Dangerous deficit: Why Pakistan economy can’t be stable?
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2016-09-26 08:13:24

Dangerous deficit: Why Pakistan economy can’t be stable?

 

Current account deficit widened to $591 million in July 2016, more than double from $234 million in the same month of last fiscal year, the central bank data showed on Friday. The deficit during the first month of the current fiscal year of 2016/17 posted a year-on-year expansion of 152 percent from the corresponding month of 2015/16. The deficit rose by 93pc compared to the same period last year, making it difficult to paper over it by pointing towards remittances and inflows from creditors. There may well be a continued expansion in the economy, in terms of output, from CPEC projects and development spending by the government. But the quality of this expansion needs further comment because it is accompanied by a massive slowdown in agriculture and textiles. The announcement has a short focus on monetary aggregates, and briefly mentions “ongoing stability in the market interest rates”, which have come down all through the year. But again, whether this is healthy or not depends on who you ask. Banks are scrambling to find quality lenders, but the search is taking the form of a price war to bag public-sector borrowers instead of a ramped-up effort to introduce innovative products or venture into areas starved of credit like small and medium enterprises or agriculture.

 

pk.shafaqna.com

 

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Press agenda on December 11

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