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Pakistan: Selected Issues and Statistical Appendix

Author(s):
International Monetary Fund
Published Date:
January 2001
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STATISTICAL APPENDIX

Table 1.Pakistan: Sectoral Origin of Gross Domestic Product, 1995/96–1999/2000(At 1980/81 constant prices)
Prel.Est.
1995/961996/971997/981998/991999/2000
(In millions of Pakistan Rupees)
Agriculture148,832149,016155,748158,782170,056
Crops88,84786,40493,51094,746104,225
Livestock54,17256,46956,02457,82159,431
Fishing and forestry5,8136,1436,2146,2156,400
Industry144,522144,082152,893156,746161,355
Manufacturing96,01695,945102,593106,877107,919
Large-scale manufacturing69,42467,94173,10275,82075,213
Small-scale manufacturing26,59228,00429,49131,05732,706
Mining and quarrying2,8332,8862,7442,8443,062
Construction21,94422,18322,46221,05922,373
Electricity, and gas distribution23,75923,06825,09425,96628,001
Services276,773286,767291,484303,488317,076
Commerce54,79856,85960,95962,83465,282
Transport, storage and communications92,54293,20892,15794,13196,486
Banking and insurance15,28317,03912,95814,90715,931
Ownership of dwellings31,43533,09534,84236,68238,618
Public admin. and defense35,91736,71237,45938,35740,488
Other services46,79849,85453,10956,57760,271
GDP (at factor cost)570,157579,865600,125619,016648,487
Indirect taxes less subsidies53,07149,68545,48043,99953,776
GDP (at market prices)623,228629,550645,605663,015702,263
(Annual percentage changes)
GDP at factor cost6.61.73.53.14.8
Agriculture11.70.14.51.97.1
Of which: Crops5.6-2.78.21.310.0
Industry4.7-0.36.12.52.9
Manufacturing3.7-0.16.94.21.0
Of which: Large-scale manufacturing3.1-2.17.63.7-0.8
Construction3.31.11.3-6.26.2
Electricity and gas distribution10.1-2.98.83.57.8
Services5.03.61.64.14.5
Commerce0.83.87.23.13.9
Transport and communications6.10.7-1.12.12.5
Banking and insurance13.811.5-24.015.06.9
Public admin. and defense3.22.22.02.45.6
Sources: Data provided by the Pakistan authorities.
Sources: Data provided by the Pakistan authorities.
Table 2.Pakistan: Sectoral Origin of Gross Domestic Product, 1995/96–1999/2000
Prel.Est.
1995/961996/971997/981998/991999/2000
(In millions of Pakistan Rupees)
Agriculture491,791594,554677,531736,834773,773
Crops277,911302,168366,807403,309419,963
Livestock199,432275,948293,629316,348334,850
Fishing and forestry14,44816,43817,09517,17718,960
Industry466,319523,478590,504635,804679,110
Manufacturing309,715353,571393,149423,987445,863
Large-scale226,482255,798284,725308,110316,678
Small-scale83,23397,773108,424115,877129,185
Mining and quarrying11,27211,48313,51014,51216,851
Construction70,76981,33889,32288,39596,645
Electricity, and gas distribution74,56377,08694,523108,910119,751
Services971,7811,108,5481,212,8491,338,4401,478,619
Commerce186,091218,022252,752276,347305,919
Transport storage and communications321,288357,177375,865412,387442,474
Banking and insurance66,43780,28777,29785,89495,701
Ownership of dwellings83,06796,323109,972123,501134,703
Public admin. and defense159,164171,252183,932200,366235,543
Other services155,734185,487213,031239,945264,279
GDP (at factor cost)1,929,8912,226,5802,480,8842,711,0782,931,502
Indirect taxes less subsidies190,282201,732196,772202,436250,761
GDP (at market prices)2,120,1732,428,3122,677,6562,913,5143,182,263
(In percent of GDP at factor cost)
Agriculture25.526.727.327.226.4
Industry24.223.523.823.523.2
Manufacturing16.015.915.815.615.2
Mining and quarrying0.60.50.50.50.6
Construction3.73.73.63.33.3
Electricity and gas distribution3.93.53.84.04.1
Services50.449.848.949.450.4
Commerce9.69.810.210.210.4
Transport storage and communication16.616.015.215.215.1
Banking and insurance3.43.63.13.23.3
Ownership of dwellings4.34.34.44.64.6
Public admin. and defense8.27.77.47.48.0
Other services8.18.38.68.99.0
Sources: Data provided by the Pakistan authorities.
Sources: Data provided by the Pakistan authorities.
Table 3.Pakistan: Expenditure and Savings, 1995/96–1999/2000(At current prices)
Prel.Est.
1995/961996/971997/981998/991999/2000
(In millions of Pakistan Rupees)
Nominal GDP at current prices (MP)2,120,1732,428,3122,677,6562,913,5143,182,263
Net export of goods and nonfactor services-174,963-179,497-120,060-142,919-113,102
Exports332,490378,643429,259442,959493,652
Imports507,454558,140549,319585,878606,753
Gross domestic expenditures2,295,1362,607,8092,797,7163,056,4333,295,365
Gross domestic investment403,417436,043475,277435,893476,330
Gross domestic fixed capital formation369,079397,768403,877387,920424,609
Public175,267147,968149,753146,163149,852
Private193,812249,800254,124241,757274,758
Change in stocks34,33838,27571,40047,97351,721
Consumption1,891,7192,171,7662,322,4392,620,5402,819,035
Public294,944308,084326,264350,243391,191
Private1,596,7751,863,6821,996,1752,270,2972,427,844
Gross domestic savings228,454256,546355,217292,974363,228
Public18,550-14,825-42,8913,493-25,358
Private209,904271,372398,108289,481388,587
(In percent of GDP)
Net export of goods and nonfactor services-8.3-7.4-4.5-4.9-3.6
Exports15.715.616.015.215.5
Imports23.923.020.520.119.1
Gross domestic expenditures108.3107.4104.5104.9103.6
Gross domestic investment19.018.017.715.015.0
Consumption89.289.486.789.988.6
Gross domestic savings10.810.613.310.111.4
Memorandum items:
Net factor income from abroad and private transfers1.01.71.81.11.9
Gross national savings11.812.315.011.213.3
Sources: Data provided by the Pakistan authorities; and Fund staff estimates.
Sources: Data provided by the Pakistan authorities; and Fund staff estimates.
Table 4.Pakistan: Gross Fixed Capital Formation by Economic Sector, 1995/96–1999/2000(At current prices)
Prel.Est.
1995/961996/971997/981998/991999/2000
(In millions of Pakistan Rupees)
Private sector193,781231,732262,497233,693255,616
Agriculture21,77620,05521,41929,11133,639
Mining and quarrying2,1122,2945,2476,3424,180
Large-scale manufacturing46,71851,78549,89741,95554,785
Small-scale manufacturing11,95714,23116,17718,92420,659
Construction10,69710,72212,0739,58811,271
Transport and communications13,25923,44133,18722,16428,021
Banking, insurance, and other financial institutions4,0098,8695,6257,5505,884
Ownership of dwellings38,73044,92749,18253,20056,093
Wholesale and retail trade and other services4,8454,4755,6475,8536,515
Public sector175,298166,036141,380154,227168,993
Public sector enterprises112,478113,20381,80292,035100,049
Agriculture9,5163,1503,4825,4747,437
Mining and quarrying6,79713,6015,7743,7722,648
Manufacturing3,8408,6845,34510,89410,962
Construction5,0245,3304,2683,2982,261
Electricity and gas51,49032,55526,18126,61329,192
Transport and communications31,80946,43430,14036,38542,351
Railway3,3683,5822,2193,4502,016
Post office, telegraph and telephone14,99922,6479,92113,32612,525
Others13,44220,20518,00019,60927,810
Wholesale and retail trade17352020
Financial institutions1,6081,6751,7382,2752,123
Services2,2211,7224,8733,3223,075
General government62,82052,83359,57862,19268,944
Federal20,11821,48523,77324,35129,563
Provincial34,52224,92827,82429,08129,794
Local bodies8,1806,4207,9818,7609,587
(Annual changes in percent)
Private sector18.719.613.3-11.09.4
Of which:
Agriculture-3.2-7.96.835.915.6
Large-scale manufacturing20.110.8-3.6-15.930.6
Small-scale manufacturing21.719.013.717.09.2
Construction13.10.212.6-20.617.6
Transport and communications65.676.841.6-33.226.4
Ownership of dwellings13.816.09.58.25.4
Public sector13.0-5.3-14.89.19.6
Public sector enterprises16.50.6-27.712.58.7
Of which:
Electricity and gas4.0-36.8-19.61.79.7
Transport and communications39.846.0-35.120.716.4
General government7.3-15.912.84.410.9
Source: Federal Bureau of Statistics.
Source: Federal Bureau of Statistics.
Table 5.Pakistan: Production of Major Crops, 1995/96–1999/2000
Prel.
1995/961996/971997/981998/991999/2000
(In thousand of metric tons unless otherwise specified)
Cotton 1/10,5959,3749,1848,79011,240
Wheat16,90716,65118,69417,85821,095
Rice3,9664,3054,3334,6745,156
Sugarcane45,23041,99853,10455,19146,333
(Annual changes in percent)
Cotton21.8-11.5-2.0-4.327.9
Wheat-0.6-1.512.3-4.518.1
Rice15.18.50.77.910.3
Sugarcane-4.1-7.126.43.6-16.1
Source: Ministry of Food, Agriculture, and Livestock.

In thousands of bales.

Source: Ministry of Food, Agriculture, and Livestock.

In thousands of bales.

Table 6.Pakistan: Area, Production, and Yield of Major Crops, 1995/96–1999/2000
Prel.
1995/961996/971997/981998/991999/2000
Wheat
Production (thousand metric tons)16,90716,65118,69417,85821,095
Area (thousand hectares)8,3778,1098,3558,2308,462
Yield (kilograms per hectares)2,0182,0532,2382,1702,493
Rice
Production (thousand metric tons)3,9664,3054,33346745,156
Area (thousand hectares)2,1622,2512,31724242,515
Yield (kilograms per hectares)1,8351,9121,87019282,050
Cotton (Lint)
Production (thousand bales)10,5959,3749,1848,79011,240
Area (thousand hectares)2,9973,1492,9602,9232,983
Yield (kilograms per hectares)601506528512641
Sugarcane
Production (thousand metric tons)45,23041,99853,10455,19146,333
Area (thousand hectares)9639651,0561,1551,010
Yield (kilograms per hectares)46,96843,54450,27947,78045,883
Source: Ministry of Food, Agriculture, and Livestock.
Source: Ministry of Food, Agriculture, and Livestock.
Table 7.Pakistan: Output in Selected Industries, 1995/96–1999/2000(In thousands of metric tons unless otherwise specified)
Prel.
1995/961996/971997/981998/991999/2000
Petroleum products6,3435,930597559246056
Cotton manufactures
Cotton yarn1,4951,5211,5321,5401,675
Cotton cloth (in millions of square meters)327334340385437
Food and tobacco
White sugar2,4262,3833,5553,5682,429
Beverages (in thousands of bottles)1,5731,3901,7982,2202,218
Vegetable products733714735843830
Cigarettes (in billions)4646485247
Chemicals
Urea3,2603,2593,2843,5223,655
Superphosphate1040022146
Ammonium sulphate8481000
Soda ash221247239239249
Caustic soda109118116120141
Sulphuric acid6931282749
Ammonium nitrate383330316339387
Nitrophosphate337350293285261
Cement (in millions of metric tons)9.69.59.49.69.0
Pig iron1,0021,0691,0169891,107
Billets332379348276345
Paperboard193149178187206
Chipboard110198166170221
Tractors (in thousands)16.210.414.126.634.5
Bicycles (in thousands)545432452504534
Motor tires (in thousands)1,003525767845856
Sources: Federal Bureau of Statistics; and Ministry of Finance and Economic Affairs.
Sources: Federal Bureau of Statistics; and Ministry of Finance and Economic Affairs.
Table 8.Pakistan: Selected Textile Industry Statistics, 1995/96–1999/2000
Capacity InstalledCapacity UtilizedConsumptionExport
SpindlesRotorsSpindlesRotorsRaw cottonYarnYarn
(Number of spindles and rotors)(In thousand of kilograms)
1995/968,726,877142,7806,417,17081,4251,702,6461,505,244531,469
1996/978,230,424143,4606,442,16786,1971,681,0601,530,855501,605
1997/988,367,690149,6366,584,18782,6471,783,7981,542,360462,546
1998/998,391,663166,3656,598,51767,5891,849,6091,547,632417,739
1999/20008,436,767146,6876,741,40467,8451,969,7651,678,198511,344
(Annual percentage changes)
1995/961.48.33.24.76.16.51.8
1996/97-5.70.50.45.9-1.31.7-5.6
1997/981.74.32.2-4.16.10.8-7.8
1998/990.311.20.2-18.23.70.3-9.7
1999/20000.5-11.82.20.46.58.422.4
Source: Ministry of Industries and Production (Textile Commissioner).
Source: Ministry of Industries and Production (Textile Commissioner).
Table 9.Pakistan: Consumer and Wholesale Price Indices, 1995/96–1999/2000(1990/91 = 100)
Index (12-month average)Twelve-month percent

change 1/
Year-on-year percent

change 2/
CPIWPICPIWPICPIWPI
(Fiscal year data)
1995/96169.2176.910.811.110.310.5
1996/97189.2199.911.813.012.512.0
1997/98204.0213.17.86.66.55.3
1998/99215.7226.65.76.33.74.6
1999/00223.4230.63.61.85.13.4
(Monthly data)
1998:1199.1208.910.710.25.73.9
1998:2199.9209.510.09.25.03.6
1998:3201.1210.59.68.67.35.7
1998:4202.0211.38.97.85.34.7
1998:5202.9212.28.37.15.64.8
1998:6204.0213.17.86.66.55.3
1998:7205.1214.27.46.26.76.2
1998:8206.2215.57.16.17.07.5
1998:9207.3216.76.86.06.47.0
1998:10208.4217.96.65.86.56.7
1998:11209.5219.16.45.76.27.0
1998:12210.5220.36.25.86.46.7
1999:1211.6221.66.36.16.27.3
1999:2212.6222.96.46.46.27.6
1999:3213.5224.06.26.44.86.1
1999:4214.3224.96.16.44.65.0
1999:5215.0225.86.06.44.34.7
1999:6215.7226.65.76.33.74.6
1999:7216.3227.25.56.13.53.5
1999:8216.8227.75.15.73.12.3
1999:9217.4228.24.95.33.42.9
1999:10218.1228.74.75.03.82.5
1999:11218.7228.74.44.43.40.2
1999:12219.3228.74.13.83.0-0.1
2000:1219.9228.63.93.23.4-0.4
2000:2220.4228.63.72.63.00.0
2000:3221.1229.03.62.23.61.9
2000:4221.8229.53.52.03.92.8
2000:5222.5230.03.51.93.82.4
2000:6223.4230.63.61.85.13.4
Source: Federal Bureau of Statistics.

For fiscal year data, refers to the change in the 12-month average of the indices during the year. For monthly data, refers to the percentage change in the current month’s 12-month average of the indices over that of the corresponding month of the preceding year.

For fiscal year data, refers to the change in the indeces at the end of the yar. For monthly data, refers to the percentage change in the indeces in any given month compared to the corresponding month of the preceding year.

Source: Federal Bureau of Statistics.

For fiscal year data, refers to the change in the 12-month average of the indices during the year. For monthly data, refers to the percentage change in the current month’s 12-month average of the indices over that of the corresponding month of the preceding year.

For fiscal year data, refers to the change in the indeces at the end of the yar. For monthly data, refers to the percentage change in the indeces in any given month compared to the corresponding month of the preceding year.

Table 10.Pakistan: Selected Commodity Prices, 1995/96–1999/2000(In Pakistan rupees per 100 kilograms)
Prel.
1995/961996/971997/981998/991999/2000
Wheat
Government procurement prices 1/433600600600750
Issue price to mills 2/485650650650800
Free market retail price (Multan)454571650671722
Rice
Producer prices 3/
Basmati555638775825875
Irri-6 (Fair/Average)280322382437463
Irri-6 (Superior)310357419
Free market wholesale price
Basmati (Rawalpindi)1,5802,0972,1272,4822,475
Irri-6 (Hyderabad)676779837903979
Cotton
Phutti (seed cotton), floor price 4/
NIAB-78,86 & CIM 109, etc.1,0001,2501,437n.a.n.a
Desi8501,1001,125n.a.n.a
Sarmast, Qalandri etc.1,0581,3501,550n.a.n.a
Sugar
Cane purchase price 5/
Sindh5461909090
Punjab5460878787
N.W.F.P.5460878787
Free market average retail price1,6762,1141,8001,8802,104
Edible oil
Vegetable ghee retail price (Dalda)3,9384,2175,2006,2976,596
Fertilizer
Government retail price
Diammonia phosphate (DAP)9581,1001,1271,2591,274
SOP6621,0641,0801,0821,138
Sources: Ministry of Finance and Economic Affairs; and Ministry of Food, Agriculture, and Cooperatives.

Usually announced in September/October.

Usually announced in March/April.

A government-decreed floor price.

Phutti yields about one-third lint cotton and two-thirds cotton seed by weight. Until 1997/98, the government announced floor prices for phutti, although there was no government procurement of phutti.

Minimum procurement prices.

Sources: Ministry of Finance and Economic Affairs; and Ministry of Food, Agriculture, and Cooperatives.

Usually announced in September/October.

Usually announced in March/April.

A government-decreed floor price.

Phutti yields about one-third lint cotton and two-thirds cotton seed by weight. Until 1997/98, the government announced floor prices for phutti, although there was no government procurement of phutti.

Minimum procurement prices.

Table 11.Pakistan: Increases in Procurement Prices of Selected Agricultural Commodities, 1995/96–1999/2000(Annual percentage changes)
Prel.
1995/961996/971997/981998/991999/2000
Wheat8.138.70.00.025.0
Rice (Paddy)
Basmati (385)5.315.021.46.56.1
Irri-6 (fair/average quality9.215.018.614.45.9
Seed Cotton (floor price) 1/
Desi0.029.42.3n.a.n.a.
B-557, 149-F, etc.0.025.015.0n.a.n.a.
Sarmast, MS-39 etc.0.027.714.8n.a.n.a.
Sugarcane
Sindh4.812.646.90.00.0
Punjab4.911.645.80.00.0
N.W.F.P.4.911.645.80.00.0
Source: Ministry of Food, Agriculture, and Cooperatives.

See footnote 4 on Table 10.

Source: Ministry of Food, Agriculture, and Cooperatives.

See footnote 4 on Table 10.

Table 12.Pakistan: Domestic Retail Prices of Selected Petroleum Products, 1995/96–1999/2000

(In Pakistan rupees per liter) 1/

1995/961996/971997/981998/991999/2000
Regular petrol14.4415.8417.6022.2425.98
High-octane petrol17.7218.9920.4725.8930.58
Kerosene6.678.149.449.5610.91
High speed diesel6.928.359.669.7811.49
Light diesel5.326.567.797.879.28
Fuel oil 2/3,2224,7106,2515,5677,170
Source: Ministry of Petroleum and Natural Resources.

Annual averages.

Pakistan rupees per metric ton.

Source: Ministry of Petroleum and Natural Resources.

Annual averages.

Pakistan rupees per metric ton.

Table 13.Pakistan: Natural Gas Prices, 1995/96–1999/2000(In Pakistan rupees per thousand cubic feet)
6/14/955/16/961/1/9716/8/1999
Fertilizer industry27.9029.5734.0134.01
Other industries84.0589.09102.46120.00
Household
Up to 3.55 mcf/month40.2742.6949.0955.23
From 3.55 to 7.1 mcf/month47.8950.7650.7565.58
From 7.1 to 10.65 mcf/mont65.3869.5069.3089.66
Above 10.65 mcf/month78.4583.1683.16107.58
Commercial94.57100.24115.28135.02
Memorandum item:
Weighted price index 1/71.876.286.3101.2
Sources: Ministry of Petroleum and Natural Resources; and Fund staff estimates.

The weights used, based on the 1984/85 consumption pattern, are as follows: fertilizer industry, 0.148; other industries, 0.644; household use, 0.165 (with equal shares for the four classes of users); and commercial, 0.043.

Sources: Ministry of Petroleum and Natural Resources; and Fund staff estimates.

The weights used, based on the 1984/85 consumption pattern, are as follows: fertilizer industry, 0.148; other industries, 0.644; household use, 0.165 (with equal shares for the four classes of users); and commercial, 0.043.

Table 14.Pakistan: Summary of Consolidated Federal and Provincial Budgetary Operations, 1993/94–1999/2000
Prel.
1993/941994/951995/961996/971997/981998/991999/2000
(In billions of Pakistan Rupees)
Total revenue269.4307.4370.6391.7423.0474.9512.6
Tax213.4256.3318.4326.3349.0388.8405.6
Of which: CBR Revenue169.7215.7264.2281.1288.7311.4346.6
Surcharges35.831.342.631.246.361.938.9
Nontax56.051.152.265.474.086.1107.0
Total expenditure373.8432.7536.7556.2628.0651.2718.9
Current298.7343.4425.9465.8522.5563.5636.2
Of which: Interest94.096.4131.0157.7196.3213.3245.1
Defense94.0113.3119.3132.4136.2143.5150.4
Development and net lending 1/75.189.3110.790.4105.587.782.7
Budget balance-104.4-125.2-166.1-164.5-205.0-176.3-206.3
Financing104.4125.2166.1164.5205.0176.3206.3
External24.031.238.825.038.8147.073.6
Domestic78.482.9115.3139.5166.229.3132.8
Bank23.136.451.772.548.0-75.040.0
Nonbank55.346.563.667.1118.1104.392.8
Privatization proceeds2.011.112.00.00.00.00.0
(In percent of GDP)
Total revenue17.316.517.516.115.816.316.1
Tax13.713.715.013.413.013.312.7
Of which: CBR Revenue10.911.612.511.610.810.710.9
Surcharges2.31.72.01.31.72.11.2
Nontax3.62.72.52.72.83.03.4
Total expenditure23.923.225.322.923.522.422.6
Current19.118.420.119.219.519.320.0
Of which: Interest6.05.26.26.57.37.37.7
Defense6.06.15.65.55.14.94.7
Development and net lending 1/4.84.85.23.73.93.02.6
Budget deficit-6.7-6.7-7.8-6.8-7.7-6.1-6.5
Memorandum items:
Current balance-0.7-1.5-1.7-0.3-0.31.31.2
Primary balance-1.9-1.9-2.6-3.1-3.7-3.0-3.9
Government debt 2/93.586.386.387.589.491.991.6
Source: Ministry of Finance and Economic Affairs.

Includes certain current outlays under the public sector development program.

Foreign currency debt is valued at the end-of-period exchange rate.

Source: Ministry of Finance and Economic Affairs.

Includes certain current outlays under the public sector development program.

Foreign currency debt is valued at the end-of-period exchange rate.

Table 15.Pakistan: Consolidated Federal and Provincial Revenue, 1993/94–1999/2000
Prel.
1993/941994/951995/961996/971997/981998/991999/2000
(In millions of Pakistan rupees)
Tax revenue213,432256,335318,383326,277348,961388,788405,609
Taxes on income and profit45,48153,94576,61075,23591,49994,649108,011
Taxes on property5,1825,5616,61410,60411,91712,9738,473
Federal3,4113,4824,2226,9967,7238,8124,597
Provincial1,7712,0792,3923,6084,1944,1613,876
Taxes on goods and services88,770111,452134,000141,678155,098192,443212,573
Excise duty26,56037,72143,74952,98259,70661,83656,964
Federal26,01737,19642,93452,04458,79560,57255,630
Provincial5435258159389111,2641,334
Sales tax26,43342,40247,64957,47749,04668,680116,697
Surcharges35,77731,32942,60231,21946,34661,92738,912
Gas (net)15,45614,71518,12610,1839,8009,85513,509
Petroleum20,32116,61424,47621,03636,54652,07225,403
Taxes on international trade68,37478,63092,75289,34281,64478,65461,638
Other taxes5,6256,7478,4079,4188,80310,06914,914
Stamp duties2,8753,4104,2134,4634,8145,2676,398
Motor vehicles tax1,2461,6231,6671,9312,1132,3622,803
Foreign travel tax1,350
Other1,5041,7142,5273,0241,8762,4404,363
Nontax revenue55,95851,09852,19665,40174,04686,113110,146
Interest16,38114,80518,80628,42818,09016,44825,883
Dividend8,1337,9738299849261,44914,145
SBP profits5,00015,00014,00011,00018,0008,00030,000
Transfers from PTC005,3411,3006,8408,1043,186
Other civil administration5,2955,2026,2157,6157,7676,2263,186
Miscellaneous21,1498,1187,00516,07422,42345,88633,746
(In percent of GDP)
Tax revenue13.713.715.013.413.013.312.7
Taxes on income and profit2.92.93.63.13.43.23.4
Taxes on property0.30.30.30.40.40.40.3
Taxes on goods and services5.76.06.35.85.86.66.7
Excise duty1.72.02.12.22.22.11.8
Sales tax1.72.32.22.41.82.43.7
Surcharges2.31.72.01.31.72.11.2
Taxes on international trade4.44.24.43.73.02.71.9
Other taxes0.40.40.40.40.30.30.5
Nontax revenue3.62.72.52.72.83.03.5
Source: Ministry of Finance and Economic Affairs.
Source: Ministry of Finance and Economic Affairs.
Table 16.Pakistan: Consolidated Federal and Provincial Expenditure, 1993/94–1999/2000
Prel.
1993/941994/951995/961996/971997/981998/991999/2000
(In millions of Pakistan rupees)
Total expenditure373,809432,658536,686556,223628,003651,185718,917
Current expenditure298,741343,387425,941465,833522,515563,503636,220
Federal234,670264,438322,255354,841414,918451,460484,885
Interest payments94,02896,409130,997157,749196,251213,259245,078
Domestic74,38675,045104,508126,737167,513175,273198,417
Foreign19,64221,36426,48931,01228,73837,98646,661
Defense 1/93,973113,281119,302132,397136,164143,471150,390
General administration and services33,09941,94744,94645,01647,53946,90747,525
Grants to nongovernment2,4075,1073,0375,8905,2944,24012,615
Subsidies4,1833,7367,7209,2256,2679,53314,748
Errors and omissions-4,838-2,327404-6,47213,81918,9414,606
Other11,8186,28515,84911,0369,58415,1099,923
Provincial64,07178,949103,686110,992107,597112,043151,335
Errors and omissions-3,405-7,780-5,2422,685-15,191-10,3502,830
Other67,47686,729108,928108,307122,788122,393148,505
Development and net lending75,06889,271110,74590,390105,48887,68282,697
PSDP81,16793,489118,14893,169105,210108,99495,589
Net lending-6,099-4,218-7,403-2,779278-21,312-12,892
(In percent of GDP)
Total expenditure23.923.225.322.923.522.422.6
Current expenditure19.118.420.119.219.519.320.0
Federal15.014.215.214.615.515.515.2
Of which:
Interest payments6.05.26.26.57.37.37.7
Domestic4.84.04.95.26.36.06.2
Foreign1.31.11.21.31.11.31.5
Defense 1/6.06.15.65.55.14.94.7
Provincial4.14.24.94.64.03.84.8
Development and net lending4.84.85.23.73.93.02.6
Source: Ministry of Finance and Economic Affairs.

Includes payments of interest and principal on military debt; excludes military imports financed by external grants and disbursements.

Source: Ministry of Finance and Economic Affairs.

Includes payments of interest and principal on military debt; excludes military imports financed by external grants and disbursements.

Table 17.Pakistan: Federal Government Fiscal Operations, 1993/94–1999/2000(In millions of Pakistan rupees)
Prel.
1993/941994/951995/961996/971997/981998/991999/2000
Total revenue196,062208,806254,860262,419310,978354,729362,690
Tax revenue (net)125,618142,711186,323180,758220,975257,721243,604
Transfers to provincial tax pool79,875104,273120,446131,555114,078115,573143,231
Tax revenue (gross)205,493246,984306,769312,313335,053373,294386,835
Income and profit taxes45,48153,94576,61075,23591,49994,649108,011
Wealth and capital taxes3,4113,4824,2226,9967,7238,8124,597
Federal excise duty26,01737,19642,93452,04458,79560,57255,630
Sales tax26,43342,40247,64957,47749,04668,630116,697
Customs duties68,37478,63092,75289,34281,64478,65461,638
Surcharges35,77731,32942,60231,21946,34661,92738,912
Gas (net)15,45614,71518,12610,1839,8009,85513,509
Petroleum20,32116,61424,47621,03636,54652,07225,403
Foreign travel tax1,350
Nontax revenue70,44466,09568,53781,66190,00397,008119,086
Interest receipts (provinces)20,87721,35322,26423,40926,01025,46928,270
Interest receipts (other)16,01414,46218,38328,28716,55616,20525,070
Dividend8,1337,9738299849261,44914,145
SBP profit5,00015,00014,00011,00018,0008,00030,000
Transfers from PTC005,3411,3006,8408,104
Other civil administration5,2955,2026,2157,6157,7676,2263,186
Other federal miscellaneous15,0591,9801,3608,93413,70631,22118,415
Capital revenue66125145132198334
Expenditure and net lending315,859338,576416,088432,246515,140538,947573,788
Current expenditures239,286271,684332,091359,343425,799463,544505,887
Interest payments94,02896,409130,997157,749196,251213,259245,078
Domestic74,38675,045104,508126,737167,513175,273198,417
Foreign19,64221,36426,48931,01228,73837,98646,661
Defense93,973113,281119,302132,397136,164143,471150,390
General administration33,09941,94744,94645,01647,53946,90747,525
Grants7,02312,35312,87310,39216,17516,32433,617
Provinces4,6167,2469,8364,50210,88112,08421,002
Other2,4075,1073,0375,8905,2944,24012,615
Subsidies4,1833,7367,7209,2256,2679,53314,748
Railway account8435614,5262,7832,3685,4212,657
Food account4106513,224523-2,5654,532-208
Fertilizer and other accounts9971098481,3361,174-1,171-44
Other9,5684,9647,2516,3948,6076,3277,518
Errors and omissions-4,838-2,327404-6,47213,81918,9414,606
Development expenditure and net lending76,57366,89283,99772,90389,34175,40367,901
Public Sector Development Program 1/61,50862,24188,09473,87081,00085,41959,336
Net lending15,0654,651-4,097-9678,341-10,0168,565
Provinces21,1648,8693,3061,8128,06311,29621,457
Other-6,099-4,218-7,403-2,779278-21,312-12,892
Overall balance-119,797-129,770-161,228-169,827-204,162-184,218-211,098
Financing119,797129,770161,228169,827204,162184,218211,098
External24,00031,20038,80025,00038,839147,00273,582
Domestic93,79787,470110,428144,827165,32337,216137,515
Bank38,79041,23047,31678,37747,194-67,05244,713
Nonbank55,00746,24063,11266,450118,129104,26892,802
Privatization proceeds2,00011,10012,0000000
Source: Ministry of Finance and Economic Affairs.

Includes “Plan” external loans onlent to public enterprises; excludes “non-Plan” external loans onlent to public enterprises.

Source: Ministry of Finance and Economic Affairs.

Includes “Plan” external loans onlent to public enterprises; excludes “non-Plan” external loans onlent to public enterprises.

Table 18.Pakistan: Provincial Government Operations, 1993/94–1999/2000
Prel.
1993/941994/951995/961996/971997/981998/991999/2000
(In millions of Pakistan rupees)
Total revenue119,985136,095151,125158,982156,983169,021220,608
Provincial share in federal revenue79,875104,273120,446131,555114,078115,573143,231
Provincial taxes7,9399,35111,61413,96413,90815,49418,774
Property taxes1,7712,0792,3923,6084,1944,1613,876
Of which: Agricultural tax1,2741,408
Excise duties5435258159389111,2641,334
Stamp duties2,8753,4104,2134,4634,8145,2676,398
Motor vehicles tax1,2461,6231,6671,9312,1132,3622,803
Other1,5041,7142,5273,0241,8762,4404,363
Provincial nontax6,3916,3565,9237,14910,05314,57416,144
Interest3673434231411,534243813
Profits from hydro electricity5,0327,3476,8606,4615,4426,000
Irrigation-5,363-7,798-8,734-7,133-6,702-6,266
Receipts1,3471,2961,8061,9862,3232,528
Expenditures6,7109,09410,5409,1199,0258,794
Forest644838823734616823
Other5,7115,6266,5516,9469,16313,774
Federal loans and transfers25,78016,11513,1426,31418,94423,38042,459
Loans (net)21,1648,8693,3061,8128,06311,29621,457
Grants4,6167,2469,8364,50210,88112,08421,002
Total expenditure104,607131,550156,004153,700157,817161,087215,858
Current expenditure84,948100,302125,950134,401133,607137,512179,605
Interest to federal government20,87721,35322,26423,40926,01025,46928,270
Errors and omissions-3,405-7,780-5,2422,685-15,191-10,3502,830
Other67,47686,729108,928108,307122,788122,393148,505
Development expenditure19,65931,24830,05419,29924,21023,57536,253
Overall balance15,3784,545-4,8795,282-8347,9344,750
Financing-15,378-4,5454,879-5,282834-7,934-4,750
External0000000
Domestic-15,378-4,5454,879-5,282834-7,934-4,750
Bank-15,644-4,8124,411-5,919834-7,934-4,750
Nonbank266267468637000
Privatization proceeds0000000
(In percent of GDP)
Total revenue7.77.37.16.55.95.86.9
Provincial share in federal revenue5.15.65.75.44.34.04.5
Provincial taxes0.50.50.50.60.50.50.6
Provincial nontax0.40.30.30.30.40.50.5
Federal loans and transfers1.70.90.60.30.70.81.3
Total expenditure6.77.17.46.35.95.56.8
Current expenditure5.45.45.95.55.04.75.6
Development expenditure1.31.71.40.80.90.81.1
Overall balance1.00.2-0.20.20.00.30.1
Source: Ministry of Finance and Economic Affairs.
Source: Ministry of Finance and Economic Affairs.
Table 19.Pakistan: Budgetary Expenditure, Social Action Program, and Public Sector Development Program, 1993/94–1999/2000(In millions of Pakistan rupees)
Prel.
1993/941994/951995/961996/971997/981998/991999/2000
Total expenditure (excl. net lending)405,401465,475576,189586,913664,616710,050781,081
Current expenditure324,234371,986458,041493,744559,406601,056685,492
Federal239,286271,684332,091359,343425,799463,544505,887
Of which: SAP1,2541,6121,6721,9112,2492,6132,843
Provincial84,948100,302125,950134,401133,607137,512179,605
Of which: SAP17,97221,75427,54036,04729,62231,97328,013
Development expenditure81,16793,489118,14893,169105,210108,99495,589
Federal61,50862,24188,09473,87081,00085,41959,336
Core development program33,60032,07038,08636,95039,971
Of which: SAP9124632,2834,1823,9933,5514,843
Non-core development program27,90822,11327,41122,70024,135
Of which: SAP9635451,7922,5591,380
Provincial19,65931,24830,05419,29924,21023,57536,253
Of which: SAP5,90711,08710,72012,9968,01112,57714,643
Total SAP27,00835,46144,00757,69545,25550,71450,343
Current19,22623,36629,21237,95831,87134,58630,857
Development7,78212,09514,79519,73713,38416,12819,486
Public sector development program118,466128,334159,892126,804137,729135,350112,532
Of which: Core development program43,71545,79760,84049,39352,192
Budgetary PSDP81,16793,489118,14893,169105,210108,99495,589
Core33,60032,07038,08636,95039,971
Noncore47,56761,41980,06256,21965,239
Extrabudgetary PSDP37,29934,84541,74433,63532,51926,35616,943
Core10,11513,72722,75412,44312,221
Noncore27,18421,11818,99021,19220,298
Total SAP27,00835,46144,00757,69545,25550,71450,343
Core development program43,71545,79760,84049,39352,192
Source: Ministry of Finance and Economic Affairs.
Source: Ministry of Finance and Economic Affairs.
Table 20.Pakistan: Budgetary Financing, 1993/94–1999/2000(In millions of Pakistan rupees)
Prel.
1993/941994/951995/961996/971997/981998/991999/00
Total financing104,419125,225166,107164,545204,996176,284206,348
External24,00031,20038,80025,00038,839147,00273,582
Disbursements67,80087,22099,492127,100122,609270,171201,610
Project aid44,70047,14945,25052,70048,70646,94343,387
Commodity aid (nonfood)9,6007,1776841005,56427,3336,460
Food aid7,6007,97412,60816,00026,61712,6399,845
Other loans 1/4,60023,22642,41659,70044,16810,0666,054
Saudi oil facility0000013,70333,443
F-16 reimbursement0000016,4450
Special dollar bonds0000054,3376,844
Foreign exchange bearer certificates (net)1,3001,695-1,466-1,400-1,633-2,243-1,419
U.S. dollar bearer certificates (net)0-399-489-100-70-6-34
Foreign currency bearer certificates (net)0399489100-743-1,194-1,580
Debt rescheduling0000092,14798,609
Repayments (due)43,80056,02060,692102,10083,770123,169128,028
Domestic78,41982,925115,307139,545166,15729,282132,765
Bank 2/23,14636,41851,72772,45848,028-74,98639,963
Federal38,79041,23047,31678,37747,194-67,05244,713
Provincial-15,644-4,8124,411-5,919834-7,934-4,750
Nonbank55,27346,50763,58067,087118,129104,26892,802
Short-term
Medium-and long-term
Of which:
Prize bonds4,7005,4006,3009,50010,51110,125-32
Federal Investment Bonds8,5003,70015,800-600-10,227-7,943-2,474
National Savings Schemes34,60034,10044,30065,300106,214134,75593,513
Provincial nonbank266267468637000
Privatization proceeds2,00011,10012,0000000
Source: Ministry of Finance and Economic Affairs.

Includes Islamic Development Bank.

Budget support (includes adjustment for budgetary use of privatization proceeds).

Source: Ministry of Finance and Economic Affairs.

Includes Islamic Development Bank.

Budget support (includes adjustment for budgetary use of privatization proceeds).

Table 21.Pakistan: Domestic Debt, 1993/94–1999/2000 1/(In millions of Pakistan rupees)
Prel.
1993/941994/951995/961996/971997/981998/991999/2000
Bank debt 2/375,879414,575468,917542,250597,496551,403629,636
Budget support 3/348,363384,521434,063504,563552,350505,887545,849
Other 4/27,51630,05434,85437,68745,14645,51683,787
Nonbank debt337,316383,616446,222516,069634,198738,466831,268
Treasury bills/Short-term federal bonds 5/5,46411,29511,4026,35610,9011,081-5,250
Medium- and long-term280,594324,264385,081465,745582,587710,524806,036
Securities 6/56,75356,23566,46472,21572,33255,38957,420
Prize bonds34,62544,71451,01160,55871,06981,19481,162
National savings schemes189,216223,315267,606332,972439,186573,941667,454
Defense savings certificates64,36585,019105,163136,568168,840207,190247,840
National deposit certificates/accounts2,9982,1931,0872331328057
Khas deposit certificates/accounts1,7871,3771,047867827756700
Special saving certificates/accounts85,14795,736109,492126,978148,109178,063202,340
Regular income scheme5,3649,38714,11930,59185,000144,099170,110
Mahana Amadani account1,2621,4671,6721,8211,8691,8861,940
Savings accounts15,78715,64020,31214,7248,02510,32110,603
Postal life insurance7,0876,7698,83710,30112,44114,98918,159
General Provident Fund5,4195,7275,87710,88913,94316,55715,706
Other 7/51,25848,05749,73943,96840,71026,86130,482
Total domestic debt713,195798,191915,1391,058,3191,231,6941,289,8691,460,904
Source: Ministry of Finance and Economic Affairs.

End of period stocks.

Net claims on government by the banking system.

Includes adhoc t-bills issued to the central bank for recapitalization (PRs 28.5 billion in 1998/99).

Includes commodity operations net of deposits of the Zakat and privatization funds.

Derived as residual holdings. Can be negative due to valuations differing across holders.

Comprises market loans, government bonds, federal investment bonds, and national fund bonds.

Includes public account deposits net of government deposits with NBFIs.

Source: Ministry of Finance and Economic Affairs.

End of period stocks.

Net claims on government by the banking system.

Includes adhoc t-bills issued to the central bank for recapitalization (PRs 28.5 billion in 1998/99).

Includes commodity operations net of deposits of the Zakat and privatization funds.

Derived as residual holdings. Can be negative due to valuations differing across holders.

Comprises market loans, government bonds, federal investment bonds, and national fund bonds.

Includes public account deposits net of government deposits with NBFIs.

Table 22.Pakistan: Summary Accounts of Seven Key Public Sector Enterprises, 1995/96–1999/2000(In millions of Pakistan Rupees)
Prel.Prel.
1995/961996/971997/981998/991999/2000
Net operating surplus (incl. interest charges) 1/26,7711,885-2,15026,70623,879
WAPDA16,037-8,282-7,99317,6784,903
KESC-470-6,781-6,857-7,364-12,374
OGDC3,3165,0343,8753,84910,422
SSGCL-69-302-1,156-1,030-773
SNGPL166241-250-22293
PTCL11,04213,56612,40717,56722,962
Railways-3,251-1,592-2,177-3,772-1,354
Gross savings 2/44,10723,37028,64956,59252,408
WAPDA24,8905,5469,62533,70418,945
KESC2,374-5,062-4,709-4,638-9,546
OGDC3,7905,2346,6906,00013,857
SSGCL1,7102,0422,4062,8022,772
SNGPL1,8212,2492,4662,6953,001
PTCL12,77414,95214,34819,80224,733
Railways-3,251-1,592-2,177-3,772-1,354
Gross capital expenditure70,73068,25856,65443,18442,384
WAPDA31,06421,65222,95919,18515,942
KESC10,2619,0316,2782,3862,674
OGDC3,71013,3425,1872,7072,871
SSGCL4,2991,9682,6971,215979
SNGPL4,9456,7224,4872,4662,343
PTCL12,82812,82812,82811,77615,558
Railways3,6232,7152,2193,4502,017
Overall balance 3/-41,711-60,238-49,271-7,779-13,244
WAPDA-14,109-25,235-24,4733,967-8,656
KESC-10,731-15,812-13,135-9,750-15,048
OGDC80-8,108-7001,7468,445
SSGCL-3,760-1,292-2,045-262-185
SNGPL-4,531-6,222-4,102-2,049-1,833
PTCL-1,786738-4215,7917,404
Railways-6,874-4,307-4,395-7,222-3,371
(In percent of GDP)
Net operating surplus1.30.1-0.10.90.8
Of which: WAPDA0.8-0.3-0.30.60.2
Gross savings2.11.01.11.91.6
Of which: WAPDA1.20.20.41.20.6
Capital expenditure3.32.82.11.51.3
Of which: WAPDA1.50.90.90.70.5
Overall balance-2.0-2.5-1.8-0.3-0.4
Of which: WAPDA-0.7-1.0-0.90.1-0.3
Source: Pakistan authorities; and Fund staff estimates.

Gross operating revenue minus operating expenditure (accrual basis).

Gross operating surplus plus other revenue minus other expenditure plus noncash expenditure (depreciation).

Revenue minus expenditure.

Source: Pakistan authorities; and Fund staff estimates.

Gross operating revenue minus operating expenditure (accrual basis).

Gross operating surplus plus other revenue minus other expenditure plus noncash expenditure (depreciation).

Revenue minus expenditure.

Table 23.Pakistan: Accounts of Water and Power Development Authority (Power Wing), 1995/96–1999/2000(In million of Pakistan rupees)
Prel.
1995/961996/971997/981998/991999/2000
Operating Revenue and Expenditure
Revenue82,67295,693114,526129,016137,145
Sale of electricity31,91034,74337,60440,55339,365
Surcharges49,97559,89674,52187,20091,681
Other operating revenues7871,0542,4011,2636,099
Expenditure66,635103,975122,519111,338132,242
Cost of fuel24,15724,11823,08519,53627,729
Purchase of power from IPPs63435,31153,14842,53254,761
Capacity payments021,32132,80222,60223,563
Energy payments63413,99020,43619,93031,198
Operating, maintenance, administative expenses14,37314,68015,97014,30515,476
Depreciation and valuation charges7,9359,12911,13910,55211,659
Hydel profit to provinces6,3216,4606,0006,0006,000
Interest charges13,21514,27713,17718,41316,617
Net operating balance including interest charges16,037-8,282-7,99317,6784,903
Savings, Investment and Net Borrowing
Gross savings24,8905,5469,62533,70418,945
Net operating balance including interest charges16,037-8,282-7,99317,6784,903
Depreciation and valuation charges7,9359,12911,13910,55211,659
Other income9184,6996,4795,4742,383
Capital expenditure31,06421,65222,95919,18515,942
Net borrowing6,17416,10613,334-14,519-3,003
Financing6,17416,10613,334-14,519-3,003
Net cash collection from operations-1,24614,7886,566-4,689-32,734
Change in accounts receivables (- = increase)-5,270-1,255-24,383-4,716-8,363
Changes in current liabilities (+ = increase)4,02416,04330,94927-24,371
External borrowing (capital expenditure)14,206112909,6807,6746,060
Debt amortization-7,329-6627-10,587-13,953-23,398
Rural Electrification (budget loan)4,12117381,2441,1291,161
KAPCO note sale001,6978430
Debt-equity conversion000036,383
Other-3,578-5,0834,734-5,5239,525
Memorandum items:
Overall balance-14,109-25,235-24,4733,967-8,656
Accounts receivables (end of period)15,46616,72141,10445,82054,183
Of which: receivables from government36,46935,01439,375
Current liabilities (end of period)119,038102,99572,04672,07347,702
Of which: liabilities to government19,59037,94220,412
Production (in GWh)
Units generated39,68138,33437,146
Power purchased13,58015,88817,861
Total system losses13,83915,31614,113
Unit sold39,42238,90640,894
Losses in percent of generation and purchase26.028.225.7
Average tariff (in rupees per kWh)2.83.33.2
Average tariff (in cents per kWh)6.66.66.2
Average cost (in rupees per kWh)3.12.93.2
Of which: fuel and electricity1.91.62.0
operational0.40.40.4
Source: WAPDA; World Bank; and staff estimates.
Source: WAPDA; World Bank; and staff estimates.
Table 24.Pakistan: Accounts of the Karachi Electricity Supply Corporation, 1995/96–1999/2000(In millions of Pakistan rupees)
Prel.
1995/961996/971997/981998/991999/2000
Operating Revenue and Expenditure
Revenue16,33916,29022,52623,78126,145
Sale of energy15,98815,79722,11323,28525,565
Other income351494413495580
Expenditure16,80923,07129,38231,14638,519
Fuel and electricity9,09714,42519,42520,71325,889
Fuel and oil consumed7,39310,98111,6859,31213,770
Electricity purchased1,7043,4446,0639,1849,563
Capacity Charges (IPP)001,6772,2172,556
Operation and maintenance expenses2,5613,3772,4143,4522,870
Other provisions5141,4381,6981,2131,248
Depreciation2,8441,7192,1482,7262,828
Financial charges1,7932,1123,6973,0425,684
Net operating revenue incl. interest charges-470-6,781-6,857-7,364-12,374
Savings, Investment and Net Borrowing
Gross savings2,374-5,062-4,709-4,638-9,546
Net operating balance incl. interest charges-470-6,781-6,857-7,364-12,374
Depreciation2,8441,7192,1482,7262,828
Capital expenditure10,2619,0316,2782,3862,674
Net borrowing7,88714,09310,9877,02412,220
Memorandum items
Overall balance accrual basis-10,730-15,812-13,134-9,751-15,048
Production (in GWh)
Units generated8,0677,4587,3186,6137,745
Power purchased1,3291,8693,0304,0073,681
Total system losses3,3753,6873,9634,4894,983
Unit sold6,0215,6406,3856,1316,443
Losses in percent of generation and purchase35.939.538.342.343.6
Sale of electricity (in million rupees)15,98815,79722,11323,28525,565
Average tariff (in rupees per kWh)2.72.83.53.84.0
Average tariff (in cents per kWh)8.07.28.17.67.7
Average cost (in rupees per kWh)2.84.14.65.16.0
Of which: fuel and electricity1.52.62.83.03.6
operational0.40.60.40.60.4
Annual percentage changes
Average tariff20.85.523.69.74.5
Unit cost25.846.512.510.417.7
Of which: fuel and electricity26.369.38.78.520.0
operational11.340.8-36.948.9-20.9
Source: Data provided by the authorities.
Source: Data provided by the authorities.
Table 25.Pakistan: Accounts of the Oil and Gas Development Corporation, 1995/96–1999/2000(In million of Pakistan rupees)
Prel.
1995/961996/971997/981998/991999/2000
Operating Revenue and Expenditure
Revenues10,34413,45914,49012,73621,992
Net sales10,30013,40914,28412,50221,949
Other operating revenues445020623443
Expenditure7,0288,42510,6158,88711,570
Operating expenditure3,1123,2151,8242,0212,270
Depreciation1,4651,6842,850
Transportation charges209169200208223
Amortization622785738938766
Exploration expenditure written off1,4401,2381,4331,2881,376
General and administration expenses465556322324415
Financial charges9681,7211,2921,957968
Workers profit participation Fund161341396251701
Provision for current taxation524002,9452162,000
Net operating balance incl. interest charges3,3165,0343,8753,84910,422
Savings, Investment and Net Lending
Gross savings3,7905,2346,6906,00013,857
Net operating balance incl. interest charges3,3165,0343,8753,84910,422
Depreciation and amortiziation2,2032,6223,616
Other income474200611604893
Dividend payment0-1,075-1,075
Capital expenditure3,71013,3425,1872,7072,871
Net lending80-8,1081,5033,29310,986
Memorandum items:
Overall balance80-8,108-7001,7468,445
Oil sales
Sales (in million rupees)4,5036,1495,2204,8457,336
Volume (in thousands of barrels)9,5928,2097,9248,0747,436
Unit price (in rupees per barrel)469749659600986
Unit price (in U.S. dollars per barrel)1419151219
Costs (in million rupees)3,3433,3122,7833,3933,646
Unit cost (in rupees per barrel)349403351420490
Gas sales
Sales (in million rupees)4,8948,7509,1667,53911,921
Volume (in 000s MCF) 1/108,294125,356124,363115,968212,798
Unit price (rupees per MCF) 1/4570746556
Unit price (in U.S. dollars per MCF) 1/1.351.791.721.301.09
Costs (in million rupees)3,6334,7134,8875,2785,925
Unit cost (in rupees per MCF)3438394628
Total oil and gas sales (in million rupees)9,39714,89914,38712,38419,257
Employment11,61512,38412,38912,307
Source: Data provided by the authorities.

MMCF = one million of cubic feet; MCF = one thousand cubic feet.

Source: Data provided by the authorities.

MMCF = one million of cubic feet; MCF = one thousand cubic feet.

Table 26.Pakistan: Accounts of the Sui Southern Gas Company Limited, 1995/96–1999/2000(In million of Pakistan rupees)
Prel.
1995/961996/971997/981998/991999/2000
Operating Revenue and Expenditure
Revenues13,39514,79015,62316,35020,171
Gas sales13,04214,79015,62316,35020,171
Recovery from SNGPL3530000
Expenditure13,46515,09216,77917,38020,944
Cost of gas sold7,95310,00710,0988,10813,524
Purification/transmission/distribution costs2,1681,7001,9291,9222,484
Financial and other charges9931,5782,7802,6181,793
Depreciation charges1,1711,3661,7541,8491,978
Development surcharge621214-2112,294367
Contribution to workers’ profit fund5545547781
Corporate tax/bonus share tax504182375512717
Net operating balance incl. interest charges-69-302-1,156-1,030-773
Savings, Investment and Net Borrowing
Gross savings1,7102,0422,4062,8022,772
Net operating balance incl. interest charges-69-302-1,156-1,030-773
Depreciation1,1711,3661,7541,8491,978
Other income 1/6089781,8081,9831,567
Capital expenditure4,2991,9682,6971,215979
Net borrowing2,589-74291-1,587-1,793
Memorandum items:
Overall balance (accrual basis)-3,760-1,292-2,045-262-185
Gas sales (in million rupees)13,04214,79015,62316,35020,171
Gas sales (in 000s MMCF)172.4174.9169.2177.2198.281
Unit sale price (in rupee per MCF)75.784.592.392.3101.7
Unit sale price (in U.S. dollar per MCF)2.32.22.21.82.0
Average cost (in rupees per MCF)71.684.098.282.3100.2
Of which: average cost of gas46.157.259.745.868.2
average operational cost25.426.838.536.532.0
Average return on assets0.5-0.7-4.6-2.9-0.3
Prescribed price (in rupees per MCF) 2/72.083.393.679.399.9
Gas Development surcharge 3/621214-2112,294367
Annual percentage change
Unit sales price19.911.89.20.010.2
Unit prescribed price31.215.612.3-15.29.8
Of which: unit cost of gas53.524.04.3-23.349.0
unit operational costs6.25.343.7-5.2-12.5
Number of employees5,6055,5875,4825,3865,311
Source: Data provided by the Pakistan authorities.

Includes meter rental, late payment surcharge, recognition of income against deferred credit, sale of gas condensate, LPG bottling division losses, meter manufacturing division profit, and other income.

Equal average cost plus average rate of return on assets.

Equals the difference between the sales price and the prescribed price times the volume of sales.

Source: Data provided by the Pakistan authorities.

Includes meter rental, late payment surcharge, recognition of income against deferred credit, sale of gas condensate, LPG bottling division losses, meter manufacturing division profit, and other income.

Equal average cost plus average rate of return on assets.

Equals the difference between the sales price and the prescribed price times the volume of sales.

Table 27.Pakistan: Accounts of the Sui Northern Gas Pipelines Limited, 1995/96–1999/2000(In million of Pakistan rupees)
Prel.
1995/961996/971997/981998/991999/2000
Operating Revenue and Expenditure
Revenues14,50619,69320,30721,18527,469
Gas sales14,18117,35318,73920,57726,571
Differential margin01,91998500
Rental and service income137206237284543
Surcharge and interest on arrears of gas sale188215346324355
Expenditure14,34019,45220,55721,40727,376
Cost of gas sold9,06912,59812,32911,08816,672
Operating cost1,7782,5732,5222,4843,672
Financial and other charges1,6312,3883,2973,5062,723
Depreciation1,4071,7492,0812,2782,491
Development surcharge103001,6661,052
Corporate tax/bonus share tax351144328385766
Net operating balance incl. interest charges166241-250-22293
Savings, Investment and Net Borrowing
Gross savings1,8212,2492,4662,6953,001
Net operating balance incl. interest charges166241-250-22293
Depreciation1,4071,7492,0812,2782,491
Other income 1/248259635639417
Capital expenditure4,9456,7224,4872,4662,343
Net borrowing3,1244,4732,021-229-658
Memorandum items:
Current balance414500385417510
Overall balance-4,531-6,222-4,102-2,049-1,833
Gas sales (in million rupees)14,18117,36318,73920,57726,571
Gas sales (in 000s MMCF) 2/208.9231.0231.6253.1269.8
Unit sale price (in rupee per MCF) 2/67.975.280.981.398.5
Unit sale price (in U.S. dollars per MCF) 2/2.01.91.71.61.8
Average cost (in rupees per MCF)66.583.687.376.594.7
Of which: average cost of gas43.454.553.243.861.8
average operational cost23.129.034.132.732.9
Average return on assets0.9-0.1-2.2-1.8-0.1
Prescribed price (in rupees per MCF) 2/3/67.483.585.274.794.6
Gas Development surcharge 4/103-1,919-9851,6661,052
Annual percentage change
Unit sales price22.610.77.60.514.5
Unit prescribed price41.523.92.0-12.317.5
Of which: unit cost of gas56.925.6-2.4-17.727.2
unit operational costs21.126.017.4-4.10.6
Average return in percent of average cost1.4-0.1-2.5-2.3-0.2
Number of employees7,2708,2768,1387,9637,851
Source: SNGPL annual reports; and data provided by the Pakistan authorities.

Includes amortization of deferred credit, net gain on sale of fixed assets, and other income.

MMCF = one million of cubic feet; MCF = one thousand cubic feet.

Equals average cost plus average rate of return on assets.

Equals the difference between the sales price and the prescribed price times the volume of sales.

Source: SNGPL annual reports; and data provided by the Pakistan authorities.

Includes amortization of deferred credit, net gain on sale of fixed assets, and other income.

MMCF = one million of cubic feet; MCF = one thousand cubic feet.

Equals average cost plus average rate of return on assets.

Equals the difference between the sales price and the prescribed price times the volume of sales.

Table 28.Pakistan: Accounts of the Pakistan Telecommunication Company Limited, 1995/96–1999/2000(In million of Pakistan rupees)
Prel.
1995/961996/971997/981998/991999/2000
Operating Revenue and Expenditure
Revenue37,77942,63246,46651,77257,775
Telephone/telex/telegraph37,77942,63246,46651,77257,775
Expenditure26,73729,06634,05934,20534,813
Operating costs22,76523,6282653429,46230,345
Of which: salaries and pensions4,9336,28956266,5228,298
Interest expenses3,9725,43875254,7434,468
Net operating revenue incl. interest charges11,04213,56612,40717,56722,962
Savings, Investment and Net Lending
Gross savings12,77414,95214,34819,80224,733
Net operating balance incl. interest charges11,04213,56612,40717,56722,962
Other income1,6871,3001,7541,9391,004
Interest income4586187296767
Capital expenditure12,82812,82812,82811,77615,558
Net lending-542,1241,5208,0269,175
Financing54-2,124-1,520-8,026-9,175
Financing from Federal government (net)94945-67-839-227
Gross lending9491,003109441440
Amortization09581761,280667
Other financing-895-2,169-1,453-7,187-8,948
Source: PTC and PTCL annual reports; and data provided by the Pakistan authorities.
Source: PTC and PTCL annual reports; and data provided by the Pakistan authorities.
Table 29.Pakistan: Accounts of the Pakistan Railways, 1995/96–1999/2000(In millions of Pakistan rupees)
Prel.Prel.
1995/961996/971997/981998/991999/2000
Operating Revenue and Expenditure
Revenue10,64512,66612,35111,44313,544
Revenue receipts8,1319,8169,6989,2929,777
Passengers3,6024,4404,5004,4474,740
Goods3,5684,0974,2353,6983,758
Others 1/9611,2799641,1471,279
Transfers from the budget 2/2,5142,8502,6532,1513,767
Expenditure13,89614,25814,52815,21514,898
Ordinary working exp12,61911,94511,84811,89211,747
Interest charges1,2762,3132,6803,3233,151
Net operating balance incl. interest charges-3,251-1,592-2,177-3,772-1,354
Savings, Investment and Net Borrowing
Gross savings-3,251-1,592-2,177-3,772-1,354
Net operating balance incl. interest charges-3,251-1,592-2,177-3,772-1,354
Capital expenditure3,6232,7152,2193,4502,017
Net Borrowing6,8744,3074,3957,2223,371
Financing6,8744,3074,3957,2223,371
External financing net1,1241,278861,287344
Budget investment transfer1,7506611,4309971,035
SBP overdraft4,0002,3692,8794,4301,992
Other0005090
Memorandum items:
Current balance-3,251-1,592-2,177-3,772-1,354
Overall balance-6,874-4,307-4,395-7,222-3,371
Passenger Traffic
Number of passengers (in million)73.768.664.964.966.0
Number of kilometers travelled (in million)18,90520,47618,77418,98019,500
Average kilometer per passenger256.5298.5289.3292.4295.5
Average rate per passenger kilometer (in rupees)0.190.220.240.230.25
Freight Traffic
Number of tons (in thousands)6,8546,4006,0005,5005,800
Number of kilometers travelled (in million)5,0774,6074,4433,9674,000
Average kilometers per ton736720741721690
Average rate per ton per kilometer (in rupees)0.710.890.950.931.21
Number of employees111,223106,997104,185100,64397,500
Source: Pakistan Railways year book; and data provided by the authorities.

Includes public service obligation, which are tarnsfers from the budget to cover the cost of public services provided by Railways.

Transfers from the budget to cover operational shortfalls.

Source: Pakistan Railways year book; and data provided by the authorities.

Includes public service obligation, which are tarnsfers from the budget to cover the cost of public services provided by Railways.

Transfers from the budget to cover operational shortfalls.

Table 30.Pakistan: Monetary Survey, 1995/96–1999/2000(End-of-period stocks; in millions of Pakistan rupees)
Prel.
1995/961996/971997/981998/991999/2000
Net foreign assets-37,487-61,176-90,061-70,717-50,892
(in millions of U.S. dollars)-1,068-1,512-1,958-1,376-983
Net domestic assets976,1671,114,4101,296,3811,351,2631,451,523
Net claims on government468,917542,250597,496551,403629,636
Budgetary support434,063504,563552,350505,887545,849
Federal government442,360518,779565,732527,203571,915
Provincial governments-8,297-14,216-13,382-21,316-26,066
Commodity operations47,37753,07963,66467,309107,403
Zakat and Privatization Funds-12,523-15,392-18,518-21,793-23,616
Credit to the nongovernment sector531,064593,511697,496816,710842,751
Private sector and public enterprises 1/510,943573,632668,370774,166797,266
Autonomous bodies20,12119,87928,30241,35144,477
Others (NHA and CAA)008241,1931,008
Privatization account-8,734-3,532-2,930-2,930-2,930
Other items (net)-15,080-17,8204,319-13,920-17,934
Domestic liquidity938,6801,053,2341,206,3201,280,5461,400,631
Currency234,110244,141272,922287,716355,677
Demand deposits213,899199,410207,409355,327415,747
Time and savings deposits344,713386,801447,433516,586561,040
Foreign currency deposits 2/145,958222,882278,556120,91768,167
Memorandum items:
National Savings Schemes303,892372,328483,872624,581714,258
Deposits in NBFIs86,87997,256121,009105,08592,789
M3 3/1,329,4511,522,8181,811,2012,010,2122,207,678
Source: State Bank of Pakistan.

Claims on private sector have been adjusted from June 1998 to exclude loan loss provisions.

Refers to foreign currency deposits of residents that were frozen in May 1998.

Defined as M2 plus national savings schemes plus deposits in nonbank financial institution (NBFIs).

Source: State Bank of Pakistan.

Claims on private sector have been adjusted from June 1998 to exclude loan loss provisions.

Refers to foreign currency deposits of residents that were frozen in May 1998.

Defined as M2 plus national savings schemes plus deposits in nonbank financial institution (NBFIs).

Table 31.Pakistan: Accounts of the State Bank of Pakistan 1995/96–1999/2000(End-of-period stocks; in millions of Pakistan rupees)
Prel.
1995/961996/971997/981998/991999/2000
Net foreign assets11,934-11,086-48,633-42,453-55,087
Net domestic assets298,147358,132418,111440,436552,894
Net claims on government163,989231,265223,684257,819391,004
Budgetary support176,509246,657242,202279,612414,620
Federal government195,186246,674235,469279,732409,224
Provincial governments-18,677-176,733-1205,396
Zakat fund-10,779-13,693-17,272-20,943-23,170
Privatization Fund-1,741-1,699-1,246-850-446
Claims on nongovernment sectors42,75041,55140,83556,07751,189
Private sector42,66741,46840,75259,64659,870
Public sector enterprises (PSEs)83838383220
Special account for PSEs’ debt relief000-3,652-8,901
Claims on scheduled banks66,04389,865158,474187,188193,402
Privatization account-8,734-3,532-2,930-2,930-2,930
Gross inflows 1/34,86439,96740,58740,58740,587
Gross withdrawals 2/26,13036,43537,65737,65737,657
Other items (net)34,099-1,017-1,952-57,718-79,771
Reserve money310,081347,046369,478397,983497,807
Bank reserves49,85277,94971,37585,185114,703
Of which
Excess reserves4,46810,03111,05217,96022,571
Private sector deposits6,7917,1356,4126,2127,959
Currency253,438261,962291,691306,586375,145
Outside scheduled banks234,110244,141272,922287,716355,677
Held by scheduled banks19,32817,82118,76918,87019,468
Source: State Bank of Pakistan.

Reflects receipts of PRs 29,127.9 million from sale of PTC vouchers in September 1994, PRs 5,736.2 million from sale of Kot Addu power plant in June 1996, and additional PRs 3,469 million from sale of Kot in July and November 1996.

Reflect PRs 14 billion and PRs 12 billion use of privatization proceeds by the budget in 1994/95 and 1995/96, respectively. In 1996/97, this reflects withdrawal of PRs 5,736 million transferred to WAPDA, and PRs 1,500 million used to retire debt vis-à-vis SBP.

Source: State Bank of Pakistan.

Reflects receipts of PRs 29,127.9 million from sale of PTC vouchers in September 1994, PRs 5,736.2 million from sale of Kot Addu power plant in June 1996, and additional PRs 3,469 million from sale of Kot in July and November 1996.

Reflect PRs 14 billion and PRs 12 billion use of privatization proceeds by the budget in 1994/95 and 1995/96, respectively. In 1996/97, this reflects withdrawal of PRs 5,736 million transferred to WAPDA, and PRs 1,500 million used to retire debt vis-à-vis SBP.

Table 32.Pakistan: Accounts of the Scheduled Banks, 1995/96–1999/2000(End-of-period stocks; in millions of Pakistan rupees)
Prel.
1995/961996/971997/981998/991999/2000
Net foreign assets-49,421-50,089-41,428-28,2654,195
Net domestic assets747,200852,047968,4141,014,8831,032,800
Net claims on government298,959321,222374,043293,584238,633
Budgetary support251,585268,143310,379226,275131,230
Federal government247,174274,062330,494247,471162,692
Provincial governments4,411-5,919-20,115-21,196-31,462
Commodity operations47,37753,07963,66467,309107,403
Advances to federal government36,49940,77045,45344,63653,381
Advances to provincial governments10,87812,30918,21122,67354,022
PTC deposits-30000
Claims on nongovernment sectors488,314561,277656,661760,633791,562
Private Sector (including CEC) 1/436,034505,346591,273675,048693,313
Public sector enterprises32,15926,73536,26243,04152,764
Autonomous bodies20,12129,19628,30241,35144,477
Others (NHA and CAA)008241,1931,008
Net Claims on SBP3,1375,905-68,330-83,133-59,231
Liabilities to the SBP-66,043-89,865-158,474-187,188-193,402
Required/Excess reserves49,85277,94971,37585,185114,703
Cash19,32817,82118,76918,87019,468
Other items (net)-43,210-36,3576,04043,79961,836
Liabilities to private sector697,779801,958926,986986,6181,036,995
Demand deposits207,108192,275200,997349,115407,788
Time deposits344,713386,801447,433516,586561,040
Residents’ foreign currency accounts145,958222,882278,556120,91768,167
(In million of U.S. dollars)4,1475,4916,0242,3541,303
Source: State Bank of Pakistan.

Claims on private sector have been adjusted from June 1998 to exclude loan loss provisions.

Source: State Bank of Pakistan.

Claims on private sector have been adjusted from June 1998 to exclude loan loss provisions.

Table 33.Pakistan: Factors Affecting Changes in Domestic Liquidity, 1995/96–1999/2000
Prel.
1995/961996/971997/981998/991999/2000
(Changes in millions of Pakistan rupees)
Net foreign assets-40,136-23,689-28,88519,34419,826
Net domestic assets154,083138,243181,97154,882100,259
Net claims on government54,34273,33355,246-46,09378,234
Budgetary support49,54270,50047,787-46,46339,962
Federal government45,13176,41946,953-38,52944,712
Provincial governments4,411-5,919834-7,934-4,750
Commodity operations5,8585,70210,5853,64540,094
Zakat and Privatization Funds-1,058-2,869-3,126-3,275-1,323
Credit to the nongovernment sector68,70771,76494,668119,21426,041
Private sector and public enterprises 1/65,54162,68994,738105,79623,100
Autonomous bodies3,1669,075-89413,0493,126
Privatization proceeds6,2645,20260200
Other items (net)24,770-12,05731,225-18,239-4,015
Domestic liquidity113,947114,554153,08674,226120,085
Currency18,53110,03128,78114,79467,961
Demand deposits6,989-14,4897,999147,91860,420
Time and savings deposits47,54242,08860,63269,15344,454
Foreign currency deposits 2/40,88576,92455,674-157,639-52,750
(Changes in percent of beginning of period domestic liquidity)
Net foreign assets-4.9-2.5-2.71.61.5
Net domestic assets18.714.717.34.57.8
Net claims on government6.67.85.2-3.86.1
Of which; Budgetary support6.07.54.5-3.93.1
Credit to the nongovernment sector8.37.69.09.92.0
Of which: Private sector 1/7.67.38.18.51.4
Privatization proceeds0.80.60.10.00.0
Other items (net)3.0-1.33.0-1.5-0.3
Domestic liquidity13.812.214.56.29.4
Memorandum hems:
Annual growth rates in percent:
Credit to the private sector 1/15.014.213.716.22.5
Currency8.64.311.85.423.6
Demand deposits3.4-6.84.071.317.0
Time and savings deposits16.012.215.715.58.6
Foreign currency deposits 2/38.952.725.0-56.6-43.6
M3 3/15.314.518.911.09.8
Velocity of domestic liquidity2.62.52.22.32.3
Source: State Bank of Pakistan.

Claims on private sector have been adjusted from June 1998 to exclude loan loss provision. The growth rate of private credit in 1997/98 is based on unadjusted data.

Refers to residents’ foreign currency deposits that were frozen in May 1998.

Defined as M2 plus national savings schemes plus deposits in NBFIs.

Source: State Bank of Pakistan.

Claims on private sector have been adjusted from June 1998 to exclude loan loss provision. The growth rate of private credit in 1997/98 is based on unadjusted data.

Refers to residents’ foreign currency deposits that were frozen in May 1998.

Defined as M2 plus national savings schemes plus deposits in NBFIs.

Table 34.Pakistan: Factors Affecting Changes in Reserve Money, 1995/96–1999/2000
Prel.
1995/961996/971997/981998/991999/2000
(Changes in millions of Pakistan rupees)
Net foreign assets-21,238-23,020-37,5476,180-12,634
Net domestic assets48,46759,98559,97922,325112,458
Net claims on government39,11043,558-7,58134,135133,184
Budgetary support40,16846,430-4,45537,410135,007
Federal government30,86651,4886,750-6,8535,516
Provincial governments9,302-5,058-3,579-3,671-2,227
Zakatfund-317-2,914-3,579-3,671-2,227
Privatization Fund-74142453396404
Claims on nongovernment sectors2,537-1,199-71615,242-4,888
Private sector2,579-1,199-71618,894224
Public sector enterprises-4200-3,652-5,112
Claims on scheduled banks-5,46123,82268,60928,7146,214
Privatization proceeds6,2645,20260200
Other items (net)6,017-11,398-935-55,766-22,052
Reserve money27,22936,96522,43228,50599,824
Banks’ reserves3,99728,097-6,57413,81029,518
Private sector deposits1,736344-723-2001,747
Currency21,4968,52429,72914,89568,559
(Changes in percent of beginning of period reserve money)
Net foreign assets-7.5-7.4-10.81.7-3.2
Net domestic assets17.119.317.36.028.3
Net claims on government13.814.0-2.29.233.5
Budgetary support14.215.0-1.310.133.9
Zakat fund-0.1-0.9-1.0-1.0-0.6
Privatization Fund-0.30.00.10.10.1
Claims on nongovernment sectors0.9-0.4-0.24.1-1.2
Private sector0.9-0.4-0.25.10.1
Public sector enterprises0.00.00.0-1.0-1.3
Claims on scheduled banks-1.97.719.87.81.6
Privatization proceeds2.21.70.20.00.0
Other items (net)2.1-3.7-0.3-15.1-5.5
Reserve money9.611.96.57.725.1
Banks’ reserves1.49.1-1.93.77.4
Private sector deposits0.60.1-0.2-0.10.4
Currency7.62.78.64.017.2
Memorandum item:
Money multiplier3.03.03.33.22.8
Source: State Bank of Pakistan.
Source: State Bank of Pakistan.
Table 35.Pakistan: Government Budgetary Support, 1995/96–1999/2000(End of period stocks; in millions of Pakistan rupees)
Prel.
1995/961996/971997/981998/991999/2000
Federal government442,315518,779565,963527,203571,915
Scheduled banks247,129272,105330,494247,471162,692
Government securities137,110167,945121,246107,899107,985
Treasury bills/short-term federal bonds144,877132,460235,388204,160103,790
Government deposits-34,858-28,300-26,140-64,588-49,083
State Bank of Pakistan195,186246,674235,469279,732409,223
Treasury bills/short-term federal bonds151,308198,032166,037266,301457,084
Other claims59,83264,86069,432106,791109,783
Government deposits-15,954-16,218000
Special debt retirement account000-93,360-157,644
Provincial governments-8,297-14,216-13,382-21,316-26,066
Scheduled banks-13,338-14,199-20,115-21,196-31,462
Government securities3,3392,3992,1841,9691,730
Advances to Punjab Government for Coop2,0002,0002,0002,0002,000
Government deposits-18,677-18,598-24,299-25,165-35,192
State Bank of Pakistan5,041-176,733-1205,396
Government securities22894894894880
Debtor balances (excluding Zakat fund)7,4647,6806,3947,72024,621
Ways and means advances00000
Government deposits (excluding Zakat fun-2,445-8,591-555-8,734-20,105
Total budgetary support434,018504,563552,581505,887545,849
Source: State Bank of Pakistan.
Source: State Bank of Pakistan.
Table 36.Pakistan: Credit to the Private Sector and Public Sector Enterprises, 1995/96–1999/2000
Prel.
1995/961996/971997/981998/991999/2000
(End-of-period stocks, in millions of Pakistan rupees)
Total credit510,943601,150684,079815,517841,744
SBP42,75041,55240,83559,72960,091
Of which
Credit to NBFIs83838383220
Commercial banks385,001472,326544,782642,798665,444
Cotton export corporation2,6042,3061,6499681,318
Export finance35,65441,97054,88680,93272,571
Self employment scheme14,31512,69210,9929,4308,104
Commercial credit332,428415,358477,255551,468583,451
Specialized banks83,19287,27298,462112,990116,209
ADBP61,24064,22974,91387,13990,145
IDBP16,39317,36318,20620,81621,130
FBC/PPCB5,5595,6805,3435,0354,934
(Annual percentage changes)
Total credit14.717.713.819.23.2
Commercial banks17.422.715.318.03.5
Of which
Export finance10.017.730.847.5-10.3
Commercial credit19.724.914.915.55.8
Specialized banks7.64.912.814.82.8
(In percent of total)
Export finance7.07.08.09.98.6
Commercial credit65.169.169.867.669.3
Credit under government sponsored schemes 1/28.023.922.222.522.1
Source: State Bank of Pakistan.

Comprises SBP’s credit to nonbank financial institutions, credit by the specialized banks, and credit for the self-employed scheme and the cotton export corporation.

Source: State Bank of Pakistan.

Comprises SBP’s credit to nonbank financial institutions, credit by the specialized banks, and credit for the self-employed scheme and the cotton export corporation.

Table 37.Pakistan: Disbursements of Mandatory Agricultural Credit, 1995/96–1999/2000(In millions of Pakistan rupees)
Prel.
1995/961996/971997/981998/991999/2000
TargetActualTargetActualTargetActualTargetActualTargetActual
Total disbursements32,42619,10226,04119,51541,45632,97444,80642,84752,92239,688
ADBP 1/17,76010,25411,75011,65526,30022,35428,51030,17135,00024,424
FBC 2/3,8103,8033,4353,4314,3004,9295,4405,4405,9805,951
Commercial banks10,8565,04510,8564,42910,8565,69110,8567,23611,9429,313
Memorandum item:
Lending rate (in percent)14.014.014.014.014.0
Source: State Bank of Pakistan.

Agricultural Development Bank of Pakistan.

Federal Bank for Cooperatives.

Source: State Bank of Pakistan.

Agricultural Development Bank of Pakistan.

Federal Bank for Cooperatives.

Table 38.Pakistan: Market Share of Banks, 1995/96–1999/2000 1/(In percent)
Prel.
1995/961996/971997/981998/991999/2000
Deposit market share2/
Nationalized commercial banks49.745.645.946.147.8
Habib Bank Limited19.718.318.618.518.9
National Bank of Pakistan20.918.318.318.318.8
United Bank Limited8.88.78.79.19.9
First Women Bank0.30.30.30.20.2
Partially privatized banks19.618.018.120.820.0
Muslim Commercial Bank12.911.911.911.711.6
Allied Bank Limited6.76.16.29.18.4
Specialized banks1.51.51.01.41.4
Domestic private banks10.512.712.614.314.7
Branches of foreign banks18.722.322.417.516.0
Loan market share3/
Nationalized commercial banks41.839.042.442.442.9
Habib Bank Limited17.716.817.319.118.5
National Bank of Pakistan14.914.016.816.617.1
United Bank Limited9.18.18.26.67.2
First Women Bank0.10.10.10.10.1
Partially privatized banks14.114.515.215.716.5
Muslim Commercial Bank9.25.29.98.48.7
Allied Bank Limited4.99.35.37.37.8
Specialized banks17.015.614.213.813.0
Domestic private banks10.412.211.113.313.6
Branches of foreign banks16.818.717.114.814.0
Source: State Bank of Pakistan.

Based on end-June data.

Deposits include banks’ liabilities to the nongovernment sector plus deposits of the federal and provincial governments.

Includes lending to the private sector, public enterprises, and autonomous bodies.

Source: State Bank of Pakistan.

Based on end-June data.

Deposits include banks’ liabilities to the nongovernment sector plus deposits of the federal and provincial governments.

Includes lending to the private sector, public enterprises, and autonomous bodies.

Table 39.Pakistan: Market Share of Banks in Foreign Currency Deposits, 1998–2000 1/(By residency of deposit holders; in percent)
NonresidentResidentTotal
19981999Prel.

2000
19981999Prel.

2000
19981999Prel.

2000
Nationalized commercial banks25.322.324.118.629.137.420.226.331.8
Habib Bank Limited17.216.318.27.511.914.39.913.716.0
National Bank of Pakistan6.14.24.48.713.819.68.09.913.1
United Bank Limited2.01.81.52.23.23.22.22.62.5
First Women Bank0.00.00.00.20.20.30.10.10.2
Partially privatized banks2.21.10.912.214.214.19.78.98.5
Muslim Commercial Bank1.60.50.48.07.26.56.44.53.9
Allied Bank Limited0.60.60.54.27.07.63.34.44.6
Specialized banks0.00.00.00.10.10.00.00.00.0
Domestic private banks10.111.015.325.520.119.021.616.417.4
Branches of foreign banks62.465.659.643.636.529.348.448.342.3
Source: State Bank of Pakistan.

As of June 30.

Source: State Bank of Pakistan.

As of June 30.

Table 40.Pakistan: Nonperforming Loans of Banks and Development Finance Institutions, 1995–2000(End-December)
199519961997199819992000
In millions of Pakistan rupeesPercentage shareIn millions of Pakistan rupeesPercentage shareIn millions of Pakistan rupeesPercentage shareIn millions of Pakistan rupeesPercentage shareIn millions of Pakistan rupeesPercentage shareIn millions of Pakistan rupeesPercentage share
Total banks and DFIs107,837100.0121,006100.0143,475100.0198,157100.0221,245100.0239,541100.0
Banks92,90486.2101,52983.9121,99785.0151,78276.6173,40778.4184,30076.9
Nationalized commercial banks63,86059.268,83756.986,48360.399,15150.085,71638.787,90036.7
Privatized banks10,6079.811,3829.412,2348.514,0457.117,3467.817,6347.4
Specialized banks12,35111.513,77111.413,4749.424,07612.148,05121.756,98823.8
Provincial banks6430.67430.66630.51,1530.61,4620.72,5511.1
Private domestic banks1,8781.72,4272.04,0932.95,8863.012,6005.712,6945.3
Foreign banks3,5653.34,3693.65,0503.57,4713.88,2323.76,5332.7
Development finance institutions14,93313.819,47716.121,47815.046,37523.447,83821.655,24123.1
Memorandum items:
Banks’ outstanding claims on nongovernment468,458538,370613,944711,313785,393791,562
Share of defaults in outstanding claims on nongovernment19.818.919.921.322.123.3
Source: State Bank of Pakistan
Source: State Bank of Pakistan
Table 41.Pakistan: Major Interest Rates, 1994/95–1999/2000
Treasury BillSBP DiscountCall MoneyLendingLendingDeposit
Rate 1/Rate 2/Rate 3/Rate 4/Rate 5/Rate 6/
(In percent)
1997/98
July16.618.511.017.214.79.9
August15.518.510.516.414.79.9
September15.318.57.316.514.79.9
October14.218.09.616.614.79.9
November12.518.07.517.014.79.9
December13.918.013.216.614.79.9
January14.718.015.816.215.69.7
February14.818.013.216.315.69.7
March16.018.013.316.315.69.7
April16.018.017.416.615.69.7
May16.218.013.316.415.69.7
June15.718.014.616.115.69.7
1998/99
July15.716.59.215.015.49.8
August14.916.53.914.615.49.8
September13.616.52.615.515.49.8
October13.616.512.716.115.49.8
November12.016.54.916.115.49.8
December11.916.57.615.915.49.8
January12.516.514.115.814.88.9
February13.316.58.215.414.88.9
March11.415.55.815.214.88.9
April10.614.013.415.414.88.9
May10.613.08.915.014.88.9
June10.613.02.814.614.88.9
1999/2000
July10.613.09.214.814.58.0
August9.413.08.213.914.58.0
September10.313.07.914.714.58.0
October10.413.010.614.914.58.0
November10.113.09.214.814.58.0
December10.113.010.114.414.58.0
January8.411.08.214.313.57.1
February7.511.06.313.613.57.1
March7.411.06.713.613.57.1
April7.111.05.613.513.57.1
May7.211.09.312.913.57.1
June7.211.010.912.913.57.1
(Annual averages in percent)
1994/9511.815.210.316.413.69.0
1995/9612.816.511.217.014.19.4
1996/9715.619.213.017.114.39.6
1997/9815.118.112.216.515.29.8
1998/9912.515.67.815.415.19.3
1999/008.812.08.514.014.07.5
Source: State Bank of Pakistan.

Primary auction rate on six-month treasury bills. In July 1996, treasury bills were replaced by six-month short-term federal bonds (STFB).

SBP discount rate for its three-day repo facility.

Defined as the monthly average of daily minimum and maximum rates.

Weighted average lending rates for all commercial banks based on gross disbursement.

Weighted average lending rates for all commercial banks based on stock data.

Average rate of return on deposits under the profit and loss sharing system determined on a six-monthly basis.

Source: State Bank of Pakistan.

Primary auction rate on six-month treasury bills. In July 1996, treasury bills were replaced by six-month short-term federal bonds (STFB).

SBP discount rate for its three-day repo facility.

Defined as the monthly average of daily minimum and maximum rates.

Weighted average lending rates for all commercial banks based on gross disbursement.

Weighted average lending rates for all commercial banks based on stock data.

Average rate of return on deposits under the profit and loss sharing system determined on a six-monthly basis.

Table 42.Pakistan: Balance of Payments, 1995/96–1999/2000
Prel.
1995/961996/971997/981998/991999/2000
(in millions of U.S. dollars)
Current account excluding official transfers-4,820-3,851-1,922-2,382-1,143
Current account balance-4,593-3,562-1,702-2,188-1,008
Trade balance-3,704-3,145-1,868-2,086-1,435
Exports f.o.b.8,3118,0968,4337,5268,163
Imports f.o.b-12,015-11,241-10,301-9,612-9,598
Services (net)-3,499-3,662-3,264-2,573-2,771
Of which: interest payments-1,631-1,745-1,763-1,460-1,676
Private transfers (net)2,3832,9563,2102,2773,062
Of which: Workers’ remittances1,4611,4091,4901,060983
Official transfers (net)227289220194135
Capital account4,1632,5301,421-807-2,879
Public medium- and long-term capital9367471,001922-660
Project and nonproject loans681199726572127
Disbursements2,3641,9962,6172,6102,095
Of which: non-project financing 1/190625929916
Amortization-1,683-1,797-1,891-2,038-1,968
Commercial banks and IDB10454399-370-170
Other151494-124720-617 2/
Net public sector short-term (net)18030173-894-254 3/
Private medium- and long-term1,7001,493735466278
Private short-term (incl. errors & omissions)1,347260-488-1,301-2,243 4/
Nonbank411645-653-1,052-915
Deposit money banks736-456-208-1,315-1,831
Errors and omissions199713731,066504
Overall balance, before debt relief granted-431-1,032-281-2,995-3,887
Financing4311,0322812,9953,887
Net international reserves (increase -)3951,199148-1,254209
Use of Fund credit (net)36-167133430-287
Exceptional Financing3,8193,964 5/
End-period gross official reserves (excl. gold)2,0531,1419321,7401,358
(In weeks of imports of goods and nonfactor services)7.44.43.98.16.3
Current account (excluding official transfers)-7.6-6.1-3.1-4.1-1.9
Current account balance-7.2-5.7-2.7-3.8-1.6
Private medium and long term capital2.72.41.20.80.5
Exports f.o.b.13.112.913.512.913.3
Imports f.o.b.-18.9-17.9-16.5-16.5-15.6
(Annual change in percent)
Exports f.o.b.7.1-2.64.2-10.88.5
Imports f.o.b.16.7-6.4-8.4-6.7-0.1
Sources: State Bank of Pakistan; Ministry of Finance; and Fund staff estimates.

Includes all financing from Saudi Arabia for oil imports.

Eurobond repayment in 1999/00 shown as capital outflow, with rescheduling shown in exceptional financing

Includes repayment of $300 million in UAE’s deposits.

Includes repayment of FCDs held in banks and NBFIs in 1999–2000 (reschedulings of $1.1 billion shown as exceptional financing); counterpart of conversion into rupees of institutional and non-institutional bank and nonbank FCDs.

Includes Paris Club debt relief and rolling over $1.1 billion in FCDs, $300 million in deposits at the SBP, and US$500 million in deposits at the NBP.

Sources: State Bank of Pakistan; Ministry of Finance; and Fund staff estimates.

Includes all financing from Saudi Arabia for oil imports.

Eurobond repayment in 1999/00 shown as capital outflow, with rescheduling shown in exceptional financing

Includes repayment of $300 million in UAE’s deposits.

Includes repayment of FCDs held in banks and NBFIs in 1999–2000 (reschedulings of $1.1 billion shown as exceptional financing); counterpart of conversion into rupees of institutional and non-institutional bank and nonbank FCDs.

Includes Paris Club debt relief and rolling over $1.1 billion in FCDs, $300 million in deposits at the SBP, and US$500 million in deposits at the NBP.

Table 43.Pakistan: Merchandise Exports, 1995/96–1999/2000
Prel.
1995/961996/971997/981998/991999/2000
(In millions of U.S. Dollars)
Total exports, balance of payments basis f.o.b.8,3118,0968,4337,5268.163
Total exports, customs basis8,7078,3208,6517,7798,569
Cotton50631126273
Rice504469562533540
Basmati rice295205253283291
Other varieties209264309251249
Petroleum products6782454782
Cotton manufactures4,9814,9934,8664,5385,092
Yarn1,5401,4121,1609451,072
Cloth1,2761,2621,2501,1151,096
Ready-made garments648734747651772
Tents and canvas3936584153
Hosiery703689697742887
Towels and other made-up articles7758599551,0441,213
Other traditional exports1,0671,1001,1989021,036
Leather260240208178175
Carpets209199200203264
Fish products141149172122139
Synthetic textiles457512618398458
Other exports1,5821,6471,8311,7571,746
Of which
Leather garments and leather gloves333364343334339
Sports goods248309384256279
Surgical goods127126125112120
Fruits and vegetables548990107122
Petroleum and petroleum products6778754782
Adjustment for freight and valuation 1/-396-224-218-253-406
(Annual percentage changes)
Total exports, f.o.b.7.1-2.64.2-10.88.5
Cotton721.0-93.9310.7-98.23,056.5
Rice11.0-7.020.0-5.21.2
Petroleum products-22.021.8-44.95.472.7
Cotton manufactures7.70.2-2.5-6.712.2
Other traditional exports-11.03.18.9-24.714.9
Other exports-7.44.111.2-4.01.2
Sources: Ministry of Commerce; and Ministry of Finance and Economic Affairs.

Customs data may differ from the f.o.b. figures used in the balance of payments estimates, in terms of timing, coverage and valuation.

Sources: Ministry of Commerce; and Ministry of Finance and Economic Affairs.

Customs data may differ from the f.o.b. figures used in the balance of payments estimates, in terms of timing, coverage and valuation.

Table 44.Pakistan: Merchandise Imports, 1995/96–1999/2000
Prel.
1995/961996/971997/981998/991999/2000
(In millions of U.S. dollars)
Total imports, f.o.b.12,01511,24110,3019,6129,598
Freight and insurance1,033968918844801
Total imports, c.i.f.13,04812,20911,21910,45650,361
Petroleum products2,0102,2461,7501,4852,783
Crude oil509581453431790
Fuel oil, f.o.b.540584536432906
Other petroleum products, f.o.b.9611,0817616221,087
Raw cotton imports
Wheat455477709407284
Fertilizer345387208265198
Edible oils855611768824414
Palm oil738493669597325
Soy oil1171189922788
Project-related imports1,1331,0478591,013611
Defense-related imports1,093891862630510
Other public sector imports377316285260215
Private sector imports6,6886,1555,6915,5455,320
Personal baggage 1/7278862626
Afghan refugee assistance201121
(Annual percentage changes)
Total imports, c.i.f.16.5-6.4-8.1-6.8-0.9
Petroleum products16.711.7-22.1-15.187.4
Wheat27.44.848.6-42.6-30.2
Fertilizers170.112.2-46.327.5-25.5
Edible oils-14.2-28.525.77.3-49.8
Project-related-13.5-7.6-18.017.9-39.7
Defense-related imports30.3-18.5-3.3-26.9-19.0
Other public sector imports-0.8-16.2-9.8-8.8-17.3
Private sector imports34.0-8.0-7.5-2.6-4.1
Sources: Ministry of Commerce, and Ministry of Finance and Economic Affairs.

Includes nonrepatriable investment.

Sources: Ministry of Commerce, and Ministry of Finance and Economic Affairs.

Includes nonrepatriable investment.

Table 45.Pakistan: Trade Indices, 1995/96–1999/2000(1991/92 = 100; annual percentage changes)
Prel.
1995/961996/971997/981998/991999/2000
Export volume index5.44.29.7-7.711.5
Of which:
Rice-13.610.418.4-14.57.1
Cotton manufactures4.97.23.3-2.010.9
Other traditional exports-13.89.014.2-23.88.8
Export price index 1/1.6-6.5-5.1-3.3-3.1
Of which:
Rice28.5-15.81.410.8-5.5
Cotton manufactures2.7-6.5-5.6-4.8-10.4
Other traditional exports3.2-5.4-4.6-1.25.6
Import volume index10.6-3.4-0.30.5-6.7
Of which:
Petroleum and petroleum products12.2-4.75.26.05.4
Wheat-24.827.064.0-22.0-37.5
Fertilizers146.514.8-38.454.1-29.8
Edible oils-18.1-7.411.512.4-20.7
Private sector imports29.8-4.4-1.3-1.32.1
Import price index 1/5.5-3.2-8.1-7.17.1
Of which:
Petroleum and petroleum products4.117.3-25.9-19.977.8
Wheat69.4-17.5-9.4-26.511.5
Fertilizers9.6-2.3-12.7-17.37.5
Edible oils4.7-22.812.7-4.6-36.7
Private sector imports3.2-5.4-4.6-1.2-3.3
Terms of trade-7.30.36.04.1-9.5
(Excluding crude oil)3.2-6.0-1.0-0.91.9
Source: Fund staff estimates.

The estimated export and import unit price indices are based on U.S. dollar prices.

Source: Fund staff estimates.

The estimated export and import unit price indices are based on U.S. dollar prices.

Table 46.Pakistan: Major Merchandise Exports, 1995/96–1999/2000
Prel.
1995/961996/971997/981998/991999/2000
(In millions of U.S. dollars; unless otherwise specified)
Rice
Value504469562534540
Volume (thousand metric tons)1,6011,7642,0911,7891,916
Unit value (US$ per metric ton)315266269298282
Basmati
Value295205253283291
Volume716457552589570
Unit value411449459481510
Other varieties
Value209264309250249
Volume8841,3071,5391,2001,346
Unit value236202201209185
Raw cotton
Value50731126273
Volume (thousand metric tons)3112189283
Unit value (US$ per kilogram)1.61.51.41.30.9
Cotton yarn
Value1,5401,4111,1609451,072
Volume (thousand metric tons)536508462422513
Unit value (US$ per kilogram)2.92.82.52.22.1
Cotton cloth
Value1,2761,2621,2501,1151,096
Volume (million square meters)1,3231,2571,2721,3551.575
Unit value (US$ per square meter)1.01.01.00.80.7
Woolen carpets and rugs
Value205199200203264
Volume (thousand square meters)3,2762,2963,4653,8605,156
Unit value (US$ per square meter)62.686.757.852.551.3
Leather
Value259240208177175
Volume (thousand metric tons)1610131313
Unit value (US$ per square meter)15.823.116.214.113.6
Fish and fish preparations
Value141149172123139
Volume (thousand metric tons)6680777990
Unit value (US$ per kilogram)2.11.92.21.51.5
Memorandum item:
Major exports as percent of total exports50.945.242.539.839.2
Source: Ministry of Finance and Economic Affairs.
Source: Ministry of Finance and Economic Affairs.
Table 47.Pakistan: Merchandise Trade by Economic Category, 1995/96–1999/2000
Prel.
1995/961996/971997/9819998/991999/2000
(In millions of U.S. dollars)
Exports (f.o.b.) 1/8,7078,3208,6277,7808,569
Primary cornmodities1,4139321,0959001,037
Semi-manufatured goods1,8851,7111,4951,4011,320
Manufactured goods5,4095,6776,0375,4796,212
Of which: Cotton manufactures4,9814,9934,8664,5385,092
Imports (c.i.f)11,80511,89410,1189,43710,361
Consumer goods1,6061,8051,8051,4841,461
Raw material for consumer goods5,3615,1774,5344,4655,585
Raw material for capital goods669569541519601
Capital goods4,1694,3433,2382,9692,715
(In percent of total)
Exports (f.o.b) 1/100.0100.0100.0100.0100.0
Primary commodities16.211.212.711.612.1
Semi-manufatured goods21.620.617.318.015.4
Manufactured goods62.168.270.070.472.5
Of which: Cotton manufactures57.260.056.458.359.4
Imports (c.i.f)100.0100.0100.0100.0100.0
Consumer goods13.615.217.815.714.1
Raw material for consumer goods45.443.544.847.353.9
Raw material for capital goods5.74.85.35.55.8
Capital goods35.336.532.031.526.2
Source: Ministry of Commerce.

On the basis of customs data, which may differ from the figures used in the balance of payments in terms of timing, coverage, and valuation.

Source: Ministry of Commerce.

On the basis of customs data, which may differ from the figures used in the balance of payments in terms of timing, coverage, and valuation.

Table 48.Pakistan: Direction of Trade, 1995/96–1999/2000(In percent)
Prel.
1995/961996/971997/9819998/991999/2000
Exports100.0100.0100.0100.0100.0
European Conununity30.032.031.028.727.3
UK6.07.07.06.66.8
Other24.025.024.022.120.5
United States16.018.021.021.824.8
Japan7.06.04.03.53.1
Hong Kong9.09.07.07.16.1
Singapore1.01.01.00.50.6
China2.01.02.02.02.1
Baltic and CIS countries 1/0.10.04
Oil-producing trading partners 2/4.63.7
Other35.033.034.031.832.3
Imports100.0100.0100.0100.0100.0
European Community22.022.019.017.415.1
UK4.05.04.04.43.5
Other18.017.015.013.011.6
United States9.012.011.07.76.3
Japan11.09.08.08.36.3
Hong Kong0.40.30.40.60.5
Singapore2.02.02.03.52.6
China5.05.05.04.24.6
Baltic and CIS countries 1/0.60.9
Oil-producing trading partners 2/15.823.9
Other50.649.754.641.939.8
Source: Federal Bureau of Statistics

Excludes informal trade with Central Asian Republics.

Indonesia, Iran, Kuwait, and Saudi Arabia.

Source: Federal Bureau of Statistics

Excludes informal trade with Central Asian Republics.

Indonesia, Iran, Kuwait, and Saudi Arabia.

Table 49.Pakistan: Services, Income, and Current Transfers, 1995/96–1999/2000(In millions of U.S. dollars)
Prel.
1995/961996/971997/981998/991999/2000
Services-3,499-3,662-3,264-2,573-2,771
Non-factor sevices-1,546-1,492-934-765-757
Receipts1,6661,6851,5841,3111,382
Transportation806802804678785
Travel1051031006976
Other755780680564521
Payments-3,212-3,177-2,518-2,076-2,139
Transportation-1,747-1,717-1,601-1,374-1,441
Travel-609-644-379-191-219
Other-856-816-538-511-479
Income-1,953-2,170-2,330-1,808-2,014
Receipts18415512495116
Interest on reserves120839675105
Other6472282011
Payments-2,137-2,325-2,454-1,903-2,130
Interest-1,631-1,745-1,763-1,460-1,676
Other-506-580-691-443-454
Current transfers2,6103,2453,4302,4713,197
Private transfers (net)2,3832,9563,2102,2773,062
Receipts2,4132,9883,2252,3073,093
Workers’ remittances1,4611,4091,4901,060983
Other9521,5791,7351,2472,110
Payments-30-32-15-30-31
Official transfers (net)227289220194135
Receipts249306224198149
Project and nonproject aid202237186154125
Project aid189234183112123
Food aid000400
Other commodity aid22200
Refugee assistance111122
IMF subsidy50000
Taxes & subsidies21882123
Others216130232
Payments-22-17-4-4-14
Sources: State Bank of Pakistan; Ministry of Finance and Economic Affairs; and Fund staff estimates.
Sources: State Bank of Pakistan; Ministry of Finance and Economic Affairs; and Fund staff estimates.
Table 50.Pakistan: Home Remittances from Pakistani Nationals Abroad, 1995/96–1999/2000(In millions of U.S. dollars)
Prel.Est.
1995/961996/971997/981998/991999/2000
Total1,4611,4091,4901,060983
Total cash flow1,2271,0781,238876913
Middle East822706843641682
United Kingdom11098997473
United States1421461668280
Germany2619171210
Other1271091136767
Encashment and Profits of Bearer Certificates23433125218570
Source: State Bank of Pakistan.
Source: State Bank of Pakistan.
Table 51.Pakistan: Foreign Interest Payments, 1995/96–1999/2000(In millions of U.S. dollars)
Prel.
1995/961996/971997/981998/991999/2000
Total interest payments1,6311,7451,7631,4601,676
Interest on medium- and long-term public and publicly guaranteed debt9739651,0049771,133
Project and nonproject aid855819817813871
Commercial banks and IDB 1/4061775153
Foreign Currency Bearer Certificates30356869149
IMF charges4850424460
Interest on public sector short-term debt8089709694
Commercial banks and IDB 1/5436214164
FEBCs and DBCs 2/2653495530
Interest on the foreign-currency deposit
liabilities of the banking system434544497173202
State Bank of Pakistan1928545065
Scheduled banks415516443123137
Interest on unguaranteed private debt144147192214247
Sources: State Bank of Pakistan; Ministry of Finance and Economic Affairs; and Fund staff estimates.

Islamic Development Bank.

Foreign Exchange Bearer Certificates; and Dollar Bearer Certificates.

Sources: State Bank of Pakistan; Ministry of Finance and Economic Affairs; and Fund staff estimates.

Islamic Development Bank.

Foreign Exchange Bearer Certificates; and Dollar Bearer Certificates.

Table 52.Pakistan: Medium- and Long-Term Capital Flows, 1995/96–1999/2000(In millions of U.S. dollars)
Prel.
1995/961996/971997/981998/991999/2000
Total medium- and long-term capital2,6362,2401,7361,388-382
Public and publicly guaranteed9367471,001922-660
Project and nonproject aid681199726572127
Disbursements2,3641,9962,6172,6102,095
Project loans1,9621,5871,3691,451988
Food loans383409623230191
Program loans190625929916
Amortization1,6831,7971,8912,0381,968
Commercial banks and IDB 1/10454399-370-170
Commercial banks6840453-376-197
Disbursements32356559500
Amortization255525142376197
IDB 1/3614-54627
Disbursements585201427
Amortization22385480
Eurobonds and Foreign Exchange151494-124720-617
Bearer Certificates165457-150164-602
Credits16545702088
Debits0015044610
Other-143726556-15
Credits11964589337
Debits133273237722
Private sector1,7001,493735466278
Private sector, nonbank1,7051,486733466280
Direct investment1,106700572428473
Inflows1,106712602478473
Outflows01230500
Portfolio investment2052682212873
Inflows2052682212873
Outflows00000
Private unguaranteed385298373-241-422
Inflows759675797195166
Outflows374377424436588
Other nonbank9220-433251156
Inflows925031251161
Outflows03046405
Deposit money banks-5720-2
Inflows011303
Outflows54103
Sources: State Bank of Pakistan; Ministry of Finance and Economic Affairs; and Fund staff estimates.

Islamic Development Bank.

Sources: State Bank of Pakistan; Ministry of Finance and Economic Affairs; and Fund staff estimates.

Islamic Development Bank.

Table 53.Pakistan: Selected External Aid Indicators, 1995/96–1999/2000(In millions of U.S. dollars)
Prel.
1995/961996/971997/981998/991999/2000
Commitments2,6811,7592,1062,219666
By category
Project aid2,2191,3517761,382261
Commodity aid4624081,330837405
Nonfood6737526522
Food395405578185403
By maturity
Loans2,4771,6032,0081,941541
1–5 years42785523344390
5–10 years17345196120
10–15 years1771092943420
Over 15 years1,7001,3641,172643151
Grants20415698278125
Memorandum items:
Average interest rate in percent on disbursed debt outstanding 1/3.73.63.53.63.7
Sources: Ministry of Finance and Economic Affairs; and Fund staff estimates.

Scheduled interest payments on debt with maturity of more than one year as percent of the average stock of debt outstanding in each year.

Sources: Ministry of Finance and Economic Affairs; and Fund staff estimates.

Scheduled interest payments on debt with maturity of more than one year as percent of the average stock of debt outstanding in each year.

Table 54.Pakistan: Short-Term Capital Flows, 1995/96–1999/2000(In millions of U.S. dollars)
Prel.
1995/961996/971997/981998/991999/2000
Total short-term capital1,327219-688-3,261-3,000
Public sector18030173-894-254
Commercial banks and IDB 1/87-150-9-493-49
Credits1,0861,0971,00619792
Debits9991,2471,015690141
China Commercial banks61-228-52-4820
Credits963985848590
Debits9021,2139005410
IDB 1/267843-11-49
Credits12311215813892
Debits9734115149141
FEBCs and DBCs 2/-61-48-37-50-21
Credits00000
Debits6148375021
Other154228219-351-184
Credits2492413788179
Debits9513159359363
Private sector 3/1,147189-861-2,367-2,746
Private nonbank411645-653-1,052-915
Credits60285334011040
Debits1912089931,162955
Deposit money banks736-456-208-1,315-1,831
Foereign currency deposits526-380-542-1,361-1,661
Credits5264179000
Debits07976321,3611,661
Other (export bills)210-7633446-170
Credits21221939616561
Debits229562119231
Sources: State Bank of Pakistan; Ministry of Finance and Economic Affairs; and Fund staff estimates.

Islamic Development Bank.

Foreign Exchange Bearer Certificates; and Dollar Bearer Certificates.

These figures differ from the figures in Table 42 because they do not include erroes and ommissions.

Sources: State Bank of Pakistan; Ministry of Finance and Economic Affairs; and Fund staff estimates.

Islamic Development Bank.

Foreign Exchange Bearer Certificates; and Dollar Bearer Certificates.

These figures differ from the figures in Table 42 because they do not include erroes and ommissions.

Table 55.Pakistan: Total External Debt, 1995/96–1999/2000
Prel.
1995/961996/971997/981998/991999/2000
(In millions of U.S. dollars)
Total external debt34,68435,76635,78236,47135,591
Total Public and publicly guaranteed external debt excluding external SBP liabilities27,87127,87427,81729,21029,575
Medium- and long-term24,75725,92226,18527,42827,800
Project and nonproject aid22,27523,14523,04223,10123,834
Commercial banks and IDB 1/6477011,100730560
Eurobonds300760628608613
US special bonds0001,1641,297
Fund credit1,5351,3161,4151,8251,496
Military debt1,7451,1201,0061,004958
Public sector short-term (at original maturity)1,369832626779818
Commercial banks and IDB 1/873418298583671
FEBCs, DBCs and FCBCs 2/496414328196147
Deposit liabilities of the banking system3,3003,5023,2222,9372,647
State Bank of Pakistan2508351,1831,2701,435
Of which: deposits of foreign banks251486635522222
Deposit money banks3,0502,6672,0391,6671,212
Liabilities to foreign banks1,5921,533772953784
Other liabilities1,4581,1341,267714428
Of which: FE-25 3/0006298
Deposit liabilities of the nonbank financial institutions1,1081,6851,616889527
Private debt2,4052,7053,1273,4352,842
(In percent of GDP)
Total external54.557.057.362.757.8
Total Public and publicly guaranteed external debt excluding external SBP liabilities43.844.444.550.348.1
Medium- and long-term38.941.341.947.245.2
Military debt2.71.81.61.71.6
Public sector short-term (at original maturity)2.21.31.01.31.3
Deposit liabilities of the banking system5.25.65.25.14.3
State Bank of Pakistan0.41.31.92.22.3
Deposit money banks4.84.33.32.92.0
Deposit liabilities of the nonbank financial institutions1.72.72.61.50.9
Private debt3.84.35.05.94.6
Sources: State Bank of Pakistan; Ministry of Finance and Economic Affairs; and Fund staff estimates.

Islamic Development Bank.

Foreign Exchange Bearer Certificates, Dollar Bearer Certificates, and Foreign Currency Bearer Certificates.

Sources: State Bank of Pakistan; Ministry of Finance and Economic Affairs; and Fund staff estimates.

Islamic Development Bank.

Foreign Exchange Bearer Certificates, Dollar Bearer Certificates, and Foreign Currency Bearer Certificates.

Table 56.Pakistan: Foreign Currency Deposits, 1995/96–1999/2000(End-of period stocks, in million of U.S. dollars, unless otherwise specified)
Prel.
1995/961996/971997/981998/991999/2000
Total foreign currency deposits8,3059,8439,6795,4653,921
Residents’ deposits4,1475,4916,0242,9092,182
Of which:
Frozen accounts4,1475,4916,02423541303
New accounts555879
Nonresidents’ deposits4,1584,3523,6552,5561,739
Of which:
Frozen accounts4,1584,3523,6552,4941,641
With domestic banks3,0502,6672,0391,6051,114
Institutional deposits1,5921,533772953784
Individual accounts1,4581,1341,267652330
With domestic nonbank financial institutions1,1081,6851,616889527
New accounts6298
Maturity structure 1/
Demand deposits3,4133,7444,329
Current217203170
Call68120142
Savings3,1273,4214,017
Time deposits4,8926,0995,350
1 month266407424
3 months1,7201,7731,660
6 months1,1601,347697
1 year1,3961,4191,544
Above 1 year3511,1531,025
In percent of total
Demand deposits41.138.145.2
Time deposits58.961.954.8
Of which: 6 months and less37.935.828.5
Memorandum items:
Share of resident FCDs in M2 deposits (percent)20.728.130.0
Share of resident FCDs in M2 (percent)15.621.423.1
Source: State Bank of Pakistan.

With the freeze of foreign currency deposits in 1998/99, the initial maturity of deposits has become irrelevant.

Source: State Bank of Pakistan.

With the freeze of foreign currency deposits in 1998/99, the initial maturity of deposits has become irrelevant.

Table 57.Pakistan: Public External Debt and Debt Service, 1995/96-1999/2000
Prel.
1995/961996/971997/981998/991999/2000
(In millions of U.S. dollars)
Total public and publicly guaranteed external debt 1/28,12128,70929,00030,48031,010
Long-term24,96725,72625,77626,60727,262
Project & nonproject aid22,27523,14523,04223,10123,834
Commercial banks and IDB 2/6477011,100730560
Other2,0451,8801,6342,7762,868
Short-term1,6191,6671,8092,0492,253
Commercial banks and IDB 2/873418298583671
FEBCs and DBCs 3/496414328196147
Deposits of non-residents with the SBP2508351,1831,2701,435
Fund credit and loans1,5351,3161,4151,8251,496
Service of medium- and long-term public and publicly guaranteed debt3,1743,6443,2863,5463,585
Of which: to the Fund289369237191347
Amortization2,2012,6792,2822,5692,452
Interest9739651,0049771,133
Interest on public and publicly guaranteed short-term debt8089709694
(In percent of GDP)
Total public and publicly guaranteed external debt 1/44.245.846.452.450.4
Long-term39.241.041.345.844.3
Short-term2.52.72.93.53.7
Fund credit and loans2.42.12.33.12.4
Service of medium- and long-term public and publicly guaranteed debt5.05.85.36.15.8
Amortization3.54.33.74.44.0
Interest1.51.51.61.71.8
Interest on public and publicly guaranteed short-term debt0.10.10.10.20.2
In percent of export of goods and nonfactor services, and private transfers
Total public and publicly guaranteed external debt 1/227.0224.8219.0273.5245.4
Of which: Fund credits and loans12.410.310.716.411.8
Service of medium- and long-term public and publicly guaranteed debt guaranteed external debt25.628.524.831.828.4
Of which: to the Fund2.32.91.81.72.7
Amortization17.821.017.223.119.4
Interest7.97.67.68.89.0
Interest on public and publicly guaranteed short-term debt0.60.70.50.90.7
Sources: State Bank of Pakistan; Ministry of Finance and Economic Affairs; and Fund staffestimates.

Including external SBP liabilities.

Islamic Development Bank.

Foreign Exchange Bearer Certificates; and Dollar Bearer Certificates.

Sources: State Bank of Pakistan; Ministry of Finance and Economic Affairs; and Fund staffestimates.

Including external SBP liabilities.

Islamic Development Bank.

Foreign Exchange Bearer Certificates; and Dollar Bearer Certificates.

Table 58.Pakistan: Public and Publicly Guaranteed Medium and Long-Term Debt to Official Creditors, 1995/96-1999/2000(In millions of U.S. dollars)
1995/961996/971997/981998/99Prel.

1999/2000
DisbursedUndtsbursedTotalDisbursedUndisbursedTotalDisbursedUndisbursedTotalDisbursedUndisbursedTotalDisbursedUndisbursedTotal
All Official Creditors22,2757,76130,03623,1458,58331,72823,0426,16429,20622,6334,76227,39523,8354,31428,149
Consortium20,8227,20128,02321,5908,23629,82621,1545,88227,03620,6844,52125,20521,6414,04625,687
Bilateral10,0152,47812,4939,4822,73212,2149,1201,93611,05610,2931,86612,15911,0641,65112,715
Belgium622284311950401656454186593089
Canada39003903570357344034437503753620362
France1,0323611,3938793061,1851,1572361,3931,2002041,4041,2761081,384
Germany1,5862491,8351,3242991,6231,2113411,5521,2312941,5251,2802221,502
Italy26062662180218200020019101912050205
Japan3,6451,6795,3243,6011,8525,4533,1561,2294,3854,3391,2545,5934,8271,0195,846
Netherlands1520152123012312501251121012211510125
Norway27532247312622827224944650
Sweden7127988922111971010710061061048112
UK113445123749123749416479038128
United States2,779952,8742,8241903,0142,752652,8172,632292,6612,7022102,912
Multilateral10,8074,72315,53012,1085,50417,61212,0343,94615,98010,3912,65513,04610,5772,39612,973
ADB4,3271,7376,0644,7422,8787,6205,1791,9057,0844,9561,1926,1485,1071,2526,359
IBRD2,9021,4204,3223,3571,1844,5413,1226703,7922,5424282,9702,4173102,727
IDA3,4191,3114,7303,8411,2185,0593,5511,1424,6932,7038553,5582,8557293,584
IFC3203230030000000000
IFAD11413725112413125512412524912812625412863191
Nordic1339521425393315484775450252
Baharain000000250251501518018
European Investment Bank0797906868089890474734043
Non-Consortium1,3014831,7841,3612961,6571,7112221,9331,7751431,9232,0431802,223
OPEC Countries4481105584249852218286268135111246253153406
Abu Dhabi68068620626006070758058
Iran, Islamic Rep. Of0000000000005842100
Kuwait87531406861129744912376761528076156
Libya2802819019130131301313013
Malasia2202244044000000000
Qatar606000000000000
Oman000303101101404
Saudi Arabia2375729422837265343771383573403575
Other Countries8533731,2269371981,1351,5291361,6651,640371,6771,790281,818
Australia500501300130417041749304934860486
Austria2802821021344034437903793820382
Singapore000000303303202
China4775653341248460369324013693240140928437
Czech13102316016130131301315015
Denmark2602622022200201901919019
Finland10010808606606606
Romania34034000000000000
Korea259342182921324230231060106
Spain83846363268585635946368068
Switzerland803011069148310111029911001050105
Russia102230332202962981779527217701771920192
OPEC Fund433578501767462975402666332457
Islamic Dev. Bank1094215114434178131311621346720111864182
Source: Ministry of Finance and Economic Affairs.
Source: Ministry of Finance and Economic Affairs.
Table 59.Pakistan: Gross Official Reserves, 1995/96–1999/2000(In millions of U.S. dollars)
Gold 1/SDRsForeign ExchangeTotal
1995/96
September10821,5181,628
December107151,7741,896
March105831,7091,897
June10422,0442,150
1996/97
September74629721,720
December688138251,526
March68829101,600
June69011,1421,832
1997/98
September68941,2761,969
December633111,4592,103
March63211,3291,962
June61239321,546
1998/99
September61426631,278
December61511,0601,676
March61511,8862,502
June54311,7392,283
1999/2000
September54411,5692,113
December54301,4762,020
March54401,5132,057
June60311,3571,960
Source: State Bank of Pakistan.

Valued at SDR 35 per fine ounce.

Source: State Bank of Pakistan.

Valued at SDR 35 per fine ounce.

Table 60.Pakistan: Exchange Rates and Relative Consumer Prices, 1995/96–1999/2000
Indices (1990 = 100; quarterly averages)
Rupee per U.S. dollar Exchange Rate 1/Exchange rate 1/3/4/Relative consumer pricesNominal effective exchange rate 4/Real effective exchange rate 4/
LevelChange 2/
1995/96
First quarter31.1-2.169.3126.275.895.7
Second quarter33.3-8.464.6128.371.591.8
Third quarter34.2-10.263.2130.671.192.9
Fourth quarter34.6-11.162.4132.771.194.4
1996/97
First quarter35.6-12.560.7135.668.993.5
Second quarter39.2-15.055.0139.563.087.9
Third quarter39.9-14.454.1144.564.993.9
Fourth quarter40.1-13.753.9147.165.396.1
1997/98
First quarter40.3-11.753.6147.466.297.6
Second quarter43.3-9.449.9148.962.493.0
Third quarter43.8-8.949.3150.564.096.3
Fourth quarter43.9-8.749.1153.163.997.9
1998/99
First quarter49.5-18.544.5155.758.090.3
Second quarter50.1-13.543.0156.753.183.2
Third quarter50.0-12.343.4158.254.486.1
Fourth quarter50.9-13.744.0158.656.890.1
1999/2000
First quarter51.5-3.941.9159.653.785.8
Second quarter51.8-3.341.9160.852.985.1
Third quarter51.8-3.541.8161.353.987.0
Fourth quarter51.8-1.741.7163.055.390.1
Sources: IMF, Information Notice System; and IMF, International Financial Statistics.

Mid-point between buying and selling rates (period averages).

Percentage change from the preceding period; refers to the exchange rate expressed in terms of U.S. dollars per rupee.

In terms of U.S. dollars per rupee.

Increase indicates appreciation of the rupee.

Sources: IMF, Information Notice System; and IMF, International Financial Statistics.

Mid-point between buying and selling rates (period averages).

Percentage change from the preceding period; refers to the exchange rate expressed in terms of U.S. dollars per rupee.

In terms of U.S. dollars per rupee.

Increase indicates appreciation of the rupee.

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