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The fund manages the assets of profitable state-owned enterprises like Oil and Gas Development Company Limited , Pakistan Petroleum Limited , and the National Bank of Pakistan . The aim of the fund was to contribute to sustainable economic development in Pakistan by increasing local investment as well as attract investment from the Gulf ...
Pakistan Industrial Credit and Investment Corporation (PICIC) is a financial institution in Pakistan, one of the first development finance institutions established with the World Bank Group assistance in 1957. [1] In 2007, PICIC Commercial Bank was bought by Singapore owned NIB Bank. [2]
The National Finance Commission Award or NFC is a series of planned economic programs in Pakistan enacted since 1951. [1] Constituted under the Article 160 of the Constitution, the program was emerged to take control of financial imbalances and equally managed the financial resources to four provinces to meet their expenditure liabilities while alleviating the horizontal fiscal imbalances. [2]
The nation encountered a lack of economic infrastructure, financial resources, and an industrial foundation, particularly with poverty rates ranging from 55% to 60% in the West Pakistan region. Due to limited capital in the small private sector, the government opted to focus on the public sector to foster economic and industrial development.
4.04 trillion (US$14 billion) as of FY 2018-19; [7] an amount that is 25% of the country's net savings - making it the largest financial institution in Pakistan. [1] It has 7 million customers, of which 47% are female, leading it to become the financial institution that is closest to gender parity in the country. [ 8 ]
The inaugural Public Accounts Committee (PAC) in Pakistan was established on 20 May 1948. Since its formation, there have been a total of 14 regular PACs and 6 Ad hoc PACs. Ad hoc PACs are constituted in Pakistan during periods when there is no elected Legislature in the country, ensuring oversight and accountability even in transitional or ...
The inflation rate in Pakistan has averaged 7.99 percent from 1957 until 2015, reaching an all-time high of 37.81 percent in December 1973 and a record low of -10.32 percent in February 1959. Pakistan suffered its only economic decline in GDP between 1951 and 1952. [3]
One year later, Pakistan again went to IMF for US$861,420 (equivalent to $1,482,271 in 2023) under the extended fund facility on 06 December 2001. [ 5 ] In 2008, Yousaf Raza Gillani received the largest-ever US$7.6 (equivalent to $10.76 in 2023) billion loan from the IMF, [ 6 ] however a total sum of $4,936,035 had been withdrawn.