car sales contract 17% to 17,144 units in April • CDWL approves four development projects worth Rs8.7bn • PM’s aide Zulfi Bukhari steps down over ring road scam • Biden administration approved $735 million arms sale to Israel • India's Gujarat evacuates over 200,000 people as Cyclone Tauktae hits • Pakistan’s first female Google Developer, Sakina Abbas becomes Expert for Flutter • Karachi records highest night temperature in May since 2015 • Crude oil rose 22 cents to $66.50 a barrel • Gold rate fell 50 cents to $1867.10 an ounce • Dollar is trading at Rs 152.85 in the interbank market • American Idol eliminates Casey Bishop to determine its top 3 finalists • WarnerMedia tie-up with Discovery to target streaming big shots
News Alert
    • Covid Updates: 2,566 cases reported while 135 deaths recorded in last 24 hrs
    • Currently, 67,665 cases are active in the country
    • The death toll reaches 19,752 in Pakistan
    • 2,989 people recovered in last 24 hours
    • The current positivity rate is 8.8%  in the country
    • Over 163 million infected globally, more than 3.3 million dead, over 97 million recovered
    • Tokyo doctors call for cancelation of Olympic Games due to Covid-19
    • Bide surges international vaccines aid in riposte to Russia, China 
    • Germany mulls making vaccines free for all from June 7 
    • EU regulator backs month-long storage of Pfizer vaccine in fridges 
    • UAE reports 1,229 new coronavirus cases, 2 deaths
    • Eurovision Song Contest returns despite the pandemic
    • At 26pc, Karachi's East district records Sindh's highest positivity rate
    • Dubai eases Covid-19 restrictions, allows full hotel capacity 

Economy

Its Not 1.5%, Its 3%: SBP Optimistic on Better growth in FY21

KARACHI: Unlike IMF & World Bank’s Pakistan growth forecast below 2%, Pakistan’s central bank has expressed confidence that the country’s economy would grow by 3% during the current fiscal year 2020-21 despite the ongoing battering faced in wake of third wave of Covid-19.

Speaking at the Pakistan Stock Exchange (PSX) on Monday, he said Pakistan entered the third wave of Covid-19 with improved economic indicators compared to weaker ones at the time when the first wave hit the country almost a year ago.

“We will tackle the third wave successfully,” he said.

To recall, the International Monetary Fund (IMF) projected Pakistan’s GDP growth at 1.5% during the ongoing fiscal year which is half of what SBP forecasts during the year. The World Bank anticipated growth at 1.3% in FY21.

Shedding light on economic indicators, he said that workers’ remittances remained strong at above $2 billion for the 10th consecutive month in March.

Remittances surged 43% to $2.7 billion in March.

The large scale manufacturing (LSM) sector posted a growth of 9% in January (before the third wave) compared to negative growth of 5.7% in the same month last year when the first wave hit the country, he said.

The sales of cars, cement, steel and fast moving consumers goods (FMCGs) remained robust prior to the third wave compared to sluggish sales when the first wave striked the country.

The government and the central bank’s fiscal and monetary policies coupled with stimulus are expected to help the economy grow this year compared to a contraction witnessed during the previous fiscal year.

However, high debt-to-GDP ratio remains a constraint in way of extending a larger fiscal stimulus package to support the economy, laid off workers and daily wage earners.

The central bank injected liquidity in the system equivalent to 5% of GDP through monetary policy measures to support the economy and employment in the country, he said.

Industrialists have received approvals of banks financing worth Rs450 billion through cheaper Temporary Economic Refinance Facility (TERF) over the last one year. The new investment for industrialisation amounts to around 1% of GDP.

He said that the central bank remained available to lend support to the stock market.

“Central bank is working on regulations to develop the secondary debt market at the Pakistan Stock Exchange,” he said.

Overseas Pakistanis are investing at PSX through the central bank’s Roshan Digital Account (RDA) initiative, he said

Written By

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Facebook

International

• Joint statement also urges Afghan parties to realise historic opportunity for political settlement • PM, Saudi crown prince back political solutions to conflicts...

Economy

PPP Chairman says that the scale of inflation can never fall down through adopting the charity from different countries and he condemns the way...

Latest Updates

Areesh Fatima becomes the youngest Microsoft Certified Professional in the world

International

There is no shelter left for Palestinians as their homes are taken away, mosques are attacked, and hospitals bombarded with the world leaders watching...

Copyright © 2021 The Truth International