Economy

Economic news of last week

KARACI, January 20, 2019: Following are some important economic news of the last week:

The government found another reason to sigh with relief as the crucial current account deficit (CAD) slipped slightly by 4.4% to $7.98 billion, driven by a fourth quarter decline of 10%, according to data released by the State Bank of Pakistan (SBP).

Pakistan’s economic confidence fell sharply in the final quarter of 2018 as it continues to struggle with macroeconomic imbalances, according to the Global Economic Conditions Survey (GECS).

Pakistan’s oil import bill jumped nearly 15% YoY to US$7.6bn during 1HFY19 from US$6.7bn in same period last year, Pakistan Bureau of Statistics reported.

Fitch Solutions warned Pakistan of larger economic distortions and greater pain in future for seeking unconventional funding sources to avert the balance of payment crisis, and little appetite for austerity and economic reforms.

Global food and agriculture producer Cargill renewed its long standing commitment to Pakistan by announcing plans to invest more than US$200mn in Pakistan in the next three to five years.

Justice Asif Saeed Khan Khosa took oath as the 26th Chief Justice of Pakistan at a ceremony at Aiwan‐i‐Sadr in Islamabad.

The government is determined to facilitate introduction of new products in the capital market, said Securities and Exchange Commission of Pakistan (SECP) Chairman Farrukh Sabzwari.

Reserves held by the State Bank of Pakistan (SBP) dropped by US$148mn during the week ended on Jan 11 on account of debt servicing and other official payments. (Source Topline)

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