RESTRICTED
WORLD TRADE WT/BOP/15
28October 1996
ORGANIZATION(96-4603)
Original: English Committee onBalance-of-Payments Restrictions
1996 CONSULTATIONS WITH PAKISTAN UNDER ARTICLE XVIII:12(b)
OFTHE GATT 1994 AND THE RELATED UNDERSTANDING
Basic Document Supplied byPakistan
MACRO-ECONOMIC PERFORMANCE
Overview
1. Notwithstanding theyeartoyearfluctuations, therealGDP ofPakistan registered anaverage
growth rateof5.0percentfortheperiod 1991-92 to1995-96. TherealGDP(fc) grew by7.7per
centin1991-92 butthegrowth rateplummeted toalowlevelof2.3percentin1992-93 which was
thecombined outcome ofwidespread rains, deterioration interms oftrade andslippage infinancial
policies ofthegovernment. Theexcessive rains ledtoanegative growth of5.3percentinthe
agriculture sector andthusadversely affected theoverall performance oftheeconomy. Theeconomy
however, entered aphase ofrecovery in1993-94 and1994-95 when theGDP grew by4.5percent
and4.4percentrespectively.
2. Thegrowth rateintheagriculture sector forthetwoconsecutive years of1993-94 and1994-95
was5.2percentand5.9percentwhile themanufacturing sector grew by5.4percentand2.9per
centrespectively.
3. Theaverage inflation rateforthefiveyearperiod 1991-92 to1995-96 whether measured by
GDPdeflator/Consumer PriceIndex orSensitive PriceIndex comes toabout 11.0percentwhich reflects
successful policy initiatives oftheGovernment indemand management.
4. During theperiod 1991-92 to1995-96, merchandise exports ofPakistan grew atanaverage
rateofover7.0percent,eventhough export performance remained extremely slackintheyear1992-93
and1993-94, when exports grew by0.3percentand-1.4percentrespectively. Theaverage growth
rateofimports(f.o.b) forthefiveyearperiod of1991-92 to1995-96 isestimated at5.3percent,though
imports fellby13.6percentin1993-94 andshowed aremarkable increase ofnearly 19.0percent
in1994-95. However, despite ahigher average growth inmerchandise exports thaninimports, the
trade balance ofthecountry hascontinued towiden.
Economic Reforms
5. Theeconomic reforms adopted byvarious governments aimed ataccelerating thepaceof
economic andsocial development through creation ofaliberal investment andtrade environment and
promotion ofamarket-based economy.
6. Under thederegulation policy theentire system oflicenses, permits andcontrols onbusiness
transactions hasbeenabolished andforeign exchange restrictions havebeenremoved. Investors canWT/BOP/15
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select anyfieldoftheirownchoice forinvestment except afewareas suchasarmsandammunitions,
security printing, currency &mint, highexplosives andradio active substances. Theyarenotrequired
toobtain 'NoObjection Certificate (NOC) 'fromtheprovincial governments forlocating theproject.
However, NOC mayberequired forlocation oftheirprojects inareas notified asnegative forsecurity
andenvironmental reasons.
7. Themajor economic sectors which werehitherto restricted totheprivate sector havenowbeen
opened forprivate investment. These include power, oil&gas,refineries, pipelines, chemicals &
petro-chemicals, ports&shipping, urban masstransport, airports, roads &highways, railways, hotels
&tourism, electronics, telecommunications, agro-food andengineering goods industries. Moreover,
restrictions havebeenremoved onthefollowing :
- imports ofindustrial rawmaterial andcomponents which areonthefreelistandin
accordance withthedeletion programme;
- issuance ofshares atits"parvalue" determined bythemarket forces;
- setting upleasing companies provided theyfulfilthegeneral criteria laiddown forthis
purpose; and
- theequity capital ceiling hasbeenenhanced fromRs.50 million toRs.100 million for
companies togopublic.
8. Since privatization ofpublic assets hasbeenidentified asakeyelement forharnessing theprivate
initiatives, acomprehensive privatization policy anddetailed criteria foritsimplementation hasbeen
formulated. AnewPrivatization Commission hasbeensetuptocarry outtheprivatization programme
anddisinvestment ofpublic sector enterprises. Oneofthemainobjectives oftheprivatization policy
istohelpthestatetoalleviate asubstantive portion ofitsdebtburden andtoreduce thegovernment
budgetary support tothepublic sector enterprises.
9. Under theprivatization programme, 90unitshavebeenprivatized sofarwhich comprise sectors
suchasautomobiles, cement, chemicals, engineering, fertilizer, Ghee, ricemills, NPInewspapers,
DFI's/banks andother sectors. Theprocess ofprivatization isbeing extended tonewsectors such
aspower, gasandtelecommunications. ThePrivatization Commission isactively engaged inthesale
offiveofthelarge WAPDA Thermal Power Plants (Guddu, Multan, Muzaffargarh, Faisalabad &
Lakhra), onanurgent basis, andcomplete thetransactions byJune1997.
10. Thegastransmission anddistribution companies namely SuiNorthern GasPipelines Limited
(SNGPL) andSuiSouthern GasCompany (SSGC) havebeentaken upforprivatization. Theregulatory
andtariff framework forGasSector hasbeendeveloped andisexpected tobeapproved verysoon.
Privatization ofSSGC isexpected tofollow theSNGPL transaction. Atthesametime, thePrivatization
Commission hassuccessfully sold4.2million shares ofMari GasCompany tothegeneral public
including workers ofthecompany andNIT.
11. Inthefirstphase oftheprivatization ofPTC, undertaken inAugust 1994, theGovernment
ofPakistan issued onemillion vouchers (1.96% ofPTCL capital) exchangeable intoshares ofPakistan
Telecommunication Company Limited (PTCL). InSeptember 1994, afurther fivemillion vouchers
(9.8% ofPTCL capital) wereissued intheinternational markets. Thecompletion ofthefirstphase
brought inUS$882.842 million inforeign exchange tothenational exchequer, inaddition toanamount
ofabout Rs.3billion bywayofsaleofthevouchers inthedomestic market. Thevouchers arelisted
onthedomestic stock exchanges ofKarachi, Lahore andIslamabad. Thenextphase intheprocessWT/BOP/15
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ofprivatization ofPTCL isthesaleofanadditional 26%ofthegovernment share holding inPTCL
tostrategic investors alongwith themanagement control.
Review ofFY1995-96
12. Thegrowth target for1995-96 wasenvisaged at6.5percentwhich wasbased onaprojected
growth rateof6.2percentinagriculture, 7.5percentinindustry (including 6percentinlargescale
manufacturing) and6.1percentinservices sector. Total investment required tosustain thisGDP
growth wasprojected at19.3percentofGDP, tobefinanced totheextent of77.3percentfromnational
savings. Inflation wastargeted at9.5percent.
13. Theperformance ofeconomy during theyearwasmixed. While theagriculture sector
performance wasbetter thanplanned, thegrowth inmanufacturing sector waslower (4.8percent)
thantheprojected growth (6.8percent). Theoverall growth inthecommodity sector was6.4percent.
Theservices sector 'sperformance waslower thanexpected mainly duetoslower growth intransport
andcommunications,bankingandinsuranceandpublicadministration.Theperformanceoftheeconomy
showed aGDPgrowth of6.1percentascompared to4.4percentduring 1994-95. Therateofinflation
(CPI) was10.8percentcompared with13percentin1994-95. Themajor indicators ofmacroeconomic
performance for1994-95 and1995-96 aregiven inTable-1.
Table 1
Macroeconomic indicators
Growth Rates (%)
1994-95 1995-96
GDP 4.4 6.1
Agriculture 5.9 6.7
Industry
Manufacturing
Large Scale3.6
2.9
0.56.1
4.8
3.1
Services 4.1 5.8
Fixed Investment (BinRs)
Public
Private320.9
155.1
165.8390.0
175.4
214.6
National Savings/Investment
(percent)78.0 64.8
Inflation 13.0 10.8
GDP Growth
14. Agriculture: Theagriculture sector wasforecast togrow by6.2percentin1995-96. This
target wastobeachieved through recovery inproduction ofcotton andincreased productivity ofother
crops duetobetter useandavailability ofbasic inputs. Theyear1995-96, attheverybeginning (July-
August), experienced heavy rainfall which adversely affected some minor Kharif crops suchaschillies
inSindh andPunjab. However, mixed trend intheoutput ofmajor Kharif crops waswitnessed. The
estimated production ofcotton andricewashigher by20.4percentand15.1percentrespectively
overthelastyear. Theproduction ofcotton andricewasat10.5million bales and39.7million tonnes
respectively. However, theproduction ofsugarcane at45.2million tonnes waslower by4.1percent
overthelastyear'slevel. Wheat andgram production main Rabi crops-showed anincrease of
0.9percentand15.1percentrespectively overthelastyear.WT/BOP/15
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15. Theagriculture sector asawhole achieved ahigher growth rateof6.7percentascompared
tothetarget of6.2percentwhich wasmainly duetobigger-size ofcotton, riceandgrain crops, timely
andproper provision ofbasic inputs andother necessary incentives. Themain contributor ingrowth
ofagriculture sector was9percentgrowth inmajor crops. Theminor crops grew by4.9percent,
livestock by5.6percentandfishing by8.3percent.
16. Mining andQuarrying: Theoutput ofcoal, crude oilandnatural gascarrying weight of
70percentinthemineral sector showed increases of27.1, 7.7and6.2percentrespectively. The
overall growth ofthemining andquarrying sector wasestimated at8.3percent.
17. Manufacturing: Thelargescalemanufacturing wasprojected togrowby6percentin1995-96.
Based onoutput dataof96important items having 73.7percentweight inlarge scalemanufacturing
sector, theIndustrial Production Index (IPI)depicted agrowth of3.1percentagainst 0.5percent
growth during 1994-95. Major items contributing tothisgrowth werecigarettes (35.8%), cotton yarn
(5.8%),cottoncloth(2.2%),jutegoods(10.6%),cottonginned(21.8%),nitrogenousfertilizers(11.9%),
Petroleum products (9.8%), cement (11.2%), trucks/Buses (60.0%), sodaash(9.3%), caustic soda
(26.2%), motor tyres(2.9%), LCV/cars/vehicles (1.1%), bicycles (22.2%), sewing machines (36.4%).
Themainfactors responsible forthisimproved performance were: (a)higher cotton production which
contributed tohigher leveloftextile production, and(b)better management ofpower andgasresulting
inreduction inloadshedding.
18. Electricity andGas:Based ontheprovisional estimates for1995-96, theelectricity soldshowed
agrowth rateof6.9percentincaseofWAPDA and3.6percentinrespect ofKESC. Incorporating
theinformation ongasdistribution inthecountry, overall growth rateinelectricity andgassector was
13.4percentascompared withtarget of13percent.
19. Inservices sector, theestimated growth intradesub-sector was8.3percentagainst thetarget
of7percentwas,mainly duetothechain effect ofhigher agricultural andmanufacturing output.
However,thegrowthinbankingandinsurance,transportandcommunications,andpublicadministration
waslower thanthetarget.
Savings andInvestment
20. Thetotalresources wereprojected atRs.2270.6 billion; theshare ofnational resources being
95.8percent(Rs.2175.4 billion) andthatofexternal resources 4.4percent(Rs.95.2 billion). Itwas
alsoestimated that81.5percentofthese resources (i.e.1851.2 billion) would beputtoconsumption
and18.5percent(orRs.419.4 billion) toinvestment. Theprovisional estimates placed thetotal
resources slightly higher atRs.2309.4 billion inwhich theshare ofnational resources declined to
Rs.2159.7 billion andthatofexternal resources increased toRs.149.7 billion. This reflects a
deterioration inthebalance ofpayments, resulting inincreased reliance onexternal resources.
21. Theannual Plan1995-96 hadenvisaged anominal growth of17.1percentinfixedinvestment
toreach Rs.384.8 billion. Thenominal fixed investment atRs.390.0 billion showed anincrease of
1.4percentoverthetarget and21.5percentoverlastyear'sfixed investment ofRs.320.9 billion.
Thisincrease wasshared bothbythepublic sector (13.1 percent)andtheprivate sector (4.3percent).
Encouraged bytheGovernment 'sincentives andthepolicy reform, theprivate investment increased
rapidly. Theprivate sector investment target ofRs.205.8 billion wassurpassed by29.4percentand
reached Rs.214.6 billion. Thepublic sector investment, however, remained lower thanitstarget of
Rs.179 billion toreach Rs.175.4 billion. Aspercentage ofGDP, thetotalandfixed investment
improved from18.7and17.2percentin1994-95 to19.6and17.9percentin1995-96, respectively.
Theratioofprivate sector investment toGDP improved from8.9percentin1994-95 to9.9percentWT/BOP/15
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in1995-96, whereas thatofpublic sector investment decreased from 8.3percentto8.1percentof
GDP.
22. Theratioofnational savings toGDP declined from14.6percentin1994-95 to12.7percent
in1995-96. Theshortfall innational savings target could beattributed tofallinremittances fromabroad.
Asaresult, 64.8percentoftotalinvestment wasfinanced bynational savings against atarget of
77.3percent.
Prices
23. Theinflation (CPI) for1995-96 wastargetted at9.5percentasagainst 13percentwitnessed
in1994-95. Theprice situation improved significantly during 1995-96 duetotimely actions taken
bythegovernment. These actions included tight demand management, strengthening ofsupply
arrangements, invigorating public sector distribution agencies andtaking anumber ofadministrative
measures toimprove thebalance between demand andsupply forachieving price stability. Allthe
three price indices showed substantially lower increase thanthose experienced lastyear. (Table-2).
Table 2
Percent changes inprice indices
1994-95 1995-96
Sensitive Price Indicator (SPI) 15.00 10.71
Consumer Price Index (CPI) 13.02 10.79
Wholesale Price Index (WPI) 16.29 10.33
Foreign Investment:
24. Theopen economic policies together withtheattractive incentives package yielded positive
results. In1994-95, thetotalforeign private investment amounted to$670.2 million ascompared to
$642.7 million in1993-94. During 1995-96, foreign investment wasrecorded at$1306.9 million.
During 1994-95 foreign direct private investment amounted to$442.4 million ascompared to$354.1
million in1993-94. During 1995-96, direct foreign private investment amounted to$1,101.7 million.
PROSPECTS FOR FY1996-97
25. TheAnnual Planfor1996-97 wasconceived keeping inviewtheperformance oftheeconomy
overthepasttwoyears andestimated growth rateof6.1percentduring 1995-96. Agrowth rateof
6.3percentisforecast for1996-97. Themain contribution tothisgrowth isexpected from better
output prospects bothintheagriculture andthemanufacturing sectors. Theelectricity andgas
distribution sector isalsoexpected tomaintain itshighgrowth rate. TheGDP growth target of
6.3percentwillbesupported by5.0percentgrowth inagriculture, 6.5percentinlarge scale
manufacturing, 6.5percentinthecommodity sector asawhole and6.1percentintheservices sector.
Therateofinflation isprojected tobelower at8.5percentthan10.5percentexpected during 1995-96.
Themajor indicators oftheAnnual Plan1996-97 arehighlighted inAnnex 3.WT/BOP/15
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Table 3
Major macroeconomic indicators
1996-97
Growth Rates (%)
Targets
GDP 6.3
Agriculture 5.0
Industry 7.9
Manufacturing 7.2
Large Scale 6.5
Services 6.1
Fixed Investment (BinRs) 476.1
Public 198.2
Private 277.9
National Savings/Investment (percent) 76.4
Inflation 8.5
GDP Growth
26. Agriculture: Theagriculture sector afteranestimated growth of6.7percentin1995-96 is
forecast toattain agrowth of5.0percent. Thisprojected growth issupported by3.8percentgrowth
inmajor crops, 8.8percentinminor crops, 4.5percenteachinlivestock andfishing and5percent
inforestry. Theproduction ofmain crops andlivestock isshown inAnnex I.
27. Fordevelopment ofagriculture sector ingeneral andattainment ofproduction targets in
particular, aninput package would beensured, comprising 2.47million nutrient tonnes offertilizer,
132million acres ft.ofwater, 217,000 tonnes ofimproved seeds andadequate availability ofcredit.
Inaddition tothis,implementation ofagriculture reforms package willcontinue tobecarried out.
28. Manufacturing: Themanufacturing sector isprojected togrow by7.2percentin1996-97 as
against thegrowth of4.8percentduring preceding year. Inanticipation ofadditional andbetter use
ofexisting production capacity andrevival ofdomestic andexternal demand, theoutput oflarge scale
manufacturing isprojected togrow by6.5percent. Thedetails ofproduction ofselected industrial
andmineral items areshown inAnnex II.
29. Mining andQuarrying: Thegrowth forecast ofmining sector isprojected atamarginal rate
of1percentmainly because noincrease isexpected inoilextraction aswellasintheoutput oflimestone
androcksalts. Thegrowth maybenegative incasethelevelofoilextraction andoutput oflimestone
aswitnessed in1995-96 isnotmaintained during 1996-97.
30. Electricity andGas:Theelectricity andgasdistribution sector isexpected tomaintain itshigh
growth rateduemainly toexpected newforeign investment inthissector. Thegrowth has,therefore,
beenprojected at15percentagainst 13.5percentin1995-96.
31. Services Sector: Theservices sector asawhole isprojected togrow by6.1percent. This
growth islikely tostemfrom trade andtransport andcommunications sectors.
32. Theprojections ofGDP anditsmain components areshown inAnnex III.WT/BOP/15
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Savings andInvestment
33. Thetotalinvestment in1996-97 isprojected atRs.516.1 billion or21.4percenthigher than
thepreceding year'slevelofRs.425.2 billion. Asaproportion ofGDP, theinvestment levelisforecast
toreach 20.6percentagainst thelastyear'slevelof19.6percent. About 58.4percentofthefixed
investment isprojected intheprivate sector. While thehighest priority inthepublic sector could
continue tobeenjoyed bypower, transport andcommunications, andsocial sectors, themajor share
ofinvestmentinprivatesectorwillbeclaimedbymanufacturing,agriculture,energyandhousingsectors.
Thenational savings areexpected toriseto16.2percentofGDP andwould finance 77.3percent
ofthetotalinvestment. Forpromotion ofinvestment andsavings, efforts willbemade forfurther
improvement inthefiscal andmonetary disciplines andeffectiveness offinancial institutions including
capital market.
34. Details ofmacroeconomic framework aregiven atAnnex IV.
Balance ofPayments 1995-96
35. Despite moderate increase inexports andsharp increase inresident foreign currency accounts
(FCAs), Pakistan 'sexternal payments position came under pressure during theyear1995-96. The
deterioration inthecurrent account position wasmuch intensified inthefirsthalfof1995-96, owing
toanumber ofdevelopments notably; weak export performance, sharp riseinimports, enlarged service
payments mainly interest ondebtandfreight charges andshortfall inhome remittances. However,
asaresult ofanumber oftimely andcorrective measures taken bytheGovernment especially the
devaluation ofPakrupee by7percentagainst USdollar, twopackages ofincentives fortextile and
non-textile sector, imposition ofaregulatory dutyof10percentonallimports withcertain exceptions
andimprovement intheexport finance scheme, thecurrent account position improved significantly
inthesecond halfoftheyear. Nevertheless, theyearasawhole registered ahigher deficit of$4.2
billion or6.6percentofGDPin1995-96 compared to$2.2billion or3.6percentofGDPin1994-95.
Theexpansion inthedeficit resulted largely fromhigher imports, enlargement inthedeficit onservices
account andfallinworkers 'remittances. Theperformance ofsome ofthemajor sub-sectors inthe
balance ofpayments isbriefly described below.
Foreign Trade
36. Theprocess ofliberalization inthetrade regime, mainly through reduction inquantitative
restrictions andstreamlining ofthetariff structure, continued during 1995-96. Thetrade policy for
1995-96 wasdesigned toachieve thetwinobjectives ofpreparing thecountry forafreerglobal trading
system emerging fromimplementation ofUruguay Round decisions andstimulating exports through
easier access torawmaterials, intermediate goods andlatest technology etc.Under thenewtradepolicy,
reliance wasplaced ontariffs rather thanonquotas orquantitative restrictions andmaximum rateof
tariff wasreduced from 70percentin1994-95 to65percentin1995-96. Inaddition tovarious
concessions provided toexporters under theExport Finance Scheme, twopackages ofincentives for
textile andnon-textile sectors were announced during theyear. Theprocedure forpayment ofduty
drawbacks wassimplified andprovision wasmade forpayment ofdutydrawbacks through scheduled
banks inaddition tocustoms treasuries. Tariff structure onimport ofmachinery wasreduced from
therange of15-70 percentto10-45 percent.
Exports
37. Exports(basedoncustomsdata)whichhadregisteredasharpgrowthof19.5percentin1994-95,
depicted amuch slower growth of7.9percentandgrossed upto$8.8billion during 1995-96. ExportsWT/BOP/15
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suffered asetback inthefirsthalfoftheyearandwitnessed afallof4.9percentmainly because of
lossofcompetitiveness ofPakistani products intheinternational markets, strengthening ofU.S.dollar
interms ofcurrencies included intheRupee basket andrelatively higher rateofinflation inPakistan.
However, inresponse tosome innovative measures taken bytheGovernment, especially 7percent
devaluation ofthePak-Rupee interms ofU.S.dollar, introduction oftwoincentive packages fortextile
andnon-textile sectors together withimprovement intheExport Finance Scheme, exports picked up
sharply andgrewby18.6percentinthesecond halfoftheyear. Thecomposition ofexports interms
ofeconomic categories showed thattheshare ofprimary commodities increased markedly from
11.2percentin1994-95 to16.2percentin1995-96 mainly duetosharp riseintheexports ofraw
cotton andricewhile those ofsemimanufactures andmanufactured goods declined from24.9percent
and63.9percentto21.6percentand62.1percentrespectively.
38. Exports ofcotton andcotton based products roseby18.1percentto$5,458.7 million during
1995-96, improving theirshare intotalexports to62percentascompared with56.6percentayear
earlier. After lowlevelofexport earnings inthree successive years, exports ofrawcotton increased
markedly to$620.3 million during 1995-96 ascompared tolowlevel of$62.5 million in1994-95.
Despite a17percentfallinaverage export price, theriseinthevalue ofrawcotton exports resulted
exclusively onaccount ofincrease inthequantum ofexports to1.83million balesinthewakeofbumper
cotton cropwhich showed ariseof22.2percentto10.63 million bales during 1995-96. Exports of
cotton manufactures, asagroup, depicted agrowth of8.3percent, reflecting mainly theenlarged
exports ofcotton fabrics, bedwear, towels andcotton yarn.
39. Exports ofmajor fooditems (comprising rice,fish,fruits andvegetables) depicted asmaller
increase of7.6percentduring 1995-96 compared toariseof45.9percentin1994-95 reflecting lower
exports offishandfishpreparations. Exports offishandfishpreparations declined by9.2percent
to$140.4 million dueentirely toafallof13.5percentinitsaverage export price. Riceexports
increased by12.3percentcompared toasharp riseof87.3percentin1994-95.
Imports
40. Imports (based oncustoms data) roseby13.9percentto$11.8 billion during 1995-96 as
compared toasharp riseof21.5percentinthepreceding year. Theoverall increase inthevalue
ofimports wasconcentrated largely inchemicals, petroleum andpetroleum products, ironandsteel,
power generating machinery, electrical machinery andappliances andwheat. Thedeceleration inimport
growth in1995-96 wasachieved mainly through devaluation ofrupee by7percentinOctober, 1995,
imposition ofregulatory dutyonimports, andadjustment inPOLprices. Afallinprices ofcertain
major import items liketea,ironandsteelscrap andspices alsohelped inreducing theimport bill.
41. Imports ofmajor fooditems which hadincreased sharply by69.6percentto$1,700.9 million
in1994-95 declined by4.6percentduring 1995-96 owing largely tolower imports ofedible oils,
teaandsugar offset partly byhigher imports ofwheat, milkandcream (including foodforinfants)
andpulses. Imports ofedible oilswhich hadrecorded asharp increase of104.7 percentin1994-95,
indicated afallof14.4percentdueentirely toareduction of18percentinthequantum ofimports
despite exemption fromregulatory duty. While thefallinimports ofteaemanated bothfromreduced
quantum andlower unitprice, inthecaseofsugar itresulted entirely from afallinthequantum of
imports. Import ofwheat increased by9.5percentto$451.4 million onaccount ofsharp riseof
45.6percentinunitprices whereas itsquantum declined by24.8percentdespite exemption from
regulatory duty. Thevalue ofimports, excluding fooditems, depicted comparatively higher increase
of17.5percentcompared totheoverall growth of13.9percent.WT/BOP/15
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42. Break-upofimportsintermsofeconomiccategoriesshowedthatimportsunderallthecategories
depicted increases ofvarying magnitudes during 1995-96. Therisewasparticularly pronounced in
thecaseof'rawmaterial forconsumer goods 'and'capital goods 'which roseby11.8percentand
23.7percentrespectively andjointly contributed $1,107.4 million -about 77percentofthetotalrise
inimports. However theshare of'rawmaterial forconsumer goods 'declined from46.3percentto
45.4percentwhile thatof'capital goods 'increased slightly from35percentto35.3percentduring
theyear. Imports of'consumer goods 'and'rawmaterial forcapital goods 'alsoincreased by
14.5percentand23.7percentduring 1995-96, raising theirshare to13.6percentand5.7percent
respectively from 13.5percentand5.2percentinthepreceding year. Theriseintheimports of
'consumer goods 'resulted mainly duetohigher imports ofmedicinal products, wheat andpulses, while
inthecaseof'rawmaterial forcapital goods 'theriseisattributable largely tohigher imports ofiron
andsteel(including scrap) andrubber tyres andtubes.
Current Account
43. Thedeficit under current account isestimated towiden sharply from$2163 million in1994-95
to$4244 million in1995-96 under thecombined impact oflarger deficits bothunder merchandise and
services account andafallinnetreceipts under unrequited transfers. Thewidening ofthedeficit under
trade account from$2597 million to$3666 million wasentirely attributable toariseof16.2percent
inimports (f.o.b) asexports (f.o.b) showed amoderate growth of7percentduring 1995-96. The
deficit onservices account roseby33.5percentto$3.2billion during 1995-96 duetoenlarged payments
onaccount ofinterest onforeign debtandfreight charges. Receipts fromworkers 'remittances, after
registering asharp growth of29percentin1994-95, declined by21.7percentduring 1995-96. Official
transfers alsostood lower by33.3percentoverthepreceding year.
Capital Account
44. Thenetinflow under long-term capital (private andofficial), amounted to$2340 million during
1995-96 which was8percentlower than$2542 million inthepreceding year. Netinflow under private
long-term capital, representing largely private foreign investment, amounted to$1686 million during
1995-96 which was5.8percentlower than$1789 million in1994-95. Asasignificant development,
netinflow under foreign direct investment more thandoubled overtheyearto$1102 million during
1995-96 duemainly tolargeprivate investment inpower sector inresponse toanumber ofconcessions
offered toinvestors inthissector. Ontheother hand, netinflow under portfolio investment declined
sharply by87.7percentto$157 million against theexceptionally highlevel intheprevious year.
After excluding theamount ofsaleproceeds ofPTCvouchers during 1994-95, theportfolio investment
depicted acomparatively smaller decline of62.4percentduring 1995-96. Theutilization ofprivate
loans/credits, including export/ suppliers/PAYE credits, rosesharply by59.0percentto$388million
whereas netofficial long-term capital declined by13.1percentto$654 million during 1995-96.
Meanwhile gross disbursements ofofficial loans/credits forproject andfoodaidincreased by$231
million, whereas, inflow under commodity aiddeclined by$195 million overthepreceding year.
Amortization oflong-term loans increased slightly to$1685.2 million during 1995-96.
Foreign Exchange Reserves
45. Foreign exchange reserves which hadrisen sharply to$2,7736.7 million (equivalent to17.7
weeks ofcashimports) atend-June, 1995, stayed over$2billion during JulyandAugust, 1995, but
started declining thereafter andcame down toalowlevelof$1,038.6 million inNovember, 1995.
Subsequently, thelevelofreserves started improving andincreased gradually to$2,065.3 million at
theendofJune, 1996 andwere sufficient tofinance 11.4weeks ofcashimports.WT/BOP/15
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Exchange RatePolicy
46. Pakistan currently follows amanaged-floating exchange ratepolicy. Thebasic ideabehind
thispolicy istomake timely adjustments intheexchange ratewithaviewtobridging thegapbetween
country 'sforeign exchange receipts andpayments. Inpursuit ofthisobjective, thevalue oftherupee
isreviewed onadaily basis andadjustments aremade when sowarranted onthebasis ofchanges in
theexchange ratesandprices recorded byPakistan 'smajor trading partners andcompetitors.
47. Inthewake ofseveral developments, bothnational andinternational, Pakistan rupee during
1995-96 considerably appreciated against itstrading partners andcompetitors. Tooffset theerosion
inexternalcompetitivenessofourproductsininternationalmarkets,therupeewasdevaluedby7percent
fromRs.31.85 toRs.34.25 perUSdollar on28thOctober, 1995. Thiswasinaddition toa2.6percent
depreciation oftherupee interms ofUSdollar since1stJuly,1995. Thedevaluation wasaccompanied
byothersupportingmeasurestostrengthenfinancialpoliciestoreducetheexternalimbalanceandcontain
inflationary pressures. These measures yielded favourable results which werereflected insignificant
increase recorded inexports andcontraction inimports inthesecond halfofthe1995-96. The
rupee/dollar exchange ratestood at35.10 on30thJune, 1996. However, some downward adjustments
werealsomade during January-June 1996 andthetotaldepreciation during 1995-96 wasoftheorder
of11.65 percentasagainst 1.29percentin1994-95. Annex Vsummarises thebalance ofpayments
overtheperiod 1991-92/1995-96.
IMPORT REGIME OFPAKISTAN
48. Pakistan 'simport regime hasbeendesigned toachieve thefollowing objectives :-
(i) Toensure uninterrupted supply ofadequate rawmaterials totheindustries setupin
thecountry;
(ii) Tofacilitate liberal import ofmachinery forindustrial development;
(iii) Toensure availability ofessential commodities forthegeneral consumers;
(iv) Toachieve further outward orientation oftheeconomy;
(v) Toprovide ameasure ofcompetition totheinformal channels andcounter the
smuggling;
(vi) Tofacilitate inflow oflatest technology intothecountry; and
(vii) Toincrease efficiency ofthedomestic industry bygradually exposing ittoforeign
competition.
49. Conditions forimport intoPakistan aresetannually intheImport Policy Order normally valid
forthefiscal yearending 30June. Registration ofimporters andexporters isdonebytheOffices of
theExport Promotion Bureau (EPB) under theterms established bytheRegistration (Importers and
Exporters) Order 1993. There isanominal registration feeandanannual feepayable bytheauthority.
Foraperson orfamily withmore thanonefirm, theruleisthatonlyoneofthefirms canberegistered.
Foreign firms canberegistered oncetheyhavebeenregistered asacompany inPakistan under the
Companies Ordinance, 1984; theymust haveaplace ofbusiness inPakistan andcomply withthe
requirements ofsection 450oftheOrdinance. Public sector organizations, Government departments
etc.areexempt from registration asimporters andexporters.WT/BOP/15
Page11
50. Until July1994, under Section 18.2oftheCustoms Act1969Pakistan levied aregulatory duty,
the"floodreliefsurcharge",at1percentonallimportsexceptwheat,fertilizers,currencynotesimported
bytheStateBank ofPakistan oranyother authorized bank, imports made bydiplomats anddiplomatic
missions, goods received intheevent ofnatural disaster, petroleum, oilandlubricants, goods received
asgrants-in-aid under contracts withforeign governments, defence stores, shipsunder someconditions,
andgoods imported temporarily andsubsequently re-exported. Theflood relief surcharge was
consolidated intothetariff witheffect from 1July1994.
51. In1993-94, 71items werealsosubject toregulatory duties, foremergency protection against
imports, atratesranging from 10to80percent; inaddition afewproducts weresubject tospecific
regulatory tariffs. Products subject toregulatory duties included some meatproducts, palm stearin,
tobacco, cigarettes, certain chemicals, paper andpaper products, metals boilers, certain machinery,
ballbearings, some electric items, armoured security vans, yachts andsome medical instruments.
Inthe1994/95 budget, allregulatory levies were integrated intothetariff.
52. TheImport Policy Order, 1994listed 34product groups thatwereimported onlyiftheproducts
satisfied thespecific safety andhealth requirements. These products included animal semen, animals
andplants covered bytheConvention onInternational Trade inEndangered Species ofWild Fauna
andFlora, cotton seed, palmstearin, edible products, tobacco products, radioactive materials, calcium
carbide andsome other chemicals, human blood, dyes, explosives, pesticides, boilers, transmission
apparatus, T.V. transmission antenna systems, firearms andammunition. Thespecific conditions
established bytheOrder which differed depending ontheproducts, included anobligation toobtain
arecommendation, authorisation, approval orclearance fromdifferent authorities (Ministry ofFood
andAgriculture,MinistryofCommerce,PakistanAtomicEnergyCommission,DepartmentofExplosive
andChief Inspector ofBoilers). Other conditions provided forspecific labelling, theuseofspecific
materials intheproduction process orprior registration withthecompetent authority.
53. Pakistanappliesdirectquantitativeimportrestrictionsonfirearmsandammunition.For1993/94,
thesumoftheestablished monetary import ceilings fordifferent categories ofmachinery amounted
toRs.911 million; theceiling washowever abolished during 1994.
TARIFF REFORMS
54. Government ofPakistan isactively pursing anopen, transparent andliberalised trade regime.
Ithasbeen taking measures within itsbroad macroeconomic andstructural reforms programmes
introduced since 1988tochange itsinward-looking policies foragreater integration within theworld
economy ensuring anincreased competitiveness inbothdomestic andforeign markets.
55. Themain emphasis onPakistan Import policy isongreater liberalisation ofthetrade and
exchange system. Intheframework ofathree yearTariff Reform (1994-97) tariff rates andother
restrictions ontradearebeing cutandtheNegative Listisbeing reduced. These measures haveresulted
inimport liberalisation andhavecontributed toincreased competition between imports anddomestic
production withtheconsequent better resource allocation andbroad-based export performance. The
basisofsuchliberalisationhasbeenthepremisethatprotectiontoindigenousindustryshouldbeprovided
throughtariffsratherthannon-tariffmeasureslikebans,restrictionsonsourcesorquantitativelimitations.
Theshiftfrom nontariff measures totariffication hasconsiderably enhanced thetransparency of
Pakistan 'simport regime.
56. There havebeensubstantial reductions intariffs since early 1990's.Thesimple average of
statutory dutyrateis50percentage withthehigher standard rateof65percent. Thetariff systemWT/BOP/15
Page12
isbeing made more transparent andsimple bygradual elimination oftariffexemptions andconcessions
applied under thesystem ofStatutory Regulatory Orders (SROs).
IMPORT LICENSING AND OTHER CHANGES
57. In1992-93, theRestricted listunder which specific products were importable onlythrough
thedesignated Importers wasabolished. Furthermore, in1992-93, theimport licensing system was
abolished altogether. Import feeattherateof6%which waschargeable prior to9thJune1994 had
beenabolished.
NEGATIVE LIST
58. There hasbeensubstantial progress inelimination orreduction ofnon-tariff barriers totrade.
Thenumber oftarifflinesincluded intheNegative listhavebeenreduced from214categories ofitems
in1989-90 to68in1996-97. Negative listmainly consists ofitems banned forreligious, health and
security reasons andincludes goods banned inaccordance withinternational agreements. Some items
ontheNegative Listareimportable under certain circumstances principally byexport industries and
public sector agencies. Thegradual pruning oftheNegative Listiswellillustrated bythetablebelow:
Year No.ofitems ontheNegative list
1989-90 214items
1990-91 118items
1991-92 104items
1992-93 79items
1993-94 79items
1994-95 75items
1995-96 66items
1996-97 68items (2items increased asaresult ofcreation of2H.S.
Headings under Chapter Beverages &Spirits).
59. Allitems thatdonotappear either ontheNegative listorthelistofitems importable subject
tohealth andsecurity requirements arefreely importable. There areatpresent 55items which are
importable subject tofulfillment ofhealth, security andother procedural requirements.
60. Until mid1994, agricultural tractors andsome motor vehicles inCBU condition weresubject
tostandardisation requirements. Thisrestriction however wasabolished. Similarly theImport ceiling
onmachinery andmill-work hasbeendoneaway with.
61. TheitemsontheNegativelistincludednotonlyproductswhoseimportwasbannedforreligious,
health orsafety reason butalsogoods suchastextiles andclothing items. These wererestricted for
BOPreasons (GATT Article XVIII:B), however import ofmostofthetextile items havebeenallowed
from 1994-95.
TARIFF BINDINGS
62. Pakistan isthefounder member ofGATT. Onitsaccession totheGATT, itbound 113CCCN
tarifflines. Thenegotiations ontariffbindings continued welloveraperiod oftimetillPakistan switched
overtoHarmonized System in1988. Ithasbeengetting waiver fromGATT tofinalize itsnegotiationsWT/BOP/15
Page13
under pre-Uruguay Round oftariff bindings. Thenegotiations havebeenconcluded withallother
countries except theU.S. These areexpected tobeconcluded thisyear.
63. UndertheUruguayRoundofMultilateralTradeNegotiations,Pakistan'sofferonMarketAccess
includes tariffreductions/bindings on2128items (700pertaining toagriculture, 493textiles andclothing
and935industrial). Itconstitutes about 33percentofitstariff schedule. Thebinding onagriculture
products aremostly ceiling binding attherateof100-150 percent. Thebinding onother products
likeleather, textiles andcertain transport equipment ranges between 30-50 percent.
STATE TRADING
64. State Trading wasintroduced inPakistan in1967 when theTrading Corporation ofPakistan
Limited (TCP) wasestablished. However, thescope ofstatetrading hasnowbeensubstantially reduced
andTCPhasnoexclusive orspecial tradeprivileges. Similarly theRiceExport Corporation ofPakistan
andtheCotton Export Corporation ofPakistan donotenjoy anyexclusive traderights. Private sector
traders areallowed toexport bothriceandcotton andthere isafreecompetition between public and
private sectors. These corporations donotfallunder GATT Article XVII relating toState Trading.
ANTI-DUMPING AND COUNTERVAILING MEASURES
65. Pakistan 'sregulations onAnti-Dumping andCountervailing Measures arecontained inAnti-
DumpingandCountervailingDutiesOrdinance1983.ThisOrdinanceisbeingreplacedbyAnti-Dumping
andCountervailing Act1996which isinconformity withUruguay Round Agreement onAntiDumping
andCountervailing Measures. Necessary legislation isunder way.
OTHER NON-TARIFF BARRIERS
66. Pakistan doesnothaveanytariffquotas noritapplies anyvariable import levies. Atthesame
time, there arenominimum import prices orspecific safeguard actions applied onimports.WT/BOP/15
Page14
ANNEX I
Output ofAgriculture
Items Unit 1994-951995-96 1996-97 Percent change
Targets Prov. Targets 1995-96
94-951996-97
95-96 (P)
I. KHARIF CROPS
Rice (000MT) 3446.5 4020 3966.0 4184.0 15.1 5.5
Basmati (000MT) 1351.6 1320.0 2482.1 1482.1 9.7 0.0
Others (000MT) 2094.9 2700.0 2483.9 2701.9 18.6 8.8
Bajra (000MT) 228.2 220.0 188.9 210.0 -17.6 11.7
Maize (000MT) 1318.1 1384.0 1283.7 1430.0 -2.6 11.4
Jawar (000MT) 263.4 250.0 244.1 270.0 -7.3 10.6
Sugarcane (000MT) 47168.4 46200.0 45741.6 49200.0 -3.0 7.6
Cotton (Min
Bales)8.7 9.5 10.6 10.8 21.8 1.89
II. RABI CROPS
Wheat (000MT) 17002.4 17500.0 17570.0 18000.0 3.3 2.4
Barley (000MT) 164.0 170.0 164.8 190.0 0.5 15.3
Gram (000MT) 558.4 580.0 638.2 670.0 14.3 5.0
Rapeseed and
mustard(000MT) 230.3 270.0 242.2 258.0 5.2 6.5
Tobacco (000MT) 81.0 103.0 103.0 105.0 27.2 1.9
III. LIVESTOCK
Milk (000MT) 18936.0 19919.0 19919.0 21076.0 502 5.8
Meat (000MT) 1906.0 1916.0 1916.0 2074.0 0.5 8.2
Wool (000MT) 53.1 54.0 54.4 56.0 2.4 2.9
Hides (Min No) 6.3 6.4 6.4 7.0 1.6 9.4
Skins (Min No) 39.3 41.0 40.7 42.4 3.6 4.2WT/BOP/15
Page15
ANNEX II
INDUSTRIAL AND MINERAL PRODUCTION
Items Unit1994-95
(Rev)1995-96 1996-97 Percent Change
Targets Prov. Targets1995-96
94-951996-97
95-96(P)
A.INDUSTRIAL
PRODUCTION
(Large Scale)
Sugar (000MT) 2963.6 3117.4 2500.0 2760.0 -15.6 10.0
JuteGoods (000MT) 69.8 65.1 77.2 78.0 10.6 1.0
Cement (000MT) 8457.0 9403.1 9404.2 9500.0 11.2 1.0
Paper andBoard (000MT) 314.6 359.0 285.7 300.0 -9.2 5.0
Fertilizer (N) (000MT) 1544.0 1628.9 1727.7 1837.3 11.9 6.3
Soda Ash (000MT) 196.1 218.9 214.3 218.6 9.3 2.0
Caustic Soda (000MT) 92.7 97.0 117.0 118.4 26.2 1.2
Bilets (000MT) 343.5 366.0 305.4 330.0 -11.1 8.1
HandCRSheets (000MT) 701.2 698.3 746.8 800.0 6.5 7.1
Cotton Yarn (000MT) 1369.7 1420.6 1449.1 1550.0 5.8 7.0
Cotton Cloth (Min SqM) 321.8 365.7 328.9 350.0 2.2 6.4
Cigarettes (BinNos) 32.7 33.8 44.4 44.6 35.8 0.4
Motor Tyres (000Nos) 910.0 937.6 936.4 1058.0 2.9 13.0
Trucks/Buses (000Nos) 1.0 1.3 1.6 1.7 60.0 6.25
LCV/Cars/Vehicles (000Nos) 26.7 30.0 27.0 31.1 1.1 15.2
Bicycles (000Nos) 474.5 585.3 579.8 612.4 22.2 5.6
Tractors (000Nos) 17.1 18.2 15.1 15.5 -11.7 2.6
Sewing Machines (000Nos) 68.1 70.4 92.9 95.0 36.4 2.3
AirConditioners (000Nos) 5.2 11.8 1.8 3.0 -65.4 66.7
Electric Motors (000Nos) 24.2 25.6 24.7 25.6 2.1 3.6
Transformers (000Nos) 23.0 25.0 25.2 27.0 9.6 7.1
Cotton Ginning (Min Bales) 8.7 9.5 10.6 10.8 21.8 1.9
Petroleum Products (Min Ltr) 7132.7 6050.0 7831.7 8184.6 9.8 4.5
B.MINERAL
PRODUCTION
Crude Oil (BPD) 54405 52344.0 56947.0
53300.04.7 -6.4
Natural Gas (MMCD) 1721.0 2061.0 1970.0 2000.0 14.5 1.5
Coal (000MT) 3530.0 3790.0 3890.0 4000.0 10.2 2.8
Limestone (000MT) 9590.9 10500.0 9084.4 9845.0 -5.3 8.4
Rock Salt (000MT) 928.9 1015.0 985.8 1015.0 6.1 3.0WT/BOP/15
Page16
ANNEX III
GROSS DOMESTIC PRODUCT
(At1980-81 Million Rs)
%CHANGE
1994-95 1995-96 1996-97 1995-96 1996-97
(R) (I) (P) (I) (I) (P) (I)
A.AGRICULTURE 132349 136175 141269 148313 6.2 6.7 5.0
Major Crops 5871461 61375 63973 66420 8.1 9.0 3.8
Minor Crops 2428823 23385 25471 27709 4.0 4.9 8.8
Livestocks 42848 45205 45252 47308 5.5 5.6 4.5
Fishing 5047 5040 5468 5716 1.0 8.3 4.5
Forestry 1452 1170 1105 1160 3.7 -23.9 5.0
B.INDUSTRY 141905 155186 150510 1624881 7.5 6.1 7.9
Mining andquarrying 2646 2780 2866 2896 5.0 8.3 1.0
Manufacturing 97487 105591 102170 109477 6.8 4.8 7.2
Large Scale 66569 72076 68655 73147 6.0 3.1 6.5
Small Scale 30918 33515 33515 36330 8.4 8.4 8.4
Construction 21253 23095 22209 23329 6.0 4.5 5.0
Electricity andGas
distribution20519 23720 23265 26766 13.0 13.4 15.0
COMMODITY SECTOR
(A+B)2742542 291361 291779 310781 6.9 6.4 6.5
C.SERVICES
Transport andcommunication 53635 57544 55809 58617 5.8 4.1 5.0
Trade 86693 92023 93855 101401 7.0 8.3 8.0
Banking &Insurance 13001 13343 13514 14128 7.7 3.9 4.5
Ownership ofdwelling 29858 31435 31435 33095 5.3 5.3 5.3
Public Administration and
defence34814 36213 35824 36986 4.1 2.9 3.2
Services (Other) 43929 46798 46798 49854 6.5 6.5 6.5
SERVICES SECTOR 261930 2773356 277235 294081 6.1 5.8 6.1
GDP (fc) 536184 568717 569014 604862 6.5 6.1 6.3WT/BOP/15
Page17
ANNEX IV
MACRO-ECONOMIC FRAMEWORK
(Current Billion Rs)
1994-95 1995-96 1996-97 Percentage
Change
(R) (I) (P) (I) 1995-96
(P)1996-97
(I)
GDP (fc) 1671.7 1965.2 1951.6 2250.9 16.7 15.3
Indirect Taxes (Net) 193.9 208.2 223.3 260.9 15.1 16.8
GDP(MP) 1865.6 2173.5 2174.9 2511.8 16.6 15.5
NetFactor Income from abroad 4.2 2.0 -15.2 -24.5 -617.7 -61.0
GNP(MP) 1869.8 2175.4 2159.7 2487.3 15.6 15.2
External Resource Inflow (Net) 74.1 95.2 149.7 121.7 102.3 -19.0
Total Resources/Uses 1943.9 2270.6 2309.4 2609.0 18.8 13.0
Total Consumption 1594.8 1851.2 1884.2 2092.8 18.1 11.1
Total Investment 349.1 419.4 425.2 516.1 21.8 21.4
Fixed Investment 320.9 384.8 390.0 476.1 21.5 22.1
Public 155.1 179.0 175.4 198.2 13.1 13.0
Private 165.8 205.8 214.6 277.9 29.4 29.5
Changes inStocks 28.2 34.6 35.2 40.0 - -WT/BOP/15
Page18
ANNEX V
PAKISTAN BALANCE OFPAYMENTS
(Million U.S. Dollars)
Items 1991-92 1992-93 1993-94 1994-95 1995-96
I. Trade Balance
Export (f.o.b)
Import (f.o.b)-2236
6762
-8998-3267
6782
-10049-2000
6685
-8685-2537
7759
-10296-3666
8300
-11966
II.Services (Net)
Receipts
Payments
Shipment
Interest-Official Debt
Others-2224
1581
-3805
(-734)
(-713)
(-2358)-2748
1628
-4376
(-880)
(-834)
(-2662)-2355
1720
-4075
(-784)
(-860)
(-2431)-2384
2150
-4534
(-918)
(-953)
(-2663)-3183
2084
-5267
(-1027)
(-996)
(-3244)
III. Unrequited Transfers (Net)
Private
OfWhich:
Home Remittance
Foreign Currency Accounts-
Resident
Official3555
3114
1468
1318
4412684
2327
1562
543
3572704
2390
1446
752
3142758
2437
1866
281
3212605
2391
1461
763
214
IV. CURRENT ACCOUNT
BALANCE*
(Ithrough III)-905 -3331 -1651 -2163 -4244
V. Long-term Capital (Net)
(a) Official Capital
Disbursement of
Loans/Credits
Project
Food
Commodity
Amortization
Others2068
1036
2012
(1464)
(282)
(266)
-941
-352091
857
2145
(1630)
(309)
(206)
-1299
112221
783
2250
(1683)
(251)
(316)
-1457
-102542
753
2296
(1820)
(258)
(218)
-1672
1292340
654
2332
(1899)
(410)
(23)
-1685
7
(b) Private Capital
Foreign Investment
Loans/Credit
Others1032
562
454
161234
447
503
2841438
649
366
4231789
1529
244
161686
1311
388
-13
VI. Outstanding Export Bills -251 -360 -192 -177 5
VII. Errors andOmissions including
Other Short-term -9 71 168 -73 91
VIII. Balance Requiring Financing
(IVThrough VII)903 -1529 546 129 -1808
IX. Financing
Debt Relief/Cancellation
Medium- andShort-term
Loans (Net) Other Official
short-term Including
Government Bonds Deposits
Under Foreign Currency
Accounts-773
9
-298
-270
-214940
4
273
424
2391039
-
422
-76
693109
-
269
-430
2701358
-
310
81
967
X. Overall Balance (VIII-IX) 130 -580 1585 238 -450
XI. Changes inReserves (Increase)
UseofFund Credits (Net)
Foreign Exchange (Central
Bank andDeposit Money
Banks)-130
222
-352589
77
512-1585
297
-1882-238
95
-333450
36
414
(*) Excludes Debt Relief
(p) Provisional
Source: State Bank ofPakistan