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This is with reference to an op-ed "Per capita debt as high as PKR 100,670" carried by Business Recorder on June 24, 2015. It contains paragraphs on accumulation of public debt and compliance of Fiscal Responsibility and Debt Limitation Act 2005 which do not fully reflect the true picture.

This refers to a Business Recorder news item "FTA with China: Country paying `price of friendship'." According to this news item, Senate Standing Committee on Commerce has observed that Pakistan is paying a "friendship" price of $10 billion dollar per annum in trade with China under Free Trade Agreement (FTA) as is evident from figurers claimed by the Chinese side. This news item further tells the newspaper readers that the committee headed by Senator Syed Shibli Fraz gave this observation during a discussion on the Anti-Dumping Ordinance 2015 of the National Tariff Commission (NTC). The committee unanimously approved the amended Anti-Dumping Ordinance 2015 to be laid before the Senate shortly.
Economic philosopher Dr Zafar Altaf has made a sardonic comment on the 'splendor' and 'impressiveness' of the federal budget 2015-16 in one of his columns in recent weeks.
It is both interesting and shocking to learn that the outlawed Tehreek-e-Taliban Pakistan (TTP) against which the state of Pakistan is at war, has warned K-Electric, formerly known as Karachi Electric Supply Company Ltd, to end the power loadshedding forthwith or face the 'action', as the heatwave death toll has soared to over 1000 in the metropolis.
That the charges MQM is facing from BBC are indeed profound. The report of British broadcaster has definitely caused immense harm to the Karachi-based political party. According to BBC, the officials in Pakistan's Muttahida Qaumi Movement (MQM) have told the United Kingdom authorities that they received Indian government funds.
That the current heatwave in Karachi has claimed as many as 800 lives is a sardonic comment on the fast-growing cosmopolitan city's ability, rather inability, to take on this or similar challenge. What has clearly added to Karachiites woes increased power outages. How ironic, however, it is that the Sindh CM while blaming power cuts for deaths has conceded, albeit reluctantly, his government's responsibility in this regard.
According to SBP, the country's banking sector has shown a remarkable operating performance and resilience in the face of strenuous economic conditions. Resilience!! For over half-a-decade, the economy is in dire need of bank support in the shape of funding to private sector. Drop in banks lending ratio of advance/deposit further confirms banks' unwillingness to support the cause. SBP policy of subsidised lending to banks through OMOs discourages banks to contribute towards growth and encourages them to buy lucrative and least risky government papers. In such favourable environment, all risks to banking sector will certainly take a nosedive.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJune 25, 2015
Reserves $17.457 bln