Pakistan Development Update, April 2015
The Pakistani economy faced four major domestic shocks as of April 2015: (i) a political sit-in by opposition parties in Islamabad that lasted between August and December and raised significant political uncertainty; (ii) the September floods in Pu...
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| Format: | Report |
| Language: | English en_US |
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Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/04/24366175/pakistan-development-update http://hdl.handle.net/10986/21752 |
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okr-10986-21752 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English en_US |
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ACCOUNTING AMORTIZATION AUCTION AUCTIONS AVAILABILITY OF CREDIT BAILOUT BALANCE OF PAYMENT BALANCE OF PAYMENTS BALANCE SHEETS BANK BORROWINGS BANK DEPOSITS BANK FINANCING BANKING INSTITUTIONS BANKING SECTOR BANKING SYSTEM BASIS POINT BASIS POINTS BID BIDS BOND BOND INDEX BONDS BROAD MONEY BUDGET DEFICIT BULLET REPAYMENT CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL MARKET TRANSACTIONS CAPITAL MARKETS CAPITALIZATION CASH RESERVE CASH TRANSFER CASH TRANSFERS CENTRAL BANK COLLECTION PROCESSES COMMERCIAL BANKS COMMODITY PRICES CONCESSIONARY TAX CONSUMER PRICE INDEX CONTINGENT LIABILITIES COUNTRY RISK COUPON COUPON BOND CREDIT BUREAU CREDIT GROWTH CURRENT ACCOUNT DEFICIT DEBT RATIOS DEBT SERVICE DEBT SERVICING DEBT SERVICING COST DEPOSIT DISCOUNT RATE DOMESTIC BANKING DOMESTIC BORROWING DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC DEBT DOMESTIC INTEREST RATES DOMESTIC MARKET DOMESTIC PRICE DOMESTIC SECURITY DURABLES ECONOMIC REFORM EMERGING MARKETS EQUITY MARKET EQUITY MARKETS EUROBOND EXCHANGE COMMISSION EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT PERFORMANCE EXPORTERS EXTERNAL FINANCING FINANCIAL CRISIS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENTS FINANCIAL STATEMENTS FISCAL BURDEN FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL POLICY FIXED INCOME FLOATING DEBT FOREIGN ASSET FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE RESERVES FOREIGN PORTFOLIO INVESTMENT FUND INFORMATION GLOBAL ECONOMY GOVERNMENT BONDS GOVERNMENT BORROWING GOVERNMENT BORROWINGS GOVERNMENT GRANTS GOVERNMENT PAPERS GROSS DOMESTIC PRODUCT GROWTH RATE HOLDING HUMAN RESOURCE INCOME LEVELS INCOME TAX INFLATION INFLATION RATE INFLATION RATES INFLATIONARY EXPECTATIONS INFLATIONARY PRESSURES INFORMATION TECHNOLOGY INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE FINANCING INSURANCE INTEREST PAYMENTS INTEREST RATE INTEREST RATE SPREADS INTERNATIONAL BANK INTERNATIONAL BOND INTERNATIONAL BOND MARKET INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL MARKET INTERNATIONAL MARKETS INTERNATIONAL TRADE INVENTORIES INVESTING INVESTMENT ASSETS INVESTMENT CLIMATE INVESTMENT PORTFOLIO INVESTOR CONFIDENCE ISLAMIC BANKING ISLAMIC BANKS ISLAMIC BOND ISLAMIC BOND ISSUANCE ISLAMIC BONDS ISLAMIC FINANCIAL MARKET ISLAMIC LAW ISLAMIC MARKET ISSUANCE LENDER LENDERS LIABILITY COMPOSITION LIMITED LIABILITY LIQUIDITY LIQUIDITY MANAGEMENT LIVING STANDARDS LOAN LOAN PORTFOLIO LOCAL CURRENCY LONG-TERM ASSETS LONG-TERM GOVERNMENT SECURITIES MARKET VALUE MARKET YIELD MATURITIES MATURITY MICROFINANCE MICROFINANCE SECTOR MONETARY FUND MONETARY POLICY NATIONAL SAVING NON-PERFORMING LOANS NONPERFORMING LOANS OIL PRICE OIL PRICES OUTPUT PENSIONS PERMANENT DEBT POLITICAL UNCERTAINTY PORTFOLIO INVESTMENT PRIVATE INVESTMENT PRIVATE SECTOR CREDIT PRIVATIZATION PRIZE BONDS PUBLIC DEBT PUBLIC INVESTMENT PURCHASING POWER REFORM PROGRAM REMITTANCE REMITTANCES REPAYMENTS REPO REPO RATE RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RESERVES RETURN RETURN ON ASSETS RETURNS SECONDARY MARKET SECURITY CONCERNS SETTLEMENT SINKING FUND SOLVENCY SOVEREIGN BOND SOVEREIGN YIELD SPOT MARKET STATE BANK STATUTORY LIQUIDITY STOCK EXCHANGE SUKUK T-BILLS TANGIBLE ASSET TAX TAX COLLECTION TAX EXEMPTIONS TAX RATE TAX RATES TIME DEPOSITS TRADE BALANCE TRADE REGIME TRADING TRANCHE TRANSACTION TRANSACTION COSTS TREASURY TREASURY BILL TREASURY BILLS TREASURY RATE TREATY TURNOVER UNDERLYING ASSET UNFUNDED DEBT YIELD CURVE |
| spellingShingle |
ACCOUNTING AMORTIZATION AUCTION AUCTIONS AVAILABILITY OF CREDIT BAILOUT BALANCE OF PAYMENT BALANCE OF PAYMENTS BALANCE SHEETS BANK BORROWINGS BANK DEPOSITS BANK FINANCING BANKING INSTITUTIONS BANKING SECTOR BANKING SYSTEM BASIS POINT BASIS POINTS BID BIDS BOND BOND INDEX BONDS BROAD MONEY BUDGET DEFICIT BULLET REPAYMENT CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL MARKET TRANSACTIONS CAPITAL MARKETS CAPITALIZATION CASH RESERVE CASH TRANSFER CASH TRANSFERS CENTRAL BANK COLLECTION PROCESSES COMMERCIAL BANKS COMMODITY PRICES CONCESSIONARY TAX CONSUMER PRICE INDEX CONTINGENT LIABILITIES COUNTRY RISK COUPON COUPON BOND CREDIT BUREAU CREDIT GROWTH CURRENT ACCOUNT DEFICIT DEBT RATIOS DEBT SERVICE DEBT SERVICING DEBT SERVICING COST DEPOSIT DISCOUNT RATE DOMESTIC BANKING DOMESTIC BORROWING DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC DEBT DOMESTIC INTEREST RATES DOMESTIC MARKET DOMESTIC PRICE DOMESTIC SECURITY DURABLES ECONOMIC REFORM EMERGING MARKETS EQUITY MARKET EQUITY MARKETS EUROBOND EXCHANGE COMMISSION EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT PERFORMANCE EXPORTERS EXTERNAL FINANCING FINANCIAL CRISIS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENTS FINANCIAL STATEMENTS FISCAL BURDEN FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL POLICY FIXED INCOME FLOATING DEBT FOREIGN ASSET FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE RESERVES FOREIGN PORTFOLIO INVESTMENT FUND INFORMATION GLOBAL ECONOMY GOVERNMENT BONDS GOVERNMENT BORROWING GOVERNMENT BORROWINGS GOVERNMENT GRANTS GOVERNMENT PAPERS GROSS DOMESTIC PRODUCT GROWTH RATE HOLDING HUMAN RESOURCE INCOME LEVELS INCOME TAX INFLATION INFLATION RATE INFLATION RATES INFLATIONARY EXPECTATIONS INFLATIONARY PRESSURES INFORMATION TECHNOLOGY INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE FINANCING INSURANCE INTEREST PAYMENTS INTEREST RATE INTEREST RATE SPREADS INTERNATIONAL BANK INTERNATIONAL BOND INTERNATIONAL BOND MARKET INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL MARKET INTERNATIONAL MARKETS INTERNATIONAL TRADE INVENTORIES INVESTING INVESTMENT ASSETS INVESTMENT CLIMATE INVESTMENT PORTFOLIO INVESTOR CONFIDENCE ISLAMIC BANKING ISLAMIC BANKS ISLAMIC BOND ISLAMIC BOND ISSUANCE ISLAMIC BONDS ISLAMIC FINANCIAL MARKET ISLAMIC LAW ISLAMIC MARKET ISSUANCE LENDER LENDERS LIABILITY COMPOSITION LIMITED LIABILITY LIQUIDITY LIQUIDITY MANAGEMENT LIVING STANDARDS LOAN LOAN PORTFOLIO LOCAL CURRENCY LONG-TERM ASSETS LONG-TERM GOVERNMENT SECURITIES MARKET VALUE MARKET YIELD MATURITIES MATURITY MICROFINANCE MICROFINANCE SECTOR MONETARY FUND MONETARY POLICY NATIONAL SAVING NON-PERFORMING LOANS NONPERFORMING LOANS OIL PRICE OIL PRICES OUTPUT PENSIONS PERMANENT DEBT POLITICAL UNCERTAINTY PORTFOLIO INVESTMENT PRIVATE INVESTMENT PRIVATE SECTOR CREDIT PRIVATIZATION PRIZE BONDS PUBLIC DEBT PUBLIC INVESTMENT PURCHASING POWER REFORM PROGRAM REMITTANCE REMITTANCES REPAYMENTS REPO REPO RATE RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RESERVES RETURN RETURN ON ASSETS RETURNS SECONDARY MARKET SECURITY CONCERNS SETTLEMENT SINKING FUND SOLVENCY SOVEREIGN BOND SOVEREIGN YIELD SPOT MARKET STATE BANK STATUTORY LIQUIDITY STOCK EXCHANGE SUKUK T-BILLS TANGIBLE ASSET TAX TAX COLLECTION TAX EXEMPTIONS TAX RATE TAX RATES TIME DEPOSITS TRADE BALANCE TRADE REGIME TRADING TRANCHE TRANSACTION TRANSACTION COSTS TREASURY TREASURY BILL TREASURY BILLS TREASURY RATE TREATY TURNOVER UNDERLYING ASSET UNFUNDED DEBT YIELD CURVE World Bank Pakistan Development Update, April 2015 |
| geographic_facet |
South Asia Pakistan |
| description |
The Pakistani economy faced four major
domestic shocks as of April 2015: (i) a political sit-in by
opposition parties in Islamabad that lasted between August
and December and raised significant political uncertainty;
(ii) the September floods in Punjab that affected
agricultural crops; (iii) the postponed sale of Oil and Gas
Development Company Limited (OGDCL) equity shares in
November that reduced its expected privatization proceeds
and foreign direct inflows (FDI); and (iv) the terrorist
attack in a school in Peshawar that heightened security
concerns. However, supported by a favorable slump in
international oil prices, and steady implementation of
structural reforms by the government, the economy is
improving. Preliminary data for the first half of FY15 show
growth picking up, driven mainly by strong performance in
the agriculture and services sectors. Despite the floods
last year, growth improved in the cotton, wheat, and rice
crops. The services sector was boosted by transport,
storage, communications, finance, and insurance. On the
demand side, growth continues to be driven by private
consumption partly fuelled by high remittance inflows.
Credit to the private sector continued to grow, but slightly
less rapidly than last year: as a percentage of GDP, it fell
to 13.4 percent in January 2015 compared with 14.1 percent
in January 2014. Pakistan is on track to meet a fiscal
deficit target of 4.8 percent of GDP in FY15. The newly
elected government appears to be committed to fiscal
discipline and has made fiscal consolidation the cornerstone
of its economic program supported by the IMF, the World Bank
and other donors. At present, Pakistan is facing three
sources of risk: first is the prospect of an early reversal
of the fall in oil prices. Second is the repeat of political
events of the first half that keep FDI flows and private
investment low; and also affects foreign reserves,
privatization program and growth prospects. An uncertain
political environment undermines investor confidence and
depresses economic activity. Third is the continuation of a
troubled domestic energy sector that continues to endure a
long-due complex inheritance on its circular debt. Given
past trends and the current growth rate, poverty is expected
to continue to fall and shared prosperity to improve in this
and the next fiscal year. However, a large mass of the
population is clustered around the official poverty line, so
that small improvements in household real consumption can
translate into substantial movement in poverty in either direction. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Pakistan Development Update, April 2015 |
| title_short |
Pakistan Development Update, April 2015 |
| title_full |
Pakistan Development Update, April 2015 |
| title_fullStr |
Pakistan Development Update, April 2015 |
| title_full_unstemmed |
Pakistan Development Update, April 2015 |
| title_sort |
pakistan development update, april 2015 |
| publisher |
Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2015/04/24366175/pakistan-development-update http://hdl.handle.net/10986/21752 |
| _version_ |
1764449172314914816 |
| spelling |
okr-10986-217522021-04-23T14:04:04Z Pakistan Development Update, April 2015 World Bank ACCOUNTING AMORTIZATION AUCTION AUCTIONS AVAILABILITY OF CREDIT BAILOUT BALANCE OF PAYMENT BALANCE OF PAYMENTS BALANCE SHEETS BANK BORROWINGS BANK DEPOSITS BANK FINANCING BANKING INSTITUTIONS BANKING SECTOR BANKING SYSTEM BASIS POINT BASIS POINTS BID BIDS BOND BOND INDEX BONDS BROAD MONEY BUDGET DEFICIT BULLET REPAYMENT CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL MARKET TRANSACTIONS CAPITAL MARKETS CAPITALIZATION CASH RESERVE CASH TRANSFER CASH TRANSFERS CENTRAL BANK COLLECTION PROCESSES COMMERCIAL BANKS COMMODITY PRICES CONCESSIONARY TAX CONSUMER PRICE INDEX CONTINGENT LIABILITIES COUNTRY RISK COUPON COUPON BOND CREDIT BUREAU CREDIT GROWTH CURRENT ACCOUNT DEFICIT DEBT RATIOS DEBT SERVICE DEBT SERVICING DEBT SERVICING COST DEPOSIT DISCOUNT RATE DOMESTIC BANKING DOMESTIC BORROWING DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC DEBT DOMESTIC INTEREST RATES DOMESTIC MARKET DOMESTIC PRICE DOMESTIC SECURITY DURABLES ECONOMIC REFORM EMERGING MARKETS EQUITY MARKET EQUITY MARKETS EUROBOND EXCHANGE COMMISSION EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT PERFORMANCE EXPORTERS EXTERNAL FINANCING FINANCIAL CRISIS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENTS FINANCIAL STATEMENTS FISCAL BURDEN FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL POLICY FIXED INCOME FLOATING DEBT FOREIGN ASSET FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE RESERVES FOREIGN PORTFOLIO INVESTMENT FUND INFORMATION GLOBAL ECONOMY GOVERNMENT BONDS GOVERNMENT BORROWING GOVERNMENT BORROWINGS GOVERNMENT GRANTS GOVERNMENT PAPERS GROSS DOMESTIC PRODUCT GROWTH RATE HOLDING HUMAN RESOURCE INCOME LEVELS INCOME TAX INFLATION INFLATION RATE INFLATION RATES INFLATIONARY EXPECTATIONS INFLATIONARY PRESSURES INFORMATION TECHNOLOGY INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE FINANCING INSURANCE INTEREST PAYMENTS INTEREST RATE INTEREST RATE SPREADS INTERNATIONAL BANK INTERNATIONAL BOND INTERNATIONAL BOND MARKET INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL MARKET INTERNATIONAL MARKETS INTERNATIONAL TRADE INVENTORIES INVESTING INVESTMENT ASSETS INVESTMENT CLIMATE INVESTMENT PORTFOLIO INVESTOR CONFIDENCE ISLAMIC BANKING ISLAMIC BANKS ISLAMIC BOND ISLAMIC BOND ISSUANCE ISLAMIC BONDS ISLAMIC FINANCIAL MARKET ISLAMIC LAW ISLAMIC MARKET ISSUANCE LENDER LENDERS LIABILITY COMPOSITION LIMITED LIABILITY LIQUIDITY LIQUIDITY MANAGEMENT LIVING STANDARDS LOAN LOAN PORTFOLIO LOCAL CURRENCY LONG-TERM ASSETS LONG-TERM GOVERNMENT SECURITIES MARKET VALUE MARKET YIELD MATURITIES MATURITY MICROFINANCE MICROFINANCE SECTOR MONETARY FUND MONETARY POLICY NATIONAL SAVING NON-PERFORMING LOANS NONPERFORMING LOANS OIL PRICE OIL PRICES OUTPUT PENSIONS PERMANENT DEBT POLITICAL UNCERTAINTY PORTFOLIO INVESTMENT PRIVATE INVESTMENT PRIVATE SECTOR CREDIT PRIVATIZATION PRIZE BONDS PUBLIC DEBT PUBLIC INVESTMENT PURCHASING POWER REFORM PROGRAM REMITTANCE REMITTANCES REPAYMENTS REPO REPO RATE RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RESERVES RETURN RETURN ON ASSETS RETURNS SECONDARY MARKET SECURITY CONCERNS SETTLEMENT SINKING FUND SOLVENCY SOVEREIGN BOND SOVEREIGN YIELD SPOT MARKET STATE BANK STATUTORY LIQUIDITY STOCK EXCHANGE SUKUK T-BILLS TANGIBLE ASSET TAX TAX COLLECTION TAX EXEMPTIONS TAX RATE TAX RATES TIME DEPOSITS TRADE BALANCE TRADE REGIME TRADING TRANCHE TRANSACTION TRANSACTION COSTS TREASURY TREASURY BILL TREASURY BILLS TREASURY RATE TREATY TURNOVER UNDERLYING ASSET UNFUNDED DEBT YIELD CURVE The Pakistani economy faced four major domestic shocks as of April 2015: (i) a political sit-in by opposition parties in Islamabad that lasted between August and December and raised significant political uncertainty; (ii) the September floods in Punjab that affected agricultural crops; (iii) the postponed sale of Oil and Gas Development Company Limited (OGDCL) equity shares in November that reduced its expected privatization proceeds and foreign direct inflows (FDI); and (iv) the terrorist attack in a school in Peshawar that heightened security concerns. However, supported by a favorable slump in international oil prices, and steady implementation of structural reforms by the government, the economy is improving. Preliminary data for the first half of FY15 show growth picking up, driven mainly by strong performance in the agriculture and services sectors. Despite the floods last year, growth improved in the cotton, wheat, and rice crops. The services sector was boosted by transport, storage, communications, finance, and insurance. On the demand side, growth continues to be driven by private consumption partly fuelled by high remittance inflows. Credit to the private sector continued to grow, but slightly less rapidly than last year: as a percentage of GDP, it fell to 13.4 percent in January 2015 compared with 14.1 percent in January 2014. Pakistan is on track to meet a fiscal deficit target of 4.8 percent of GDP in FY15. The newly elected government appears to be committed to fiscal discipline and has made fiscal consolidation the cornerstone of its economic program supported by the IMF, the World Bank and other donors. At present, Pakistan is facing three sources of risk: first is the prospect of an early reversal of the fall in oil prices. Second is the repeat of political events of the first half that keep FDI flows and private investment low; and also affects foreign reserves, privatization program and growth prospects. An uncertain political environment undermines investor confidence and depresses economic activity. Third is the continuation of a troubled domestic energy sector that continues to endure a long-due complex inheritance on its circular debt. Given past trends and the current growth rate, poverty is expected to continue to fall and shared prosperity to improve in this and the next fiscal year. However, a large mass of the population is clustered around the official poverty line, so that small improvements in household real consumption can translate into substantial movement in poverty in either direction. 2015-04-16T19:24:38Z 2015-04-16T19:24:38Z 2015-04 Report http://documents.worldbank.org/curated/en/2015/04/24366175/pakistan-development-update http://hdl.handle.net/10986/21752 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work Economic & Sector Work :: Economic Updates and Modeling South Asia Pakistan |