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The outcome of the fiscal operations of the Federal and Provincial Governments in 2014-15 has been made public a few days ago. The consolidated fiscal deficit is Rs 1457 billion, equivalent to 5.3 percent of the GDP, as compared to 5.5 percent of the GDP in 2013-14. The target agreed with the IMF was 4.9 percent of the GDP. Therefore, there has been a relatively small slippage of 0.4 percent of the GDP, for which a waiver has been sought from the IMF.

The government has initiated the establishment of power parks to overcome the electricity shortfall before the 2018 general elections, primarily focused on high value areas of sensitive votes catchment and better project viability. National Power Parks Management Company Ltd (NPPMC), a subsidiary recently established under the Ministry of Water and Power, has been established for the purpose.
Hungarian police evacuated Budapest's main international rail station on Tuesday after hundreds of migrants tried to board trains to western Europe, as new figures showed more than 350,000 have risked their lives so far this year crossing the Mediterranean. With tensions high as hundreds of police, some in riot gear, moved people out of Keleti station, statistics from the International Organisation for Migration (IOM) revealed the gravity of the crisis facing the continent with the biggest movement of people since World War II.
"It's damned if he does and damned if he doesn't."
After the Soviet Union's withdrawal from Afghanistan and shift of America's focus from Afghanistan to decimating the Soviet Union (with no concern for rebuilding Afghanistan's infrastructure shattered by America's proxy war against the Soviet Union)the Taliban take-over a totally dysfunctional Afghanistan - a reality coolly watched (or assisted?) by Pakistan.
The release this past April of the World Bank's 2014 Findex report was a major wake-up call for Pakistan. Less than 10 percent of Pakistani adults have an account at a financial institution, and Findex finds that the percentage of "unbanked" Pakistanis has actually grown in the past three years. This has serious adverse consequences both for the unbanked families themselves and for the nation's future. In this four-part series, the chief executive officer of one of Pakistan's fastest-growing microfinance bank discusses what it means to have a financial sector that serves only a tiny percent of the market, how we got into this trap, and how we might get out of it.
Questions swirl around a supposed train full of "Nazi gold" found hidden underground in Poland. The Polish government appears convinced, but historians remain deeply sceptical as the local castle cashes in on the surge in tourist interest. Walbrzych (dpa) - Fortune hunters and the merely curious have descended in droves on a stretch of railway line between the cities of Wroclaw and Walbrzych in Poland where a fabled "Nazi gold train" is said to have been found.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln