Fri. Mar 1st, 2024
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PPRA Website Boosts Tender Accessibility with Increased Financial Limit for Uploads!

In a Monday briefing to a parliamentary panel, it was revealed that the recent amendment in the Public Procurement Regulatory Authority (PPRA) has elevated the lower financial limit for uploading tenders on the PPRA website from Rs 100,000 to Rs 500,000.

The Senate Standing Committee on Delegated Legislation, presided over by Senator Khuda Babar, received insights from the PPRA concerning the modification in Rule 12 of the Public Procurement Rules, 2014.

This update signifies a substantial increase in accessibility for tender uploads on the PPRA website, offering expanded opportunities for procurement engagements. The enhancement aligns with efforts to streamline and enhance the efficiency of the procurement process.

In other financial developments, experts note a current account surplus for the first time since June 2023, albeit at a significantly reduced volume of 0 million. This surplus coincides with a notable uptick in the country’s exports and remittances, coupled with a slight decline in imports.

For October 2023, Pakistan registered a current account deficit of 4 million. Central bank data reveals a noteworthy surge in exports (goods and services) to .364 billion in November 2023, marking a 12% increase compared to November 2022’s .999 billion. Remittances also experienced a marginal uptick, reaching $2.25 billion in November 2023 compared to $2.17 billion in the same month last year.

Contrastingly, total imports contracted by nearly 6%, amounting to $5.29 billion in November 2023 compared to $5.01 billion in the corresponding period last year.

The State Bank of Pakistan (SBP) reports a substantial improvement in the current account balance, with a deficit reduction of 65.9% year-on-year to .1 billion during Jul-Oct FY24. This drastic decline, from a deficit of .3 billion in the same period of the previous fiscal year (FY23), demonstrates a positive trend.

Acknowledging the pivotal role of the current account in Pakistan’s economic landscape, the SBP, in its recent Monetary Policy Committee (MPC) meeting on December 12, emphasized the notable progress in narrowing the deficit. The current account‘s positive performance is vital for Pakistan, a nation heavily dependent on imports, as it impacts the exchange rate and foreign exchange reserves, currently standing at just over billion, according to the latest available data.

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By Zarish

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