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In pursuance of International Monetary Fund's (IMF) recommendations, State Bank of Pakistan (SBP) has adopted International Financial Reporting Standards (IFRS) as its financial reporting framework. The Central Board of Directors of the SBP in its meeting held on October 25, 2014, approved the financial statements and Annual Performance Review on the working of the bank and its subsidiaries for the year ended June 30, 2014.

The State Bank of Pakistan earned a profit of Rs 268.634 billion, up by 14 percent, for the financial year ended June 30, 2014 (FY14), compared to Rs 235.892 billion in the preceding year (FY13). According to SBP Annual Performance Review for the year 2013-14, the increase in profit has been mainly attributable to higher discount, interest/mark-up and/or return earned and increases in other operating income partly offset by the accumulated loss on re-measurement of defined retirement benefits due to revision in International Accounting Standard 19- Employee Benefit.
The Auditor General of Pakistan (AGP) has confirmed that National Savings Schemes missed the investment target by fetching Rs 1024.25 billion against the target of Rs 1025.19 billion during the financial year 2012-13. The Central Directorate of National Savings (CDNS) is an attached department of the Finance division. It is engaged in the sale of various national savings schemes through its field network having 374 National Savings Centers spread across the country.
Auditor General of Pakistan (AGP) has detected 289 cases of financial indiscipline, embezzlement, miscalculation, weak internal control system and overpayment amounting to Rs 947.5 billion in Water and Power Development Authority (Wapda) which deals with hydropower projects.
Six companies have submitted their Expressions of Interest (EoIs) against imported coal-based IPPs of cumulative capacity of 6600 MW to be set up at the Gadani Power Park, (Balochistan). The EoI opening ceremony was held here yesterday at Private Power & Infrastructure Board (PPIB), which was attended by the acting Managing Director PPIB, Shah Jahan Mirza, Additional Secretary M/O Water and Power, Omer Rasul, Executive Directors, Directors of PPIB, representative of Pakistan Power Park Management Company Limited, senior government officials and representatives of the bidding companies.
China on Friday hailed an international conference on Afghanistan that it said agreed to launch dozens of programmes to boost development and help the country maintain peace as foreign forces draw down. Chinese foreign minister Wang Yi said that under a "Beijing Declaration" the meeting agreed to start 64 programmes covering issues such as trade, investment, infrastructure, disaster management and education.
Prime Minister Nawaz Sharif has announced a reduction of Rs 9.43 per litre in the price of petrol following a reduction in the international price of petroleum products and constituted a committee to ascertain whether Rs 65 billion reduction in circular debt was due to over billing or recovery of arrears.
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln