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Of all the provincial budgets, KPKs was the most waited. It was a bit of anti-climax that the senior minister who belongs to the coalition partner Jamaat-e-Islami, presented the budget instead of a PTI face - yet the speech sounded coming straight from the PTIs economic team.
For the telecommunications industry, the FY14 federal budget seems no different than the one presented last year. Though the telecom operators are set to benefit from the one percentage point reduction in corporate tax rate, that measure is hardly telecom-specific.
Buy yourself a treat if you already know that provinces managed to ditch the centre once again; chances are you are one of the few who do. The outgoing fiscal year saw provinces post a combined fiscal deficit of Rs62 billion, against the budgeted surplus of Rs79.5 billion. This is the biggest differential since FY11; the differential between budgeted and actual amount stood around 27 percent in FY11 and FY12.
What do the Finance Minister of Pakistan Ishaq Dar and the White Rabbit from Alice in the Wonderland have in common? They both love to talk a lot and since they are in such a hurry, they both often miss out on key details.
It appears that back-to-back rate cuts have started bearing fruits for the private sector. The central banks third quarterly report on the state of economy speaks volumes about this optimistic development. Since June 2012, the weighted average lending rate saw a reduction of 267 basis points to 10.5 percent, owing to cuts in the discount rate - and this is where the private sector lending takes flight.
Thanks to their double-digit growth over past many years, remittance inflows from the Kingdom of Saudi Arabia (KSA) have been commanding dominant share in Pakistan’s overall remittances. According to latest data released by the State Bank of Pakistan, overseas Pakistanis remitted $12.76 billion back home in eleven months ending May 2013, out of which $3.75 billion (nearly 30 percent) were received from the desert kingdom.
With banks’ earnings already battered by incessant rate cuts and spread attritions, the Federal Budget FY14 has offered little in the form of a helpline to the aggrieved sector.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln