Latest news with #PBS


Business Recorder
2 hours ago
- Business
- Business Recorder
Inflation
EDITORIAL: Pakistan Bureau of Statistics (PBS) has tabulated a decline in the consumer price index (taking account of imported inflation) for June relative to May 2025 — 3.2 percent against 3.5 percent in May. CPI takes account of the fluctuation in the price of imported items as well as those domestically produced with the exchange rate parity playing a prominent role in the calculation of imported inflation and taxes on the calculation of domestic inflation, particularly taxes on petrol and products (inclusive of the hefty levy and the recently levied carbon tax), the prime inputs for transport of goods and services throughout the country. The exchange rate parity has remained more or less constant for the past year, with the International Monetary Fund (IMF) continued insistence that 'a more flexible exchange rate remains critical to absorb shocks and support the rebuilding of reserves'. While the differential between the interbank rate and the open market rate does conform to the stipulated IMF condition yet there are concerns within the market and the multilaterals that the government is 'managing' the containment of the rupee — a view strengthened by the fact that the country's foreign exchange reserves remain entirely debt-based given that the rollovers from friendly countries alone are 16 billion dollars while the reserves as on 20 June 2025 were 9064.5 million dollars. The actual weightage of fuels is lumped together with other utilities, both those that rely on imported inputs and those that do not — housing, water, electricity, gas and fuels — to account for 23.63 percent weightage. However, details provided by PBS (Pakistan Bureau of Statistics) show that the weightage given to liquefied hydrocarbons, associated with crude oil and petroleum, had a low weightage of only 0.9994 while that ascribed to solid fuel notably wood, charcoal, peat, dry dung, inexplicably was given a weightage four times higher at 4.4761 in calculation of CPI. Perhaps this was one of the reasons behind the IMF's concern noted in the 10 October 2024 Staff Report for the 2024 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility: 'Data provided to the Fund is broadly adequate for surveillance in most areas, but there are weaknesses in the National Accounts (NA) and Government Finance Statistics (GFS) that somewhat hamper surveillance…important shortcomings remain in the source data available for sectors accounting for around a third of GDP, while there are issues with the granularity and reliability of the GFS. The authorities are prioritising addressing these weaknesses, supported by Fund TA on the GFS and a new PPI (Producer Prices Index).' Core inflation, non-food and non-energy, that the Monetary Policy Committee (MPC) reportedly considers when adjusting the policy rate declined to 6.8 percent in June against 7.3 percent in May and 8.2 percent in April. It is relevant to note that during the PTI administration the MPC agreed with the Fund to link it to CPI instead of core though it is unclear whether the current administration has reverted to linking it to core inflation — unclear because the rationale for policy rate adjustment is baffling given that it was 12 percent from January to 5 May when the CPI declined from 2.4 percent to 0.3 percent (April) and core inflation from 7.8 percent to 7.4 percent. It was reduced by 100 basis points on 5 May to 11 percent and CPI rose to 3.5 percent in May 2025 while core inflation declined by a mere 0.1 percentage point — to 7.3 percent in May. In this context, the Fund in the first review documents uploaded on its website advised the SBP to base rate changes on macroeconomic data to enhance its acceptability. Inflation is expected to rise in the current year due to administrative measures agreed with the Fund, to raise utility prices to meet the objective of full-cost recovery, and adhere to severely contractionary monetary and fiscal policies; however, the Cabinet is ignoring the rising poverty levels in the country, which have reached the levels that are in evidence in Sub-Sahara Africa. The World Bank has noted 44.2 percent poverty level that requires the formulation followed by convincing the IMF of the need for anti-poverty policies and subsequently their implementation in letter and spirit. Copyright Business Recorder, 2025


Business Recorder
2 hours ago
- Business
- Business Recorder
Govt committed to turning country into a $1trn economy by 2035: minister
ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that the government is committed to achieve the goal of transforming Pakistan into a $1 trillion economy by 2035. 'Pakistan's economic indicators are once again showing signs of recovery and the government's commitment to achieving the goal of transforming Pakistan into a $1 trillion economy by 2035. The policy and planning processes must now rely heavily on disaggregated and credible data. Data is fuel for audience-based decision making to address issues such as energy, export, food security, and employment. Data is the key to identifying underserved regions and guiding youth employment and skills development initiatives. This data-centric approach is critical to achieving the ambitious goal of transforming Pakistan into a $1 trillion economy by 2035. This shift as moving towards scientific and precision planning, ensuring ultimate transparency and accountability,' the minister expressed these views during his visit to the Pakistan Bureau of Statistics (PBS)'s office on Wednesday. State of the economy A comprehensive presentation on dynamic data was given to the minister during his visit. The presentation highlighted the immense potential of this data for effective and efficient planning, implementation, and monitoring of development and economic growth interventions under the Uraan Pakistan initiative. During his visit, the minister also toured the state-of-the-art URAAN Pakistan Data Centre, which stands as a cornerstone for modern governance. Copyright Business Recorder, 2025


CNN
3 hours ago
- Entertainment
- CNN
Hollywood Minute: ‘Squid Game' final season breaks records for Netflix
'Squid Game' season 3 debuts huge, PBS offers 'Civics Made Easy,' and Phil Collins' album 'No Jacket Required' gets a 40th anniversary update. David Daniel reports.


CNN
4 hours ago
- Entertainment
- CNN
Hollywood Minute: ‘Squid Game' final season breaks records for Netflix
'Squid Game' season 3 debuts huge, PBS offers 'Civics Made Easy,' and Phil Collins' album 'No Jacket Required' gets a 40th anniversary update. David Daniel reports.


Calgary Herald
5 hours ago
- Entertainment
- Calgary Herald
Adnaan Wasey appointed as Calgary's new film commissioner
Adnaan Wasey has been appointed as Calgary's new film commissioner. Article content A media innovator with an Emmy award and several Emmy Webby nominations under his belt, Wasey will be returning to Canada this July and begin his new role on August 1, a media release shared on Wednesday stated. Article content Article content Born in Toronto but currently in New York City, Wasey holds over two decades of experience in media and non-profit sector with elusive roles in PBS, Disney, The New York Times and the Gotham. Article content Article content Previously, he served as the executive director of Rooftop Films, a Brooklyn-based non-profit film organization best known for the Rooftop Films Summer Series, a film festival that showcases independent short and feature-length films. Article content Article content 'Calgary is at a creative inflection point,' Wasey said, as quoted by the release. 'The city offers everything today's content creators and production houses need, with skilled local talent and crews, tools, landscapes, incentives, educational programs and an enviable quality of life. Beyond the practical, Calgary has something special – an entrepreneurial spirit and film-friendly approach that turns productions into partnerships.' Article content Wasey is also know for launching the Kingston Canadian Film Festival and advising the MacArthur Foundation's Journalism and Media Program. Article content His appointment comes as Calgary's film industry gains notoriety on the international stage, recently ranked as the fifth-best city in North America to live and work as a filmmaker by MovieMaker Magazine and recognized as Location of the Year by the Cannes Film Festival in 2023. Article content 'Adnaan's leadership and industry connections will continue to elevate Calgary on the international stage, scale our creative economy and position the city as a powerhouse for content creation, production and storytelling,' said Brad Parry, president and CEO, Calgary Economic Development. Article content Article content