The Pakistan Economic Survey for 2018-19 was released last month. This was immediately followed by the presentation of the Federal budget documents for 2019-20 to the National Assembly. The Pakistan Bureau of Statistics (PBS) continues to publish on a monthly or weekly basis the statistics on key indicators...
The uploading of the International Monetary Fund (IMF) staff report on its website this week past highlights two major thrusts of the thirty nine-month Extended Fund Facility (EFF) that are not in conformity with past programmes and whose impact is being felt by the general public as opposed to...
No doubt, the government is struggling hard to promote a tax culture among Pakistani citizens and businesses in order to raise revenue and achieve budgetary demands. taxation It is matter of honour that there was a great ancient philosopher, belonging to the regions of present-day Pakistan, who developed a most...
In the British India, Income Tax Appellate Tribunal was established on January 25, 1941. After independence, this institution was retained by India and Pakistan as such, except that we changed the nomenclature to Appellate Tribunal Inland Revenue (ATIR) on October 28, 2009 through a Presidential Ordinance in the wake...
In a recent article IMF Director for the Middle East saw in government's perceived commitment hope that 'this time it will be different'. Would it be different enough to make it our last IMF programme, something that Asad Umar had promised but his successor hasn't? Most find the 'big bang'...
The Extended Fund Facility to Pakistan of $6 billion, over a period of 39 months, has finally been blessed by the Executive Board of the IMF. Prior to this, a number of measures had to be taken to qualify for the programme. This included a 12 percent depreciation...
The same day as the board of directors of the International Monetary Fund (IMF) approved the staff-level agreement, 3 July 2019, a summary of the objectives of the programme and recent economic development and outlook, attributed to David Lipton, IMF's First Deputy Managing Director and Acting Chair, were uploaded...
The new inflation number has surprised all economic analysts. Against an inflation of 9.1% in May (YoY), and on the face of significant increase in petroleum price and depreciation of rupee during June, the consensus forecast for June inflation was 9.5%. The actual has come out at 8.9%, a...
The adoption of Finance Bill 2019 on June 28, 2019 by National Assembly by majority vote of 176 to 146, included many legal amendments that could not have been made part of Money Bill as per law laid down by the Supreme Court of Pakistan. The Finance Act, 2019...
With the new IMF program in place after early July 2019, SBP will be moving into an unchartered territory of determining nominal exchange rate through Real Effective Exchange Rate (REER) rather than 'managed float'. This will be in addition to interest rate management in the short term. For a...

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A tale of two budgets

About a fortnight back the Indian Government announced its first post Elections 2019-20 Budget, and it will be interesting to see how it compares...