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Economy

Monetary policy, public finance, trade and the external account.

Data card: Pakistan's fourth-quarter FY26 growth was 2.00 percent against 6.07 percent a year earlier, with the first three quarters averaging 4.21 percent and industry contracting 4.70 percent in Q4
The National Accounts Committee revised FY26 growth to 3.65pc and put the economy at $450.4bn, with fourth-quarter growth of just 2pc.
23 Oct
Data card: combined power and gas circular debt reached Rs5,306 billion at 30 June 2026, with gas at Rs3,631 billion up 10.4 percent against power at Rs1,675 billion up 2.1 percent
Combined energy circular debt reached Rs5,306bn on 30 June 2026, with gas at Rs3,631bn against power at Rs1,675bn.
20 Oct
Data card: Pakistan's external debt of about 100 billion dollars is to stay broadly unchanged while short maturities are refinanced long over two to three years, against an IMF inflation projection of 9.9 percent for 2027
Aurangzeb says Pakistan will refinance short-term external debt into longer maturities over two to three years while keeping the stock near $100bn.
13 Oct
Data card: the IMF staff-level agreement unlocks about 1.21 billion dollars, comprising 1 billion under the EFF and 210 million under the RSF, with State Bank reserves at 21.45 billion dollars
Pakistan and the IMF have reached staff-level agreement on the fourth EFF and third RSF reviews, unlocking about $1.21bn subject to Board approval.
9 Oct
Data card: petrol rises Rs1.19 to Rs394.83 a litre while diesel falls Rs1.91 to Rs395.85, leaving diesel dearer by Rs1.02, with Rs114 a litre collected in tax on petrol
Petrol rises Rs1.19 to Rs394.83 and high-speed diesel falls Rs1.91 to Rs395.85 from 7 October, under the daily pricing regime in force since July.
7 Oct
Data card: Pakistan trade deficit reached 10.79 billion dollars in Q1 FY27, up 15 percent, with exports of 8.43 billion and imports of 19.22 billion dollars
PBS data puts the Q1 FY27 trade gap at $10.79bn, up 15.13pc, as imports of $19.22bn outran exports of $8.43bn.
6 Oct
Data card: Tax returns rose 45 percent to 5.77 million while tax collected fell 7 percent, with average tax per return down 36 percent from Rs20,926 to Rs13,403, non-salaried filers up 60 percent, and companies filing down to 7,953 from 11,206
Average tax per return fell 36%. That is the non-filer penalty regime working as designed — it buys documentation, not revenue.
1 Oct
Data card: The tax deadline falls today with the FBR's portal reportedly failing for a week, a requested one-month extension to 30 October, banks staying open late on 30 September, no published count of returns filed, and Rs390 billion of refunds held under the IMF cap
Extensions punish the compliant; refusing one punishes people for a state failure. The filing count that would settle it is not published.
30 Sep
Data card: Pakistan says it is not buying PIA aircraft, with three items on the US EXIM agenda covering Boeing aircraft, refinery upgrades and Reko Diq, no sovereign guarantee announced, asset-backed financing as standard, and no aircraft figures published
Financing secured against the aircraft is how aircraft finance always works. The open question is who the creditworthy lessee is meant to be.
28 Sep
Data card: The IMF is back for $1.2 billion with 57.8 percent of the combined $8.3 billion drawn and about 65 percent of the EFF term elapsed, alongside an unverified Rs390 billion refund cap, a missed June 2026 sugar deadline and a Rs200 billion subsidy cut
The Fund does not publish its criteria until after a staff-level agreement. The commitments under examination can be assembled from the public record.
24 Sep
Data card: Petrol was cut Rs1.70 but is still Rs7.71 higher than a week ago at Rs392.05 a litre, set by a seven-day rolling Platts average, with a Rs3.12 diesel cut and the flat Rs100 relief now covering 25.5 percent of the pump price
A seven-day rolling average explains most of the lag. Publishing the inputs rather than only the output would retire a whole category of suspicion.
23 Sep

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