Every time you fall in love; crash, boom, bang: that may well be the theme song at the Karachi Stock Exchange. The latest in the series of heartbreaks is yesterdays 650 point decline at the benchmark KSE. The last time the index took such a massive beating was on December 31, 2007, when it fell by 696 points following the assassination of Benazir Bhutto.
The provincial budgets for fiscal year 2013-14 reflect early dividends of devolution. From Karachi to Peshawar, all provincial capitals have made remarkably higher allocations for social sector development. However, that doesn mean infrastructure development has taken a back seat. Quite the opposite!
While the big picture presented in the latest edition of the comprehensive statistical review by BP encircles around the low energy demand growth in line with lower average economic growth in 2012, some happenings during the year are too interesting to ignore.
And some of these happenings might underlie some structural changes that might show shifting dynamics of interwoven world energy in the long run.
Contrary to market expectations voiced through numerous brokerage house reports, BR Research in its recent articles hinted at the slashing of interest rates and its political imperatives. And the SBP Board dominated by government influenced experts did the same last week.
Budgetary spending on youth may be relatively small as a percentage of total federal and provincial outlays. But when it comes to wooing this all important voter segment, each province, or rather each party, is following the notion of ‘unto your policy, unto mine’.
Balochistan followed in the footsteps of other provinces, announcing a deficit budget – as expected. That said the provincial budget failed to get the warm response from the media that it deserved and that the other provinces got.
Don’t get staggered if you see an unusual number of foreigners specially “Afghans” around you! Pakistan has continued its tradition of generously keeping the country’s borders open, hosting 1.6 million refugees, the highest number worldwide in 2012 with majority coming from Afghanistan, says UNCHR report titled “Global trends 2012”.