Latest news with #PRs
India Today
17 hours ago
- Business
- India Today
Pakistan's debt increased to PKR 76,000 billion, economic survey reveals
Pakistan's debt has increased to PRs 76,000 billion in the first nine months of the current fiscal year, according to the economic survey, which indicated that the cash-strapped country's economy is likely to grow by 2.7 per cent this Minister Muhammad Aurangzeb, who released the Economic Survey 2024-25 Monday, said Pakistan's economy has been on the path to recovery for the last two years, and the process was further stabilised and strengthened in the current fiscal survey is a key pre-budget document highlighting the economic performance of the government in the fiscal year 2024-25. Pakistan's financial year begins on July 1. In the first nine months of the current fiscal year, the government's debt increased to PRs (Pakistani Rupees) 76,000 billion, including PRs 51,500 billion from local banks and PRs 24,500 billion in loans from external sources, according to the document, which comes a day before the presentation of the a press conference after launching the economic survey, Aurangzeb said the GDP growth in 2023 was -0.2pc, which rose to 2.5pc in 2024."This year, we announced a 2.7pc growth for 2025. This is a gradual recovery and the right way to go about it is to focus on sustainable growth,' he also placed Pakistan's recovery within the broader global context, noting that the global GDP growth has reached 2.8 per next fiscal year will be a turnaround story,' he said, setting the tone for a budget expected to aim for IMF compliance, increased revenue, and growth-focused macroeconomic indicators, Aurangzeb said the current account recorded a surplus of USD 1.9 billion during July–April FY25, driven by strong IT exports, which were about USD 3.5 billion.'Remittances are projected to reach USD 37–38 billion by year-end, up from USD 27 billion two years ago,' he about macroeconomic indicators, the minister said, 'public debt and debt-to-GDP ratio was 68 per cent, which is now 65 per said forex reserves as of June 30, 2024, were USD 9.4 billion, which was a remarkable recovery from 2023 when Pakistan was down to two weeks of import said foreign exchange reserves rose to USD 16.64 billion in 2025, boosted by improved economic indicators and renewed investor confidence. Of the total reserves, the State Bank of Pakistan held USD 11.5 billion, while commercial banks retained USD 5.14 said that the increase follows improved credit ratings, with Fitch upgrading Pakistan's sovereign rating from CCC+ to B- with a stable minister announced plans to privatise 24 state-owned enterprises (SOEs) in the coming year, after curbing annual losses of Rs800 said that the size of Pakistan's economy increased to USD 411 billion in the current fiscal year, which was USD 372 billion in the previous fiscal survey showed that Pakistan's literacy rate remained at 67 per cent, with Punjab having the highest literacy rate at 66 per cent. Sindh had a literacy rate of 57.5 per cent, Khyber Pakhtunkhwa had 51 per cent, and Balochistan had a literacy rate of 42 per showed that exports were USD 27.3 billion while imports USD 48.6 National Assembly Speaker Ayaz Sadiq approved the schedule for the upcoming sessions to present and discuss the federal budget for 2025– to the approved schedule, the budget will be presented in the National Assembly on June 10. The assembly would remain in recess on June 11 and 12, and the budget debate would commence on June general discussion on the budget will continue until June 21, and the debate will formally conclude on the same June 23, the National Assembly will hold a discussion on the charged expenditures for the fiscal year 2025–26, which will be followed by debates and voting on Demands for Grants and Cut Motions on June 24 and Finance Bill 2025 will be taken up for approval by the National Assembly on June 26, while Supplementary Grants and other related matters will be discussed and voted on June InMust Watch
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Business Standard
17 hours ago
- Business
- Business Standard
Pakistan's debt increases to PKR 76,000 billion by end-March 2025
Pakistan's debt has increased to PRs 76,000 billion in the first nine months of the current fiscal year, according to the economic survey, which indicated that the cash-strapped country's economy is likely to grow by 2.7 per cent this year. Finance Minister Muhammad Aurangzeb, who released the Economic Survey 2024-25 Monday, said Pakistan's economy has been on the path to recovery for the last two years, and the process was further stabilised and strengthened in the current fiscal year. The survey is a key pre-budget document highlighting the economic performance of the government in the fiscal year 2024-25. Pakistan's financial year begins on July 1. In the first nine months of the current fiscal year, the government's debt increased to PRs 76,000 billion, including PRs 51,500 billion from local banks and PRs 24,500 billion in loans from external sources, according to the document, which comes a day before the presentation of the budget. Addressing a press conference after launching the economic survey, Aurangzeb said the GDP growth in 2023 was -0.2pc, which rose to 2.5pc in 2024. "This year, we announced a 2.7pc growth for 2025. This is a gradual recovery and the right way to go about it is to focus on sustainable growth, he said. He also placed Pakistan's recovery within the broader global context, noting that the global GDP growth has reached 2.8 per cent. "The next fiscal year will be a turnaround story, he said, setting the tone for a budget expected to aim for IMF compliance, increased revenue, and growth-focused reforms. Highlighting macroeconomic indicators, Aurangzeb said the current account recorded a surplus of $1.9 billion during JulyApril FY25, driven by strong IT exports, which were about $3.5 billion. Remittances are projected to reach $3738 billion by year-end, up from $27 billion two years ago, he said. Talking about macroeconomic indicators, the minister said, public debt and debt-to-GDP ratio was 68 per cent, which is now 65 per cent. He said forex reserves as of June 30, 2024, were $9.4 billion, which was a remarkable recovery from 2023 when Pakistan was down to two weeks of import cover. He said foreign exchange reserves rose to $16.64 billion in 2025, boosted by improved economic indicators and renewed investor confidence. Of the total reserves, the State Bank of Pakistan held $11.5 billion, while commercial banks retained $5.14 billion. He said that the increase follows improved credit ratings, with Fitch upgrading Pakistan's sovereign rating from CCC+ to B- with a stable outlook. The minister announced plans to privatise 24 state-owned enterprises (SOEs) in the coming year, after curbing annual losses of Rs800 billion. Aurangzeb said that the size of Pakistan's economy increased to USD 411 billion in the current fiscal year, which was USD 372 billion in the previous fiscal year. The survey showed that Pakistan's literacy rate remained at 67 per cent, with Punjab having the highest literacy rate at 66 per cent. Sindh had a literacy rate of 57.5 per cent, Khyber Pakhtunkhwa had 51 per cent, and Balochistan had a literacy rate of 42 per cent. It showed that exports were $27.3 billion while imports $48.6 billion. Meanwhile, National Assembly Speaker Ayaz Sadiq approved the schedule for the upcoming sessions to present and discuss the federal budget for 202526. According to the approved schedule, the budget will be presented in the National Assembly on June 10. The assembly would remain in recess on June 11 and 12, and the budget debate would commence on June 13. The general discussion on the budget will continue until June 21, and the debate will formally conclude on the same day. On June 23, the National Assembly will hold a discussion on the charged expenditures for the fiscal year 202526, which will be followed by debates and voting on Demands for Grants and Cut Motions on June 24 and 25. The Finance Bill 2025 will be taken up for approval by the National Assembly on June 26, while Supplementary Grants and other related matters will be discussed and voted on June 27.
Time of India
18 hours ago
- Business
- Time of India
‘Turnaround story next year': Pakistan's debt increases to PRs 76,000 billion; its FM claims economy on path to recovery
Pakistan FM said that GDP growth increased from -0.2pc in 2023 to 2.5pc in 2024. (AI image) Pakistan's total debt has risen to PRs 76,000 billion during the initial nine months of the present fiscal year, as revealed in its economic survey. The report indicates that the financially constrained nation is expected to achieve a growth rate of 2.7 per cent this year. During the Economic Survey 2024-25 release on Monday, Finance Minister Muhammad Aurangzeb stated that the Pakistani economy has shown signs of recovery over the past two years, with further stabilisation and strengthening observed in the current fiscal year. The survey, an essential pre-budget publication, outlines the government's economic achievements for fiscal year 2024-25. The country's financial calendar commences on July 1. According to the document released prior to the budget presentation, the government's debt in the first nine months of the current fiscal year reached PRs 76,000 billion, comprising PRs 51,500 billion from domestic banks and PRs 24,500 billion from external borrowing. During a press briefing following the economic survey launch, Aurangzeb said that GDP growth increased from -0.2pc in 2023 to 2.5pc in 2024, according to a PTI report. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Device Made My Power Bill Drop Overnight elecTrick - Save upto 80% on Power Bill Pre-Order Undo Also Read | Economy in dire straits, India's Indus Waters Treaty blow: Can Pakistan avoid the 'begging bowl'? "This year, we announced a 2.7pc growth for 2025. This is a gradual recovery and the right way to go about it is to focus on sustainable growth," he said. He contextualised Pakistan's recovery against global economic performance, noting that worldwide GDP growth was 2.8 per cent. " The next fiscal year will be a turnaround story," he claimed, indicating a budget that may aim to comply with IMF requirements. Discussing economic indicators, Aurangzeb noted that the current account showed a surplus of $1.9 billion in July-April FY25, supported by IT exports of approximately $3.5 billion. "Remittances are projected to reach $37-38 billion by year-end, up from $27 billion two years ago," he said. Addressing macroeconomic metrics, the minister reported, "public debt and debt-to-GDP ratio was 68 per cent, which is now 65 per cent." The forex reserves reached $9.4 billion as of June 30, 2024, marking an improvement from 2023's position when Pakistan had only two weeks of import coverage. The foreign exchange reserves increased to $16.64 billion in 2025. The State Bank of Pakistan maintained $11.5 billion, whilst commercial banks held $5.14 billion. Also Read | 270 million pulled out of poverty! How Modi government achieved a remarkable dip in extreme poverty & what's the road ahead? Explained Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hindustan Times
18 hours ago
- Business
- Hindustan Times
Pakistan's debt increases to PRs 76,000 billion
Pakistan's debt has increased to PRs 76,000 billion in the first nine months of the current fiscal year, according to the economic survey, which indicated that the cash-strapped country's economy is likely to grow by 2.7 per cent this year. Finance Minister Muhammad Aurangzeb, who released the Economic Survey 2024-25 Monday, said Pakistan's economy has been on the path to recovery for the last two years, and the process was further stabilised and strengthened in the current fiscal year. The survey is a key pre-budget document highlighting the economic performance of the government in the fiscal year 2024-25. Pakistan's financial year begins on July 1. In the first nine months of the current fiscal year, the government's debt increased to PRs (Pakistani Rupees) 76,000 billion, including PRs 51,500 billion from local banks and PRs 24,500 billion in loans from external sources, according to the document, which comes a day before the presentation of the budget. Addressing a press conference after launching the economic survey, Aurangzeb said the GDP growth in 2023 was -0.2pc, which rose to 2.5pc in 2024. "This year, we announced a 2.7pc growth for 2025. This is a gradual recovery and the right way to go about it is to focus on sustainable growth,' he said. He also placed Pakistan's recovery within the broader global context, noting that the global GDP growth has reached 2.8 per cent. "The next fiscal year will be a turnaround story,' he said, setting the tone for a budget expected to aim for IMF compliance, increased revenue, and growth-focused reforms. Highlighting macroeconomic indicators, Aurangzeb said the current account recorded a surplus of $1.9 billion during July–April FY25, driven by strong IT exports, which were about $3.5 billion. 'Remittances are projected to reach $37–38 billion by year-end, up from $27 billion two years ago,' he said. Talking about macroeconomic indicators, the minister said, 'public debt and debt-to-GDP ratio was 68 per cent, which is now 65 per cent. He said forex reserves as of June 30, 2024, were $9.4 billion, which was a remarkable recovery from 2023 when Pakistan was down to two weeks of import cover. He said foreign exchange reserves rose to $16.64 billion in 2025, boosted by improved economic indicators and renewed investor confidence. Of the total reserves, the State Bank of Pakistan held $11.5 billion, while commercial banks retained $5.14 billion. He said that the increase follows improved credit ratings, with Fitch upgrading Pakistan's sovereign rating from CCC to B- with a stable outlook. The minister announced plans to privatise 24 state-owned enterprises (SOEs) in the coming year, after curbing annual losses of Rs800 billion. Aurangzeb said that the size of Pakistan's economy increased to USD 411 billion in the current fiscal year, which was USD 372 billion in the previous fiscal year. The survey showed that Pakistan's literacy rate remained at 67 per cent, with Punjab having the highest literacy rate at 66 per cent. Sindh had a literacy rate of 57.5 per cent, Khyber Pakhtunkhwa had 51 per cent, and Balochistan had a literacy rate of 42 per cent. It showed that exports were $27.3 billion while imports $48.6 billion. Meanwhile, National Assembly Speaker Ayaz Sadiq approved the schedule for the upcoming sessions to present and discuss the federal budget for 2025–26. According to the approved schedule, the budget will be presented in the National Assembly on June 10. The assembly would remain in recess on June 11 and 12, and the budget debate would commence on June 13. The general discussion on the budget will continue until June 21, and the debate will formally conclude on the same day. On June 23, the National Assembly will hold a discussion on the charged expenditures for the fiscal year 2025–26, which will be followed by debates and voting on Demands for Grants and Cut Motions on June 24 and 25. The Finance Bill 2025 will be taken up for approval by the National Assembly on June 26, while Supplementary Grants and other related matters will be discussed and voted on June 27.
Express Tribune
4 days ago
- Business
- Express Tribune
Public input invited on SME finance guidelines
Listen to article To enhance access to finance for small and medium enterprises (SMEs), the State Bank of Pakistan (SBP) has issued a comprehensive draft of revised Prudential Regulations (PRs) for SME financing. Aimed at promoting sustainable, responsible, and inclusive financing practices, the updated framework introduces new regulations while revising several existing ones to make them more principles-based and market-responsive. "In addition to the introduction of some new regulations, several existing PRs have also been revised to make the PRs principles-based, remove structural barriers in SME finance, encourage banks to leverage technology, and foster partnerships with fintechs and other non-financial service providers to better serve the financing needs of SMEs," the SBP stated. The draft PRs have been uploaded on SBP's official website for public consultation. The consultation period is open from June 5 to June 20, 2025. Feedback may be submitted at using the feedback form provided on the SBP website. "The change is needed from the grassroots level to ensure no one is left out," said the President of The Union of Small and Medium Enterprises (UNISAME), Zulfikar Thaver. He said the PRs were much needed because digital banking demands inclusive financing at all levelsfrom micro to medium enterprises. In this connection, the PRs had to be revised to accommodate all categories of SMEs. "Finance must be made accessible to every entrepreneur, from freelancers and home-based workers to upper-medium entrepreneurs," he said. "The definition has to be revised, as must the system of registration of entrepreneurs to make access to finance possible and easy." Thaver also stressed the need to teach risk management to bankers and to give banks the flexibility to finance entrepreneurs according to their needs. "The limits will have to be revised, as money has been devalued. In view of Islamic banking gaining ground, it is very important that every aspect of Islamic financing is included to make the PRs comprehensive and complete." He added that UNISAME has set up a committee of experts for an in-depth study and will submit suggestions accordingly. "The core issues in Pakistan's dismal performance in providing formal financing to SMEs (both debt and equity) are simple, somewhat by design, and may not be resolved without a structural change in how Pakistan's financial markets operate," said Hashim Raza, former CEO of the Small and Medium Enterprises Development Authority (SMEDA). "For example," he said, "our financial markets are crowded by the government, which consumes around 65% of the total debt in any given year. The remaining 35% credit is barely enough to service corporate, trade financing, commercial, personal, etc." He explained that under these conditions, it does not make business sense for banks to venture into SME lending — especially when the cost of lending is high and so are the risks, both historically and based on actual performance over the past two decades. Raza said the SME financing market failure is further aggravated by the absence of a viable public or public-private SME financing bank. "It views SME financing as an issue of affordability when it is, in fact, an issue of access — just as microfinance was in the early 2000s in Pakistan." "As a result," he continued, "informal loan sharks, suppliers' credit, buyers' advances, and personal or family savings remain the primary sources of funding for an approximately — and very conservatively estimated — Rs1,500 billion SME debt financing market." "Only one-third of this is serviced by banks," Raza added. "According to SBP data, the total principal outstanding for the SME sector in Pakistan is about Rs470 billion. But even these numbers are misrepresentative — my estimate is that actual credit advanced to SMEs is less than Rs100 billion."
