We have found a new home! The Finance Secretary while chairing the National Price Monitoring Committee meeting here took notice of consecutive rise in SPI which monitors the prices of essential commodities on a acca p4 forex peace basis and desired that the provincial governments should be more vigilant in controlling prices.
Their district prices control committees should play a pro-active role in checking the prices and see undue profiteering is not taking place. The provincial governments and other stakeholders may remain vigilant to avoid any supply shortage. Any anticipated shortfall in supply may be addressed immediately to avoid price hike. The meeting was informed that Punjab Government has placed an excellent model for checking and controlling the prices particularly through video links in different districts. The other provinces are also making efforts in the same direction and should follow the same model. The meeting was attended by representatives from the Provinces of Punjab, Sindh, Khyber Pakhthunkhwa, Islamabad Capital Territory, Ministries of Industries, Commerce, National Food Security and Research, Planning Development and Reforms, Inter Provincial Coordination, Statistics Division, Pakistan Bureau of Statistics, Utility Stores Corporation and Federal Board of Revenue.
Moody’s Investor Service, one of the world’s most respected and widely utilized credit rating agency, on May 18, 2018, reaffirmed Pakistan’s credit profile as B3 stable. The reaffirmation is based on the country’s strong growth performance and potential, a relatively large economy and the sustained reforms programme undertaken by the Government in the last five years. The stable outlook reflects the country’s potential to further strengthen its growth beyond current levels with successful implementation of CPEC projects, cashing in on both foreign and domestic investments, continued robust activity of large scale manufacturing and a rebounding agriculture sector all of which would aid Pakistan to shift to a higher growth trajectory on sustained basis. Pakistan also fares better in GDP growth among its peers with 5.
8 percent growth in fiscal 2018, as compared to the median 2017 growth of 3. 8 percent among B rated sovereigns. The report refers to implementation of structural reforms and the fiscal discipline achieved by the country in recent years. Moody’s expects fiscal deficit to remain around 5.
5 percent of GDP in fiscal 2018 on the back of strong revenue collection in the first six months which witnessed a 20 percent rise as compared to the corresponding year-earlier period. Some areas where the country requires renewing its focus are increasing the revenue base, investing in social sectors, improving competiveness, reinvigorating privatization and managing debt profile astutely. The future outlook, however, bodes well for Pakistan as the reform agenda continues and key targets of macroeconomic stability, fiscal discipline and growth supporting initiatives continue on track. Government of Pakistan welcomes the re-affirmation of Pakistan’s sovereign rating by Moody’s Investors Service. It shows that Pakistan’s economy, despite challenges, is on a stable path to a higher growth trajectory. The scheme was announced during the Budget speech for year 2017-2018.