Web
Analytics
The news is by your side.

deficit

SBP increases monetary policy rate to 7.5 percent

KARACHI: State Bank of Pakistan on Saturday announced to increase the monetary policy by 100 basis points to 7.50 percent effective from July 16, to curb demand and ensure near-term stability. According to a statement by the monetary policy committee, Pakistan achieved a thirteen-year high growth rate of 5.8 percent in FY18 and the average inflation was well below the 6.0 percent target. However, the challenges to Pakistan’s economy have further accentuated. Firstly, the provisional estimate for fiscal deficit for FY18…

IMF urges Saudi to contain spending as deficit widens

DUBAI: The International Monetary Fund has called on Saudi Arabia to keep public spending under control, even as a partial recovery of oil prices helps the economy emerge from recession. The lender called on the world's top oil exporter to continue "bold structural changes" but to "resist the temptation to re-expand government spending in line with higher oil prices", in a statement late on Tuesday. Saudi Arabia has embarked on an ambitious reform drive, known as Vision 2030, as it seeks to reduce dependence on oil,…

SC seeks reports of audited accounts of Pakistan Railways

LAHORE: After taking notice of the Pakistan International Airlines (PIA) reeling under financial burden, Chief Justice of Pakistan Mian Saqib Nisar has also shifted his focus on another loss-making entity of the country.  The chief justice, who headed a bench of the apex court, directed Secretary Pakistan Railways’ and members of the board today to appear before it in the next hearing along with reports of the audited accounts of the entity. The bench was hearing a case pertaining to the alleged corruption of Rs60…

Saudi Arabia projects $53 bn deficit in 2017

RIYADH: Saudi Arabia on Thursday projected a 2017 budget deficit of about $53 billion and a lower than expected shortfall for this year after government cost-cutting in response to lower oil prices. Expenses next year will reach 890 billion riyals ($237 billion) against revenues of 692 billion riyals ($184 billion), the cabinet said in a statement. It said this year's deficit will be 297 billion riyals ($79 billion), down 8.9 percent from 2016's budget forecast. "This budget comes at a time of a highly volatile…