Tuesday, March 5, 2024

For harmonizing trade data disparity, SBP, FBR and PBS.

In collaboration with the Pakistan Bureau of Statistics (PBS) and the Federal Board of Revenue (FBR), the State Bank of Pakistan (SBP) will harmonize export and import data to resolve the widening gap between the SBP and PBS trade data during 2020-21.

The depository financial institution of Pakistan (SBP), together with the Pakistan Bureau of Statistics (PBS) and therefore the Federal Board of Revenue (FBR), will harmonize the exports and imports data to deal with the widening gap between the trade data of SBP and PBS during 2020-21.

Senior officials of the Ministry of Finance told that the choice was taken during the last meeting of the Coordination Committee for Macro-Economic Framework. there’s a discrepancy in import and export data maintained by the SBP and PBS, which needs harmonization and reconciliation. the difficulty of the discrepancy in import and export data was discussed intimately during the last meeting.

The 6th meeting of the Coordination Committee for Macro-Economic Framework was held under the chairmanship of the extra Finance Secretary (Budget).

The Chief Economist of the State Bank of Pakistan (SBP), Member (National Accounts) of the Pakistan Bureau of Statistics (PBS), Chief (Macro) M/o Planning, Development & Special Initiatives (MA) PD&SI, Director (Trade Policy) M/o Commerce, Deputy Chief (Macro) MTh PD&SI and Senior Officers of the Finance Division attended the meeting.

The Economic Adviser asked SBP about the performance of private sector credit because it does not reflect the acceptance of credit in agriculture, the housing sector and the relief provided by COVID-19. In addition, he inquired about Roshan Pakistan Digital Accounts and its data collection and classification treatment. He instructed SBP to provide the monthly Finance & Insurance data.

Officials said that the Economic Adviser briefed about the progress on the previous decisions. within the previous meeting, the Ministry of Commerce was asked to research the worth and quantum effect of exports and present it to the Committee. The Technical Sub-Committee of the Coordination Committee for Macro-Economic Framework was advised to debate the info collection/gathering of high-frequency variables.

Economic Adviser told the meeting that PSDP expenditure plays a serious role in stimulating the economy. Despite the relief of the many rules, PSDP spending, which should have increased substantially, has not lived up to expectations. Deputy Chief (Macro) M/o PD&SI informed that Deputy Chairman committee has taken the matter seriously, and M/o PD&SI is conducting monthly review meetings to deal with the bottlenecks.

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