General Economic Updates

[Fatman17]

Pakistan faces population explosion https://www.thenews.com.pk/print/1199602-pakistan-faces-population-explosion

 

[Fatman17]

 

[Fatman17]

The government has announced a stunning Rs1.761 trillion in new revenue measures for the next fiscal year, which, a deeper examination reveals, may contribute to another bout of inflation in the country.

The focus of the budget seems to be on withdrawing most exemptions from sales tax and customs duty which, though not fully reflected in the finance minister’s budget speech on the floor of National Assembly, is evident from the language of the Financial Bill 2024.

Read more: https://www.dawn.com/news/1839582/s...t-salaried-class-real-estate-and-other-assets

 

[PakFactor]

The government has announced a stunning Rs1.761 trillion in new revenue measures for the next fiscal year, which, a deeper examination reveals, may contribute to another bout of inflation in the country.

The focus of the budget seems to be on withdrawing most exemptions from sales tax and customs duty which, though not fully reflected in the finance minister’s budget speech on the floor of National Assembly, is evident from the language of the Financial Bill 2024.

Read more: https://www.dawn.com/news/1839582/s...t-salaried-class-real-estate-and-other-assets
View attachment 47858

The salaried class will be heavily impacted by this budget. However, the budget alone will not address the country's main issues, including the economy.

 

[Fatman17]

BUDGET 2024-25: Aggressive taxation proposed to unlock IMF programme https://www.dawn.com/news/1839592

 

[Fatman17]

Budget review: Taxing the taxed … again https://www.dawn.com/news/1839500/budget-review-taxing-the-taxed-again

 

[Fatman17]

Editorial: The budget reflects the ruling PML-N’s political concerns more than its economic reform agenda.

Read more: https://www.dawn.com/news/1839786

 

[Fatman17]

The National Electric Power Regulatory Authority (Nepra) on Friday announced an increase of almost 20 per cent in the uniform national tariff to ensure about Rs3.8 trillion in funding for the 10 ex-Wapda electricity distribution companies (Discos) during the fiscal year 2024-25.

The Rs5.72 per unit increase, which will come into force from July 1 after formal notification by the government, would provide Rs485bn in additional revenue to Discos and strengthen the government’s position in securing an IMF bailout in July.

The government has the power to make adjustments with different rates of increases for various consumer categories through a cross-subsidy but without affecting the overall revenue requirement determined by the regulator.

Read more: https://www.dawn.com/news/1839985/nepra-hikes-national-power-tariff-by-20pc

 

[Fatman17]

Read the full opinion piece here: https://www.dawn.com/news/1840779

 

[Fatman17]

The purported differences between the PML-N and PPP on the budget for the upcoming fiscal year stood dissolved on Thursday after PPP chief Bilawal Bhutto-Zardari called on Prime Minister Shehbaz Sharif to assure him of his party’s support for the crucial finance bill.

Sources told Dawn that the differences have fizzled out, with both sides agreeing to support each other and cooperate on issues of mutual concern. According to Information Minister Attaullah Tarar, some “minor” reservations had been expressed by the PPP, which would be resolved by the government through talks.

Read more: https://www.dawn.com/news/1840944/alls-well-after-ppp-pml-n-settle-differences

Shameless people!!!!

 

[Fatman17]

Textile mills in Pakistan are exporting their used machinery in the midst of an industry crisis. How did they get here?​

By
Shahab Omer

LAHORE: It has come to this. In the midst of a growing crisis for the country’s once thriving textile industry, Pakistani mills are exporting their used machinery to countries such as Afghanistan, Indonesia, and others in the South American continent.
The textile industry has come to a point where millers are selling their machines to other countries because their manufacturing capacity is very high and the demand for their product is in the dumps.
There seems to be some disagreement within the industry regarding where these machines are being exported to. Reliable market reports have indicated that a large chunk is being sent to Afghanistan, which has initiated operations with 30,000-40,000 spindles based on the used spindles exported from Pakistan. However, other players have claimed the share sent to Afghanistan is not the most significant. Iftikhar Mohiuddin of Hussnain International, a company dealing in the global trade of textile machinery, contests the notion that a significant portion of used machines is being exported to Afghanistan.
What it does boil down to, and what Mr Mohiuddin acknowledges, is that used textile machines are being exported to Afghanistan. Not only this but Pakistan’s used textile machinery is also being exported in significant numbers to South and North America and Indonesia.
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“For instance, if we talk about the Saif Group from Khyber Pakhtunkhwa, which is a major textile group, they are not exporting their used machines to Afghanistan. Instead, their sold machines are coming to Faisalabad, where some local textile mills are using them. Although, geographically, Afghanistan is closer to Saif Group than Faisalabad,” he said.
What brought us here
Iftikhar also attributes the rapid shutdown of Pakistan’s spinning mills to high electricity costs, unresolved issues among textile company owners, flawed government policies, and the lack of incentives. He informed Profit that most textile industry machines in Pakistan are being scrapped, with about seventy percent of used machines ending up as scrap.
This is because over the past two decades Pakistan’s textile sector has seen a shocking downfall.

 

[Fatman17]

Weekly inflation posts fourth consecutive increase https://www.dawn.com/news/1841153/weekly-inflation-posts-fourth-consecutive-increase

 

[Sainthood 2.0]

 

[Fatman17]

Lawmakers from the treasury and the opposition on Saturday continued to assail the tax-loaded federal budget in the National Assembly, as the PPP, a key partner in the ruling coalition, ended its boycott of the proceedings but only to join the fray, highlighting a number of ‘shortcomings’ in the proposed budget.

It was the third consecutive day of the debate on the budget, presented by Finance Minister Muhammad Aurangzeb on June 12, and the lower house continued to witness members from both sides of the aisle trading barbs and making personal attacks against each other.

Read more: https://www.dawn.com/news/1841394

 

[Sainthood 2.0]