Report
EUR 9.24 For Business Accounts Only

Pakistan Economy_COVID-19 pushes macro-stability back to square one , (AKD Daily, Jun 12, 2020)

Pakistan Economy: COVID-19 pushes macro-stability back to square one

  • Moving past the stabilization phase, Pakistan’s economy like every other economy across the globe was hit by COVID-19, thus making it incredibly tough for the authorities to achieve economic targets for FY20.
  • Economic survey rolled out by the gov’t yesterday shows that the gov’t missing on all major economic targets for FY20 by a wide margin, with macro adjustments and corona induced lockdowns pushed GDP growth into negative territory (0.38%YoY in FY20 vs. 1.4% (revised) in FY19) – first time in country’s history.
  • Macros imbalances - which were regressing (CAD/FD: 1.3/4.1% of GDP in 9MFY20 vs. 4.7/5.1% of GDP in SPLY) under the IMF mandated stabilization program before the COVID-19 – now pose serious challenge to the gov’t, with public finances particularly at risk.
  • Overall, the economic outlook primarily depends on how the virus situation unfolds and prospective gov’t policy response to it. Upcoming FY21 budget – slated to be announced today (Friday) – will be a key checkpoint.
Underlying
National Bank of Pakistan

National Bank of Pakistan (the Bank) is a Pakistan-based commercial bank. The Bank provides commercial banking services, including commercial loans, investment advisory, asset management, global remittances, agency services, forex, leasing, modarba, underwriting, brokerage, and other banking and financial services. The Bank offers retail products, which include saving deposits, current deposits, housing finance, personal loans and agricultural loans; transaction banking services, which include cash management, trade finance and services, and remittance management; Corporate Finance services, which include deposits, structured corporate finance, capital advisory, investment advisory and trade finance; Treasury services, which include forex and financial derivatives, and government to person (G2P) services, which include pension payments, tax and fee collection, and other payments. The Bank serves its customers in over 20 countries.

Provider
AKD Securities Limited
AKD Securities Limited

AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.

AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.

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