Page 15 - Pakistan Link - May 28, 2021

PAKISTAN MAY 28, 2021 – PAKISTAN LINK – P15
Asad Umar Defends Economic Growth Figures, Pakistan Stock Exchange Sets New

Praises PM’s Coronavirus Strategy Record of Daily Traded Volume

Islamabad: Minister for Planning,
Development and Special Initiatives
Asad Umar on Tuesday credited
Prime Minister Imran Khan’s strat-
egy for dealing with the coronavirus
pandemic for the country’s better
economic performance despite ear-
lier projections.
He made the comment during
a press conference in Islamabad in
which he discussed the figures re-

cently released by the National Ac-
counts Committee which estimated
a 3.94 per cent economic growth
rate this fiscal year, compared to a

revised negative 0.47pc in 2019-20.
At the outset, Umar said the

federal cabinet analyzed the figures
in its meeting in the day after an Planning and Development Minister Asad Umar (L) and Information Minister The capital markets remained positive throughout Wednesday’s session as a variety

intense debate was witnessed over Fawad Chaudhry (R) address a press conference in Islamabad on Tuesday of positive developments increased investors’ risk appetite

the last few days. The minister said to invest in sectors such as con- ‘It is doing that because it Karachi: The Pakistan Stock Ex- The total number of companies
he shared the reasons behind the struction that generated the most sees something [in the future],” he change (PSX) on Wednesday recorded traded was 423 compared to 418 dur-
growth rate with the cabinet. employment. said, while stressing that “all high- an all-time high daily trading volume, ing the previous session. Of the scrips
“In a year in which the world’s He said the government had frequency data is pointing towards with Planning Minister Asad Umar traded, 284 closed up, 125 closed
big economies were in trouble and been receiving statistics for months fast pace [of growth] and strength attributing the development to the down, and 14 remained unchanged.
the challenge of Covid was there ... and no one had raised any questions in economy”. market reacting to signs of sustained The traded value increased by

we had a comparatively better situ- previously. The minister said some people economic recovery. Rs4.83 billion to Rs28.34 billion.

ation. The foundation stone for this The minister shared that over- were doubting the economic growth The capital markets remained

better economic performance was seas Pakistanis had sent more than rate because it was different from positive throughout the session as a
the prime minister’s decision” to $5.4 billion in remittances in the the projections by the World Bank variety of positive developments in- Current Account
protect the poor and combat the first 10 months of the year which and the IMF. He pointed to last year creased investors’ risk appetite, regis-

coronavirus in a way that people’s would rise to around $6.5bn by the when the National Accounts Com- tered by a record high traded turnover Posts $773

livelihoods would not be affected, year’s end. mittee projected that the economic of 1.56 billion shares.
he said. “More than half of Pakistan’s growth rate would be -0.38pc but “New daily traded volume re- Million Surplus in

“There is no doubt people still population is directly or indirectly later revised it to -0.47pc. cord set on the [PSX]. Today’s volume

went through difficulty but [Paki- linked to agriculture. Out of five big The World Bank and IMF had exceeded previous record by 39 per 10MFY21

stan] remained better off as com- crops of Pakistan, cotton [produc- said back then that Pakistan’s econ- cent,” Umar tweeted.

pared to the rest of the world. The tion] was not as good as last year’s. omy would shrink by 1.5 to 2pc He said it was reflective of the Karachi: The country’s current ac-

world’s big organizations and peo- Three of four crops — wheat, maize which had not happened and the market reacting to “signs of sustained count (C/A) has been showing deficit

ple also said work has been done [in and rice — had record production National Accounts Committee was recovery” and “the successful contain- each month since December 2020,
a better way] in Pakistan.” this year.” proved “right”, he said. ment of the Covid 3rd wave ... though but it remained in surplus with $773

Outlining the reasons for the The sugarcane crop this year He said he “understood the op- risk still remains”. million during the first 10 months of

improved economic growth rate, was also a bumper crop and the sec- position’s worry” about the figures, In Wednesday’s session, WTL 2020-21 — reflecting the additional
Umar said because of the “innova- ond-largest yield in Pakistan’s his- especially the PML-N who was con- carried the lantern of gains for the support of higher remittances and ex-
tive work” of the Ehsaas Emergency tory, Umar disclosed. All of the data cerned at how PM Imran and his investors, which added volumes of ports.

Cash Program, money was given to regarding crops had been available team had “made the economy stand 707 million shares to the overall trad- The latest data issued by the State
nearly one-third of Pakistani fami- for months but there was no contro- on its feet when they left it in tat- ing activity — almost half of the total Bank of Pakistan (SBP) on Tuesday

lies, which was then put back into versy attached to it, he added. ters”. intraday volume, while achieving a showed that the current account defi-

the economy when the people spent “It is logical that if you see such steep gain of 41.23pc in its share price, cit (CAD) contracted by almost 61 per
it. growth in the production sector, Committee approved to re- a closing report by Aba Ali Habib said. cent to $200m in April against $510m
The State Bank of Pakistan then the services sector will also view TLP ban The bullish trend in share prices in the same month last year.

(SBP) played a “wonderful role” and show growth. We do not get high- Information Minister Fawad parked the benchmark KSE-100 index The $773m surplus during

took timely decisions, according to frequency data for construction so Chaudhry, who addressed the press at the 46,812.31 level with a gain of 10MFY21 has, however, changed
the minister, while the Ministry of we use cement sales as a proxy. Ev- conference before Umar, apprised 511.65 points on Wednesday. the economic situation for the gov-

Finance gave a “very big stimulus ery month, it is being reported in the media of decisions taken by the The index remained positive ernment, which has been struggling
package” which boosted businesses’ newspapers that record sales have cabinet, including the approval of a throughout the session, touching an to reduce the highest-ever CAD of

confidence. taken place.” proscription review committee that intraday high of 46,855.59 $20bn in FY18. Even if the remaining
“The prime minister personally Similarly, loans taken by the would decide on the ban imposed Of the 97 traded companies in two months (May and June) witness

[made efforts] for the construction private sector were a good indica- on Tehreek-i-Labbaik Pakistan the KSE-100 index, 77 closed up and deficits, the C/A would end up with

sector. He held negotiations with tor of industrial activity and figures (TLP) last month. 20 closed down. The total volume surplus in FY21.

the managing director of the IMF were reported every month by the Chaudhry said the proscribed traded for the benchmark index was The SBP has recently said that the

(International Monetary Fund) and SBP, he said. Data for the first nine party had submitted a request to 306.27m shares. country has posted a current account
got concessions.” Umar contended months of the year showed a 60pc review the ban and under the Anti- Sectors propping up the index surplus this fiscal year after a gap of 17

that daily-wage laborers earned the increase in the number of loans tak- Terrorism Act, the government was were Commercial Banks with 147 years which will help the economy to
most from the construction sector, en by the private sector in general bound to form a committee com- points, Technology and Communi- come out from the huge pressure of

adding that Pakistan did not have while there was an increase of Rs- prising officials of the interior min- cation with 99 points, Oil & Gas Ex- deficits prevailing for a long period.
trillions of dollars compared to big- 126bn in loans taken by the sector istry for review. ploration Companies with 73 points, The CAD was $4.657bn in

ger economies so it wanted people for expansion purposes, he added. Textile Composite with 46 points and 10MFY20 which has now turned into
Chaudhry Nisar Takes Oath as MPA almost Food and Personal Care Products a surplus in the same period of FY21
helping the economy to stabilize on
with 28 points.
The most points added to the in-

Three Years after Being Elected dex were by TRG which contributed external fronts like higher foreign ex-
change reserves and stable exchange
72, followed by OGDC with 45 points, rate.
Lahore: Estranged PML- Speaking to reporters (Rawalpindi-III). PPL with 30, MCB with 29 and BAFL The country succeeded in keep-

N leader and former in- outside the Assembly, he The former interior with 28. ing its current account surplus despite
terior minister Chaudhry said he would undertake a minister had confirmed Sector wise, the index was let increasing trade deficit which wid-

Nisar Ali Khan took oath visit to Lahore again soon his decision to take the down by Cement with six points, Pa- ened by 21.6pc to $23.83bn during

as member of the Punjab during which he would oath in a statement on per and Board with five points, Tobac- July-April FY21. This was against the

Assembly on Wednesday hold detailed talks with Sunday. The politician co with four points, Glass and Ceram- trade deficit of $19.59bn in FY20.

after the Assembly Secre- media persons. When he from Chakri had said he ics with three points and Chemical The growing imports helped the

tariat found no stay order was asked which political had made the decision with two points. economy to produce more exportable

against his formally be- party he would join, he after consulting his con- The most points taken off the in- products generating higher economic

coming an MPA. answered: “I am not going stituents. dex were by FFC which stripped it of activities.

He was adminis- [to any party] yet.” He had also clarified 22 points followed by FCCL with nine Government offi cials maintain

tered the oath of office Khan had been at the time that taking the points, MLCF with nine points, EPCL that the higher imports supported the

by Punjab Assembly elected from Punjab As- oath would not affect his with five points and PAKT with four economic growth, which would be

Deputy Speaker Sardar sembly’s constituency PP- 34,000 votes, but did not stance or belief (about rig- points. 3.94pc in FY21 as was provided by the

Dost Mohammad Mazari. 10 (Rawalpindi-V) in the take the oath alleging rig- ging in the 2018 general The all-share volume increased National Accounts Committee (NAC)
Khan entered the Assem- 2018 general elections as ging that led to his defeat election that led to his de- by 885.98m to 1,563.36m Shares, and was fully supported by the SBP

bly through government an independent candi- in the National Assem- feat in the NA constitu while the market cap rose by Rs85.36 announcing that the GDP growth fig-
chambers. date with a margin of over bly’s constituency NA-59 NISAR, P28 billion. ure was unanimous.
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