Following is the text of the
fiscal year which is the highest level achievement since 2008-09. The economy has taken a turnaround on account of following serious economic agenda and striving sincerely to implement it. Early positive results, particularly stabilizing foreign exchange reserves, appreciation of
exchange rate, stability in prices despite heavy adjustments, remarkable industrial growth on account of improved energy supply, exceptional increases in remittances, historical heights of
The international financial institutions are also acknowledging and appreciating the positive improvements in national economy. A comprehensive agenda of reforms is highly focused on inclusive growth and to reinvigorate the economy, spur growth, maintain price stability, provide jobs to the youth and rebuild the key infrastructure of the economy through removal of bottlenecks like, energy shortages, privatization of bleeding PSEs, circular debt along with creating conducive investment climate to boost exports and tax revenues, and bridge fiscal and current account deficits. Government has shown commitment to develop vibrant and competitive market in order to accelerate and sustain economic growth through productivity, competitiveness, innovation and entrepreneurship.
Europe’s economic recovery, which began in the second quarter of 2013, is expected to continue spreading across countries and gaining strength while at the same time becoming more balanced across growth drivers. The
Qatar’s economy performed strongly with double-digit growth in most years adding up to a 66.7 percent expansion between 2008 and 2013, and the Saudi Arabia’s economy grew by 29.6 percent. A boost to living standards is also expected in
With regard to world commodity prices, agriculture prices are projected to decrease by 2.5 percent in 2014 under assumptions that the existing crop condition will continue for the rest of the year. In agriculture commodity markets, the key risk is weather. According to global crop outlook assessment released by
The transaction was closed successfully on
The success of the transaction highlights investor’s confidence in the recent changes in country’s leading economic indicators, external finances and structural reforms undertaken by the present government.
The other achievement is the successful auction of 3G/4G spectrum which has opened the new avenues of socio economic development in the country. The auction for 3G/4G spectrum licenses were carried out in a transparent manner and the new technology is expected to generate 900,000 new job opportunities in the next four years along with other direct and indirect benefits to the economy. Further achievement is the successful reviews by IMF. After every review the IMF scaled up the projections of economic growth and adjusted downward its inflation forecast for the country.
During the year some of the main reform programme focused on improvement in corporate governance, restructuring of
A gradual shift towards majority of independent directors in the Board of Directors has been stipulated in the rules. Role and functions of the Board have been clarified and offices of Chairman and CEO have been separated. The government is envisaging strategic partnership/ disinvestment of 31 PSEs representing the most viable transactions. The indicative mode of related divestments has been finalized. The Strategy is modeled around disinvesting a mix of PSEs in the oil & gas, banking & finance, power, industrial, transport and real estate sectors. A key element of the Strategy is
The government’s strategy will also focus on disinvesting the government’s shareholding in various entities especially in Oil & Gas, Power and Financial sectors through Capital Market Transactions, both on international and domestic markets. Direct sale of assets and units to investors is also envisaged. This will help in broadening and deepening domestic capital markets. It will facilitate foreign direct and portfolio investments as well as mobilize savings of individuals, households and institutional investors of
Since the elections held in
Government has developed National Power Policy (2013) which provides a roadmap for providing affordable energy in the country through efficient generation, transmission and distribution system.
The policy envisages provision of affordable electricity in the country by replacing generation from expensive imported fuels by cheaper indigenous resources led by hydel, coal and renewable energy sources, respectively.
The agenda for improving Pakistan’s business environment in order to attract higher foreign investment as well as to promote domestic entrepreneurship, has involved review of existing laws, rules and regulations that are obsolete, overlapping, and unduly add to the cost of doing business. Recent business related reforms initiated in key areas include: Facilitating new business start-ups, Designing frameworks to improve contract enforcement, Rationalizing tariffs, Regulatory reforms to improve the regulatory quality and Increasing access to finance and facilitating business solvency.
The specific recommendations focused on developing a framework for providing export insurance coverage, Up-gradation of
The public investment has recorded a growth at the rate of 17.12 percent as compared to negative growth (-0.35) percent last year, which is a major shift in expenditure priorities of the government. It is also evident that total investment witnessed a growth of 8.46 percent as compared to 8.41 percent last year, which is an indicator that investor’s confidence is improving in the country and government’s measures are working in right directions. During July-9th May 2013-14, credit to private sector (flows) has improved and increased to
The growth momentum is broad based, as it is recorded that all the three major sectors namely agriculture, industry and services have provided support to improve economic growth. The agriculture sector grew at the rate of 2.12 percent against the growth of 2.88 percent in the last year. The industrial sector expanded by 5.84 percent against the growth of 1.37 percent in last year, while large scale manufacturing posted a growth of 5.31 percent against the growth of 4.08 percent last year. The services sector grew at 4.29 percent as compared to 4.85 percent in last year.
Agriculture Sector: Agriculture is the main source of livelihood for the rural population as well as ensures food availability to rural and urban inhabitants. It is a key sector of the economy as it provides raw aterials to main industrial units of the country and also plays a major contribution in export earning of the country. The agriculture sector accounts for 21.0 percent of GDP and absorb 43.7 percent of labour force, the sector has strong backward and forward linkages. The agriculture sector has four sub sectors ncluding: crops, livestock, fisheries and forestry.
The performance of this sector in the outgoing fiscal year remained moderate. Agriculture sector recorded a growth of 2.1 percent against the growth of 2.9 percent last year. Important crops such as, wheat, rice, sugar posted a remarkable growth of 3.74 percent as compared to 1.19 percent last year and has compensated the subdued growth in other crops. During 2013-14, the availability of water for Kharif 2013 remained13.5 percent more than Kharif 2012 and 2.4 percent less than the normal supplies of 67.1 MAF. The water availability during Rabi season 2013-14 was estimated at 32.5 MAF, which was 1.9 percent higher than last year’s Rabi crop but 10.7 percent less than the normal availability of 36.4 MAF Agricultural credit is a vital input for leveraging the financial growth and ultimately leads to economic growth on sustainable basis. In line with the government priorities for development of agrarian economy, State Bank of
Rabi 2013-14 started with an opening balance of 175 thousand tons of urea. Domestic production during Rabi 2013-14 was 2439 thousand tons. Urea off take during current Rabi 2013-14 was about 3099 thousand tons, against 3476 thousand tons of total availability, leaving a closing balance of 376 thousand tons for next season. DAP availability in current season of Rabi was 1125 thousand tons, which included 307 thousand tons of inventory, 526 thousand tons of imported supplies and domestic production of 292 thousand tons. Off take of DAP during current Rabi season was about 1075 thousand tons, leaving a balance of 56 thousand tons for next season.
Kharif 2013 started with inventory of 220 thousand tons of urea. Total availability of urea (including 325 thousand tons of imported supplies, 2496 thousand tons of domestic production) was about 3041 thousand tons against the off take of 2851 thousand tons, leaving inventory of 175 thousand tons for Rabi 2013-14. Total availability of DAP during Kharif 2013 was 921 thousand tons comprising 197 thousand tons of inventory, 326 thousand tons of imported supplies and 398 thousand tons of local production. DAP off take was 616 thousand tons leaving closing balance of 307 thousand tons for coming Rabi 2013-14.
Important Crops: Important crops account for 25.24 percent of agricultural value addition. This sub-sector has recorded a growth of 3.74 percent compared to a growth of 1.19 percent last year. The important crops includes all major crops like wheat, maize, rice, sugarcane and cotton which registered growth at 4.44 percent, 7.27 percent,22.79 percent, 4.27 percent and 2.00 percent, respectively.
Other Crops: Other crops have share of 11.65 percent to value addition in overall agriculture sector. This sub-sector of agriculture has witnessed a growth at 3.53 percent against the growth of 6.05 percent last year. This decline in growth of minor crops was mainly due to 36.8 percent lower production of gram, 7.8 percent less production of Potatoes, 5.1 percent decline in production of masoor and 5.4 percent decrease in other pulses.
Cotton Ginning has witnessed a growth of (-) 1.33 percent against the growth of (-) 2.90 percent in the previous year due to reduction of the production of cotton as compared to last year.
Livestock is the most significant component of agriculture sector, which contributes 55.91 percent of agriculture value addition. It is a sub-sector of agriculture which is relatively less volatile as compared to other subsectors. Its share in agriculture is more than combined shares of all other subsectors of agriculture and contributes 11.8 percent in GDP. Livestock consists of cattle, buffalos, sheep, goat, camel, horses, asses, mules and poultry and their products. Livestock has registered a growth of 2.88 percent against the growth of 3.99 percent last year.
Growth of the forestry sub-sector is witnessed at 1.52 percent as compared to the growth of 0.99 percent last year.
Fisheries sub-sector has 2.03 percent contribution in agriculture and registered a growth of 0.98 percent compared to the growth of 0.65 percent last year. The sub-components of fisheries such as marine fishing and in-land fishing contributed to an overall increase in value addition in the fisheries sub-sector.The growth is expected to rise further in coming year due to lifting the ban by EU in fish export from
The industrial sector contributes 20.8 percent in the GDP of the country; it is also a major source of tax revenues for the government and also contributes significantly in the provision of job opportunities to the labour force. It is relatively less volatile sector as compared to other sectors of the economy. When the present government came into power last year, a comprehensive policy measures were planned and implemented on fast track to revive the economy. As a result industrial sector started revival and has recorded remarkable growth at 5.8 percent as compared to 1.4 percent in last year, which is the highest level achieved since 2008-09. Industrial sector in
Manufacturing Sector: Manufacturing is the key component playing a dominant role in the socio-economic progress of the economy. Manufacturing is the most important sub-sector of the industrial sector containing 64.92 percent share in the overall industrial sector. The growth of the manufacturing sector registered at 5.55 percent compared to the growth of 4.53 percent last year. Manufacturing which contribute 64.92 percent in overall industrial sector, having three sub-components; namely the Large-Scale Manufacturing (LSM) with the share of 52.45 percent, Small Scale Manufacturing with the share of 7.97 percent and laughtering with the share of 4.49 percent. Small scale manufacturing witnessed a growth at 8.35 percent against the growth of 8.28 percent last year and slaughtering growth is recorded at 3.51 percent as compared to 3.60 percent last year. LSM has registered a significant improvement.
It has witnessed a growth of 5.31percent as compared to the growth of 4.08 percent last year. The realization of growth in industrial sector is due to improvement in energy and gas supply, which has supplemented the growth of industrial sector higher as compared to previous six years. It is evident from the sector specific data that most sub-sectors performed well during the period July-March 2013-14, over corresponding period of last year.
Major contribution was made by Fertilizer 21.64 percent, Leather Products 12.96 percent , Food Beverages & Tobacco 7.78 percent,
Construction Sector: The share of construction in industrial sector is 11.48 percent and is one of the potential components of industries. The construction sector has registered a growth of 11.31 percent against the growth of (-) 1.68 percent of last year. This is also highest growth level achieved since 2008-09. The increase in growth is due to rapid execution of work on various projects, increased investment in small scale construction and rapid implementation of performance based development schemes and other projects of federal and provincial governments.
Mining and Quarrying: Mining and quarrying sub-sector contains 14.45 percent share of the industrial sector and contribute 3.0 percent in GDP of the country. This sub-sector witnessed a growth of 4.43 percent as compared to 3.84 percent growth of last year.
Electricity Generation & Distribution and Gas Distribution: This is the most essential component of industrial sector which also directly and indirectly contributes in uplift of all sectors of the economy. Its contribution in industrial sector is 9.15 percent and the share in the GDP is 1.9 percent. This sub-sector has registered growth at 3.72 percent as compared to negative growth of 16.33 percent during last year.
Services Sector: Services sector has emerged as the most significant driver of economic growth in the economy and is contributing a lead role in augmenting and sustaining economic growth in
The Services sector has witnessed a growth of 4.3 percent as compared to 4.9 percent last year. The moderate growth performance in services sector is broad based, all components contributed in positive growth as Finance and Insurance grew by 5.2 percent, General Government Services at 2.2 percent, Housing Services at 4.0 percent, Other Private Services at 5.8 percent, Transport, Storage and Communication at 3.0 percent and Wholesale & Retail Trade at 5.2 percent. This sector of the economy has a great potential to grow at much higher rate and government is making best efforts to tap this potential and in this regard various initiatives have been launched to create an enabling environment. During last 8 years the sectoral share of the agriculture sector has declined from 23.0 percent to 21.0 percent. The sectoral share of the manufacturing sector also decreased from 13.8 percent to 13.5 percent and the share of other industries has remained more or less stagnant around 7.1 to 7.3 percent of the GDP over the last 8 years.
The share of the services sector has increased from 56.0 percent to 58.1 percent in the same period. On the expenditure side three main drivers of economic growth are consumption, investment and export. In most of the economies consumption is the largest and relatively smooth component of aggregate demand, the other two components investment and exports are volatile as compared to consumption. Pakistani society like other developing countries is a consumption oriented society, having a high marginal propensity to consume. The private consumption expenditure in nominal terms reached to 80.49 percent of GDP, whereas public consumption expenditures are 12.00 percent of GDP. Total consumption expenditures have reached to 92.49 percent of GDP in outgoing fiscal year compared to 92.14 percent of last fiscal year.
The same trend was observed in data analysis in the real terms. Total consumption has increased 0.35 percent of GDP, private consumption decreased by 0.69 percentage points as it declined from 81.18 percent of GDP to 80.49 percent of GDP. While public consumption increased by 1.04 percentage points as it increased from 10.96 percent of GDP to 12.00 percent of GDP.
Per Capita Income:Per capita income is defined as Gross National Product at market prices in dollar term divided by the country’s population. Per Capita Income in dollar terms recorded a growth of 3.5 percent in 2013-14 as compared to 1.44 percent last year. The per capita income in dollar terms has reached to
The main factors, which are responsible for increase in per capita income, include acceleration in real GDP growth,relatively lower growth in population and the appreciation of Pak Rupee. Investment and Savings: During the last few years investment could not pick up due to internal and external factors and is considered as a key concern for economic growth. Total investment is recorded at 13.99 percent of GDP as compared to 14.57 percent of GDP last years, while fixed investment is registered at 12.39 percent of GDP against the 12.97 percent of GDP last year. Private investment is witnessed at 8.94 percent of GDP as compared to 9.64 percent of GDP in last year. There is encouraging evidence that the total investment witnessed a growth of 8.45 percent as compared to 8.41 percent last year which is an indicator that investment activities are
taking place on fast track as compared to last year and confidence of investors is improving due to better government policies. Public investment has recorded an impressive growth rate at 17.12 percent as compared to negative growth (-0.35) percent last year, which is a major shift in government expenditure priorities. Public sector investment is vital for catalyzing economic development. It generates spillover effects for private sector investment as private sector development is facilitate d through public sector development spending particularly on infrastructure.
Public investment as a percent of GDP increased to 3.45 percent against the 3.33 percent last year.
Moreover, the credit to private sector flows during the period July-
Over the last three decades, saving rates have fallen sharply in many countries contributing to the emergence of large current account imbalances in these countries. National savings are 12.9 percent of GDP in 2013-14 compared to 13.5 percent in 2012-13. Domestic savings witnessed at 7.5 percent of GDP in 2013-14 as compared to 8.3 percent of GDP in 2012-13. Net foreign resource inflows are financing the saving investment gap. There are two ways of improving the savings investment gap. One is through rising savings and the other is through declining investment. Present government is gearing up both savings and investment to augment the employment generating ability of the economy as well as raise resource availability for productive use in the economy.
Pakistan’s policy trends have been consistent, with liberalization, de-regulation, privatization, and facilitation being its foremost cornerstones.
Workers’ Remittances: Remittances remained a key source of external resource flows for developing countries, for official development assistance and more stable than private investment flows. According to Migration and Remittances report 2014 of the
However, in July-April, 2013-14, foreign direct investment stood at
Remittances from Saudi Arabia recorded a substantial growth of 12.90 percent,
Pakistan’s fiscal sector is confronted with challenges in the past on account of structural weaknesses in tax system. Consequently, the economy has witnessed low tax to GDP ratio. On the other hand expenditure overrun surpassed the revenue increase due to high interest payments, untargeted subsidies and less than expected revenues. However, during the current fiscal year, situation has started to improve on account of reform agenda initiated by the present government soon after coming into power in
During first ten months of current fiscal year, FBR’s collection amounted to
efforts in the country and increase tax to GDP ratio from the lowest level of 8.7 percent to 15 percent in the next few years. It comprises three-pronged measures, such as broadening of tax base, removing
anomalies in the taxation system and improving tax compliance while non tax
revenues on the other hand, posted significant growth of 15.8 percent on account of
Consequently, provincial surplus posted a healthy growth and reached to
Money and Credit:
Present government inherited difficult macroeconomic challenges due to volatile economic conditions on account of energy crisis, persistently high fiscal deficit, and security related issues and inflationary pressures in confluence with ongoing structural issues which brought plethora of challenges for monetary management in
Situation further aggravated due to continuous decline in foreign and domestic investment and insufficient external inflows. At the same time, high government borrowing for budgetary purpose significantly affected the balance sheet of scheduled banks.
Despite all these issues, banking sector of
During the current FY positive developments have been witnessed on monetary side, as government not only contained its borrowing from SBP for budgetary support but was also able to achieve the target set under IMF condition by end March, 2014. During the first half of current fiscal year, SBP reversed its policy stance from accommodative to tight policy as the rate was increased by cumulative 100 bps, staggered in two stages of 50 bps each.
This policy stance was largely a reflection of expected inflationary pressures in the medium term on account of high growth in monetary aggregates and upward adjustment in administered prices of electricity and gas. However, during the second half of current fiscal year, SBP maintained the policy rate at 10.0 percent keeping in view the positive development of almost all major economic indicators Recent data shows that during July - 9th May, 2013-14, growth in money supply (M2) remained 7.32 percent which is less than 10.32 percent recorded in the same period last year. Contained growth in money supply was possible on account of decline in net government borrowing in particular for budgetary purpose as compared to the previous level.
Contained growth in government borrowing has contributed to decline in growth of Net Domestic Assets of the banking sector. Growth in NDA stood at 4.79 percent (
During the period under review, government sector borrowing for budgetary support squeezed only to
Capital Market is one of the significant aspects of every financial market. Broadly speaking the capital market is a market for financial assets which have a long or indefinite maturity. The financial institutions play the role of lenders in the capital market. Business units and corporate are the borrowers in the capital market.
Pakistan’s Stock Market has achieved enormous growth during the current fiscal year as demonstrated by sharp and impressive rise in KSE-100 index as compared to Global Stock Markets including
The KSE 100 index which was at the level of 21,005.69 at the end of last financial year crossed first the barrier of 25,000 level mark at the end of December, 2013 and was trading around 28,913 level by the end of April, 2014. The Index reached the maximum points level of 29,458.15 during the first 10 months on
KSE-100 index remained World’s 5th Best Performing Index in 2013, which was up 49.4% (37% in US$ terms) in 2013, beating all but four stock indices in the world. It handily beat Morgan Stanley’s
It has been observed over the years that Pakistan’s economy mostly relied on the banking system to meet the financing needs of the economy whereas capital markets relatively developed slowly. During the past few years, the significance of debt markets and in particular of bond markets has been realized as a complimentary source of finance. The major drivers of financial assets in
During July-April, FY14 a total of 11 debt securities issued through private placement which includes two Privately Placed Term Finance Certificates of
There are about 3.6 million investors in National Saving Schemes (NSS). Presently, Defence Saving Certificates, Regular Income Certificates, Special Savings Certificates/Accounts, Bahbood Saving Certificates, Savings
Overview of inflationary trends during ten months of the current FY (July-April) 2013-14, indicates that inflation moved at slow pace on account of improved supply position of essential items and declining trend in major global commodities prices. Due to this slow trend the inflation rate was recorded at 8.7 percent on average basis during July-April, 2013-14, over an increase of 7.7 percent of corresponding period. The one percentage point increasing trend in inflation can be attributed to many factors but domestic food prices were the major stimulant to drive the head line inflation.
The increase in food items prices was on account of demand/supply fundamentals happened owing to cyclical conditions and also increase in the prices of imported food items due to increase in global market. Some variations in price movement of other measures of inflation were also observed. The Sensitive Price Indicator (SPI) measuring the movements in prices
of 53 essential items increased to 9.8 percent. Meanwhile Wholesale Price Index (WPI) based inflation was 8.3 percent during the period which is slightly higher over 8.0 percent in comparable period of last year. Core inflation plays an important role in fluctuation of inflation rate. The government borrowing is one of the key factors,
However, this relationship holds with period lag. The present government low level of borrowing i.e. by 15.7 percent during July-April, 2013-14, against 29 percent increase in borrowing in the comparable period last year has resulted in the decline of core inflation to 8.3 percent during the period under review as against 9.9 percent during July-April last year, which shows that at policy level government took effective measures to contain inflation.
The measures adopted by the government to control inflation includes tightening of money supply, close watch on regular basis on prices of essential items in the ECC meetings and it took necessary measures to control prices and ensure smooth supply of essential items to contain core inflation. The National Price Monitoring Committee (NPMC) headed by Federal Finance Minister also monitored prices of essential commodities in consultation with provincial governments and concerned federal ministries/ divisions and organizations and reviewed the supply position of essential items and recommended measures to enhance availability of essential commodities in the market to keep the inflation rate in single digit.
Trade and Payments: The world economy experienced subdued growth at 2.1 percent in 013.
While most developed economies continued to tackle with the challenge s and taking appropriate fiscal and monetary policy actions in the aftermath of the financial crisis. World Gross Product has been forecasted to grow at a pace of 3.0 and 3.3 per cent in 2014 and 2015, respectively.
Unlike imports, which are closely related to domestic business activity, exports are more dependent on developments outside the domestic economy. A statistically significant link exists between world exports and world GDP and it is therefore worthwhile to see the impact on Pakistan’s exports due to changes in the world GDP.
For most of the period, the elasticity remained greater than one.
It is expected that with the grant of GSP plus status,
Prior to GSP Plus our exports were facing stiff competition from countries like
During July-April, 2013-14, overall exports recorded a growth of 4.24 percent against a growth of 4.23 percent in the same period last year. In absolute terms, exports have increased from
According to the
during July-April, FY 13 to
Pakistan’s balance of payments shows an increase in capital flows that has substantially offset a gradual widening of the current account deficit during current financial year. External account turned into surplus during July-April, 2013-14, compared to the same period last year. Overall external account balance posted a surplus of
Worker’s remittances registered commendable growth during July-April,
2013-14, growing by 11.5 percent against 6.4 percent growth recorded in
the corresponding period of last year. The consistent growth in remittances reflects a shift from informal to formal avenues to remit funds from overseas Pakistanis. The Government and SBP have focused on promotion of formal channel for international remittances through banks and different money transfer services under the Pakistan Remittances Initiatives (PRI).
Foreign investment during July-April, 2013-14, increased by 133.3 percent compared to same period last year, due to
Prudent public debt management can help countries reduce their borrowing cost, contain financial risk and develop their domestic debt market. It can also facilitate countries in maintaining their financial stability and help to develop their domestic financial systems. The inadequate debt management and an unlimited and permanent growth of debt to GDP ratio may result in negative tendencies and negative impact on key macroeconomic indicators, like crowding out of investment, financial system instability, inflationary pressures, exchange rate fluctuation etc.
Prudent utilization of debt leads to higher economic growth and it also helps the government to accomplish its social and developmental goals. The stock of public debt stood at
The decline in external debt during first nine months of current fiscal year is mainly attributed to net repayments and appreciation of Pak Rupee against US Dollar. Public debt servicing reached at
The composition of domestic debt portfolio has itself undergone a transformation from a high dominance of unfunded debt to an increasing dependence on short term floating debt which is a source of vulnerability as it entailed high rollover and refinancing risk. Besides, the cost and stock of external public debt witnessed increase due to depreciation of Pak Rupee. The present government took following measures to effectively manage its public debt during first nine months of current fiscal year: Developed its first Medium Term Debt Management Strategy (2014-18) to take informed financing decisions based on the evaluation of cost-risk tradeoffs.
Trading of government debt instruments was launched to broaden the investor base and have a liquid government securities market.
External Debt and Liabilities (EDL) stock was recorded at
Out of this total increased,
The present government focuses strongly on primary education and endeavour to resume the compendium on education from 2.0 percent of its GDP to 4.0 percent by 2018 on education sector. To achieve the MDGs targets on education to improve literacy rate the federal government has allocated in the budget 2013-14 a substantial amount of
Literacy remained much higher in urban areas than in rural areas and higher among male than female. Province wise data suggests that Punjab leads with 62 percent followed by Sindh with 60 percent, Khyber Pakhtunkhwa with 52 percent and
The overall education situation based on key indicators such as likely enrolments, number of institutes and teachers, has shown a slight improvement. At national Level, the total number of enrolments during 2012-13 was estimated at 41.1 million as compared to 40.3 million during the same period last year. Under President’s Fanni Maharat Program & Prime Minister’s Hunarmand Program, individuals across the country are provided opportunities to gain skills development & training enabling the labor force to enhance their productivity and employability through training institutes/centres. During July-March 2013-14, a total of 6,677 youths received vocational & technical training under the President’ Fanni Maharat Programme and Prime Minister’s Hunermand Pakistan Programme and 2,687 are under training.
Health and Nutrition Significant progress toward achieving better health outcome has been made as is evident from its vast health infrastructure and medical facilities across the country.
The existing national public health network in
The government’s commitment toward attaining better health outcomes is reflected by the progressive nature of health spending which has increased by 29 percent from
To effectively address the health problems, a number of health programs are carried out. These include TB, Malaria, AIDs,
Population, Labour force and Employment: Population growth rate has decreased from 1.97 percent in 2013 to 1.95 percent in 2014 due to timely and effective measures adopted by the government. Although a population of 188.2 million projected for the year 2014 is well above the carrying capacity of its resources and creating population resource imbalance. Youth population, according to population projections of planning commission, is approximately 56 percent of the total population in the year 2014. To emancipate the country from problems associated with population-resource imbalance, increasing number of unemployed and least productive youth population, the present government is working on both population control and capacity building of youth population under the concept of inclusive growth. Family planning program of the government encompasses Family Welfare Center, Reproductive Health Services Centers,
The government has started a number of schemes under the umbrella of Prime Minister Youth Initiative for creating livelihood opportunities for unemployed youth and to make them an engine of growth for
These programs include Interest Free Loan Scheme, Business Loan Scheme, Youth Training Scheme,
According to the
million labour force, around 2.5 million people added in labour force as compared to 2010-11.Out of this labour force only 56.01 million people got employment and resultantly 3.73 million people are unemployed. Most of the labour force in
Overall unemployment rate has increased from 6.0 percent in 2010-11 to 6.2 percent in 2012-13 with rural unemployment increasing from 4.7 percent in 2010-11 to 5.5 percent in 2012-13 and urban unemployment is stable at 8.8 percent in 2012-13. This rise in unemployment is on account of rise in population, low growth and less job opportunities created in the past for power shortages resulting in lower production.
Policy makers in
During current financial year 2013-14, NHA has executed 83 development projects costing
Government is taking new initiatives to improve the performance of
Since 2002, the performance of
During July-March 2013-14,
Telecommunication sector of
Auction of 3G/4G spectrum is the major achievement of the government in Telecom Sector and has earned revenue of
A gigantic collaboration extended by the Chinese Government in construction of infrastructure projects like; China-Pak Economic Corridor and High Priority Early Harvest Projects will pave multi dimensional socio-economic and geo-political benefits to both the countries. The advancement in Telecommunication sector would create 900,000 new jobs into the country, increase data penetration up to 10 percent in next three years and will increase GDP growth by 1.5 to 1.8 percent.
Pakistan’s primary energy supply heavily depends upon the imported crude oil & petroleum products because of low production capacity of crude oil and natural gas.
Realizing the gravity of situation and importance of energy for economic activities, the present government has taken this issue on top of its economic reform agenda by pursuing a comprehensive plan to address above mentioned problems. In this context, government retired the circular debt (
Poverty and Social Safety Nets:
Poverty is measured traditionally in terms of ability to meet a minimum number of calories intake or to have a minimum level of income to satisfy basic needs of an adult per day because poor spend sixty percent of their income on food related expenditures. Official poverty line in
According to Pakistan’s Millennium Development Goal Report 2013, the incidence of absolute poverty decreased from 22.3 percent in 2005-06 to 12.4 percent of population living below official poverty.
Banazir Income Support Programme is one of the most popular and well thought interventions of the government. Present government has continued the program with total disbursements
The programme has four closely associated and complementary components including Waseela-e-Rozgar (Technical and Vocational Training), Waseela-e-Haq (Microfinance), Waseela-e-Sehat (
PPAF’s role in microcredit, water and infrastructure, drought mitigation, education, health, and emergency response interventions has been widely appraised. Total disbursement through PPAF during the period July to December 2013-14 is
The environment protection cannot be achieved without underpinning economic activity with sustainable development. Government of
While climate change is a global phenomenon, its impacts is felt more severely by the developing world due to their greater vulnerabilities and lesser capacity to manage the effects of climate change, and similarly, within society, by marginal and vulnerable groups including women and children.
Pakistan’s emissions of greenhouse gases (GHGs) are much lower than those of the rest of the world. Environmental degradation along with poor home hygiene, lack of basic sanitation and unsafe drinking water has a huge impact on the health of the population, particularly children under five. Government of
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