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  • Pakistan's Confusing Budget

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    Pk Biz
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    The world economy is in shambles. It has been predicted that this is a double recession. With the shrinkage of demand throughout the globe, Pakistan's economy is bound to be effected. The Rupee has been on a nosedive. It stands at around 94 to a dollar (USD) with worse predictions for the future. The fiscal deficit is a result of the retention of Public sector enterprises, debt financing, and government spending.

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    The world economy is in shambles. It has been predicted that this is a double recession. With the shrinkage of demand throughout the globe, Pakistan's economy is bound to be effected. The Rupee has been on a nosedive. It stands at around 94 to a dollar (USD) with worse predictions for the future. The fiscal deficit is a result of the retention of Public sector enterprises, debt financing, and government spending.

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    35 Ansichten2 Seiten

    Pakistan's Confusing Budget

    Hochgeladen von

    Pk Biz
    The world economy is in shambles. It has been predicted that this is a double recession. With the shrinkage of demand throughout the globe, Pakistan's economy is bound to be effected. The Rupee has been on a nosedive. It stands at around 94 to a dollar (USD) with worse predictions for the future. The fiscal deficit is a result of the retention of Public sector enterprises, debt financing, and government spending.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Als PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 2

    June08,2012

    Pakistan'sConfusingBudget
    TheBudgetSpeechwasshortandinconclusive.ThePreBudgetlaunchoftheEconomicSurveyof Pakistanhadnothingtooffer.ManyhadpredictedthattheBudgetwasgoingtobeverypeoplefriendly howeverturnedouttobetheveryopposite.Therewasareductioninsubsidies,applicationor exemptionofGeneralSalesTax(AlocalalternativetoVAT)onfewitems,afewtweakshereandthere, butnothingofanyimportance. Itcameasnosurprisetome!Ihadalreadypredictedthatnothingwouldchange. Theworldeconomy Theworldeconomyisinshambles.Ithasbeenpredictedthatthisisadoublerecession.EuroZone economiesfaceamajordebtcrisis.TheUShasitsownshareofproblemswithslowgrowthand unemployment.Withtheshrinkageofdemandthroughouttheglobe,Pakistan'seconomyisboundtobe effected.ExportsformamajorpartofIndustrialproduction,employmentandtaxation.Asaresultwe couldonlyseeourownTradedeficitincrease,highunemployment,andlowertaxrevenue. Rupeedevaluation TheRupee(PKR)hasbeenonanosedive.Ithasseenamajordeclineisvalueversusthedollarsincethe beginningofthisyear.Itstandsataround94toadollar(USD),withworsepredictionsforthefuture. Importswillbemoreexpensive,profitswouldbelowerattimeofrepatriationfor MNCs(Multinationals),Utilitieswouldbecostlier,Rawmaterialimportswouldeffectproduction,and productslinkedwithinternationalmarketpriceswouldgothroughtheroof. Thecauseistworeasons;highinterestrateswasboundtodrivetherupeedown,andIMFinstructions motivatedtheSBP(Pakistan'scentralbank)nottointervene. Thiswouldhavedevastatingimpactonoureconomy! FiscalDeficit Pakistan'sgrowingfiscaldeficitisaresultoftheretentionofPublicsectorenterprises,Debtfinancing, andGovernmentspending.Governmentdidn'tpursuethepolicyofprivatization,itwishestoretain controlovermajorareasofbusiness,sincecorruptionallowsmanytoflourish.Thedebtburden resultingfromtheentireprocessofpoorandnefariousplanningiscausingaseriousthreatas governmenthasnoresourcestopayback.TheGovernmentistooBIG!Runbyinefficientarmyof bureaucrats.Theoperationalandsalaryexpensesareunbearable.Thecorruptionandnepotismis causingtheeconomyahugeloss. Taxes Theprincipleoftaxationisnotverywellunderstood.TheGovernmentintendstocollecttax,revisethe targetsupwardsbutdonothinginreturn.Withindustrialgrowthhinderedandcommercialrevenues 1

    June08,2012 goingdown,wherewillthemoneycomefrom? TheAuthor AliNasirisaleadingeconomistfromPakistan.Hecanbecontactedviaemail alinasir.executive@gmail.com Followhimontwitterali_nasir_ec

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