Flow of Funds Accounts of Pakistan by chafzal33

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establishments and bodies, which are instruments of provincial
governments and local governments’ institutions.

Public Enterprises (Non-Financial): This sector covers enterprises
principally engaged in non-financial activities and owned or controlled
by public authorities, e.g., Pakistan Railways, Pakistan Post Office and
the publicly owned non-financial units which are financially integrated
with the Federal Government.

Other Public Institutions: This sector includes non-profit institutions,
which primarily serve households or business enterprises and are wholly
or mainly financed and controlled by public authorities and bodies.

State Bank of Pakistan: This sector covers the transactions carried out
by the Issue and Banking Departments of the State Bank of Pakistan.

Scheduled and Co-operative Banks: This sector comprises scheduled banks
and co-operative banks. In other words, this sector includes all
institutions licensed as banks and carrying out regular banking business.

Non-Bank Financial Institutions (NBFIs): All entities other than those
which are primarily engaged in financial transactions in the market,
consisting of both incurring liabilities and acquiring financial claims
on others. These comprise development finance institutions (DFIs) except
those which are scheduled bank, leasing companies, investment banks,
modarabas, housing finance companies, discount houses etc.

Insurance: This sector includes insurance companies (both private and
public) consisting of organizations providing life, accident, sickness,
fire, casualty or other forms of insurance.

Private Corporate Business: This sector includes privately owned and/or
controlled enterprises primarily engaged in non-financial activities.

Non-Corporate and Households: This sector purports to cover the
transactions of persons, private unincorporated enterprises (not included
in other sectors) in agriculture, trade and industry and private non-
profit making trusts serving households. In essence, it comprises all
domestic units not covered in other sectors.

Rest of the World: This sector covers Pakistan’s transactions with the
rest of the world.

Classification of Transactions:
The various items of liabilities and assets have been classified into the
following non-financial/financial instruments for the compilation of Flow
of Funds accounts:

(a) Non-Financial Transactions:
Gross Fixed Capital: It includes the outlays (purchases and own account
production) of industries, producers of government services and private
non-profit services to households, in additions to their stock of fixed
assets less the net scrapped goods.

Inventories: It represents the stock of raw materials, finished goods,
and work-in-process. It also includes stores and spares.

Gross Savings: Savings are the balancing item on the income and outlay
account of domestic sectors considering all current receipts and
disbursements.

(b) Financial Transactions:
Currency: Currency includes notes and coins in circulation excluding
holdings of the State Bank of Pakistan and the Federal government.

Deposits: Deposits include amounts held in bank accounts as demand, time,
savings, or call deposits. It also includes deposits with post offices,
deposits held with NBFIs, deposits with insurance companies, deposits
held abroad by the SBP and authorized dealers in FOREX.

Bonds and Debentures: A bond is a security that gives the holder the
unconditional right to a fixed money income. With the exception of
perpetual bonds, a bond also gives the holder an unconditional right to a
capital payment on a specified date or dates. Both short-term and long-
term bonds and government bonds including Prize Bonds are included in
this category.

Treasury Bills: This covers treasury bills issued by the Federal
Government including government treasury deposit receipts.

Small Savings: This comprises national savings schemes launched by the
Federal Government, e.g., Defence Savings certificates, Special Savings
certificates, and Savings Accounts etc.

Stocks and Shares: Corporate equity securities include capital
participation. These are instruments and records acknowledging claims to
the residual value and residual income of incorporated enterprises after
claims of all creditors have been met. Equity securities do not provide
the right to a predetermined income or to a fixed sum on dissolution of
the incorporated enterprises. Ownership of equity is usually evidenced by
shares, stocks, participation, or similar documents. Preference stocks or
shares and certificates are also included here. NIT units and mutual fund
certificates also form part of it.

Loans and Advances: This transaction includes commercial bills, mortgage
loans, bank overdrafts and other bank loans, government loans and foreign
loans, both guaranteed and non-guaranteed.

Life Fund: This covers reserves held against life assurance policies by
life insurance business.

Provident Fund: This includes the assets of employees, provident funds in
both public and private sectors.

Monetary Gold: It covers changes in monetary gold held by SBP, which is a
part of a country’s international reserves.

Other Receivables and Payables: Financial items other than those
described above are grouped under this head.

Aggregate Balance Sheet:
The aggregate balance sheet of a particular sector, which depicts a
complete picture of its liabilities and assets, is the fundamental basis
for compilation of the flow of funds accounts. The assets appearing
therein are divided into physical and financial assets while liabilities
are classified as net worth and other financial liabilities. Increase in
physical and financial assets of the balance sheet represents investment
and lending on the uses side of the flow of funds accounts; whereas
increase in reserves and liabilities appear as saving and borrowing on
the resources side. As total assets are equal to total liabilities in the
balance sheet, the resources match with the uses in the flow of funds
accounts. That is, the sum of investment and lending is equal to the sum
of saving and borrowing. It may, however, be mentioned that though
saving-investment gap exists at the sector level, saving equals
investment at the aggregate level for the economy as a whole. Similarly,
total financial resources equal total financial uses for the aggregate
economy. The following are the balance sheet items:

Fixed Assets at Cost: Fixed assets consist of items which are not readily
convertible into cash during the course of normal operations of an
institution...They are of a fairly permanent nature and are not normally
liquidated or intended to be turned into cash except in the form of
depreciation which is add to the cost of goods sold. The following items
are included in fixed assets:

Real estate (e.g., freehold & lease hold land, factory and office
building, residential buildings and capital projects in progress at
cost);
Plants and machinery and rolling stock;
Furniture, Fixture, Fitting and allied equipments etc.

Stock in Trade: Stock in trade is the stock of finish, unfinished goods,
and raw materials.

Stores and Repairs: Consist raw material other than stock in trade; loose
tools etc are taken from company’s annual balance sheet.

Cash in Hand: Cash in hand includes local currency in hands.   Cheques,
bank drafts etc are not included in the category.

Federal Government Securities: Comprises investment in Federal government
loans, income tax bonds, Federal investment bonds, Pakistan investment
bonds etc.

Provincial Government Securities: Consist investments in various loans
floated by the provincial governments and bonds issued by local and
provincial governments.

Coins: These are the rupee and subsidiary coins issued by the Federal
Government with various quantity of currency, apprehended with State Bank
of Pakistan.

Deposits held Abroad: Deposit accounts and other placements with central
banks of other countries are the total of cash components of the balances
sheet items of State Bank of Pakistan captioned approved foreign exchange
and balances held outside Pakistan.

Foreign Securities: Are the aggregate balance sheet items of State Bank
of Pakistan, scheduled and co-operative banks & Insurance sectors,
comprises investment of these sectors in foreign securities and shares.

Other Securities: This item appeared in the aggregate balance sheet of
scheduled and co-operative banks, comprises debentures and participation
term certificates (PTCs) an interest free instrument for meeting the term
finance needs of the corporate sector. Also included are other
investments not specified elsewhere.

Bill Purchased and Discounted: Advances extended through discounting or
purchasing of trade bills – import/export or inland bills, presented in
the balance sheets of scheduled and co-operative banks.

Other Assets: Other assets are the balance sheet items not covered
elsewhere such as sundry debtors, accounts receivable, prepayments,
suspense accounts, dead accounts etc.

Surplus: Arrives at by aggregating all types of reserves excepting
depreciation reserve and reserve for bad & doubtful debts plus the
balance of profit & loss account and staff gratuity and subtracting there
from intangible or fictitious assets e.g. goodwill, preliminary expenses,
patents, trade marks, prospecting expenditure, other deferred costs,
adverse balance of profit & loss account etc. Surplus also includes
balance of amount received from consumers as contributions towards the
cost of supplying and laying service lines and mains, deferred interest
on debentures and other deferred liabilities.

Depreciation: Is the reduction in the currant market value of machinery,
equipment or a fixed asset over a defined period of time through usage or
obsolescence; it is the amount allocated to cover the depreciable cost of
an asset over the accounting period during the asset’s useful life.

Paid-up Capital: Paid-up capital (share capital) is amount rose through
sale of stocks. It includes shares fully paid in cash, issued as bonus
shares and shares issued for consideration other than cash. Preferred
stocks or shares, which also provide for participation in the
distribution of the residual value on dissolution of an incorporated
enterprise (preferred in distribution over ordinary shareholders), are
included.

Special Drawing Rights (SDRs): The instruments for financing
international trade after Second World War were predominantly reserve
currencies, such as dollar, sterling and gold. J.M. Keynes had put
forward the idea of an international currency, to be called ‘Bancor’,
regulated by a central institution. This idea was turned down then for
fear that the creation of liquidity would generate inflation. In 1969,
the ‘group of ten’ agreed to establish SDRs, which are similar in
principle to Keynes’ original idea, and their agreement was ratified by
the IMF. The SDR was linked to gold and equivalent to US $1 at the gold
rate of exchange of $35 per oz. Since then the SDR has slowly become
more acceptable, and now commercial banks accept SDR. It is a composite
currency based on a standard basket of currencies, used by the IMF in
determining country quotas, purchase and repurchases, standby facilities,
and other assistance facilities available to the member country. Amount
owed by Pakistan is recorded in the annual account of State Bank of
Pakistan.

Notes in Circulation: These are promissory notes issued by the State Bank
of Pakistan with the promise to pay the said quantity (face value) in
Rupee when called for payment. These are issued with the guarantee of the
Government of Pakistan.

Head Office Accounts: Represents the foreign insurers’ balances with
their branch offices in Pakistan as recorded in the balance sheets of
insurance sector.

Other Liabilities: Other liabilities are the balance sheet items not
covered elsewhere such as sundry creditors, worker profit participation
funds, provision for taxation, unpaid dividend, other accounts payable,
contingencies funds, and consumer securities deposits etc.

Pakistan: Flow of Funds Account 2003-04
(Million Rs.)
Transactions / Sectors Overall
Domestic
Sectors General
Government Private
Sector Banking Rest of the
World Gross national disposable income
(GNDI) 5,578,625 564,872 5,013,753     Final
consumption 4,515,363 462,462 4,052,901     Gross
investment 864,701 267,110 597,591     Change in
stock 94,294 94,294      Export of goods and non-factor services       -
869,547 Import of goods and non-factor services        1,018,953 Net
factor income and private transfers      -224,253 Official
transfers      -29,421 Non-financial balances (S – I) = CAB 104,267 -
164,780 268,967 0 -104,267 Foreign financing 28,800 -88,102 -
43,526 102,828 Non-monetary -59,302 28,800 -88,102 59,302 Direct
investment (FDI) 54,753 54,753 -54,753 Net foreign borrowing -
114,055 28,800 -142,855 114,055 Monetary -43,526       -
43,526 43,526 Change in net foreign assets -43,526       -43,526 43,526 Of
which: Valuation changes     -3,649 3,649 Domestic financing 135,900 -
172,817 36,917    Monetary 63,700 -100,617 36,917     Domestic
credit 63,700 307,234 -370,934     Broad money    -407,851 407,851    Non-
monetary 72,200 -72,200      Non-bank 72,200 -72,200       Net error and
omissions -1,440 -8,049 6,609 1,440 Source: SBP Annual Report, Pakistan
Economic Survey and Balance of Payments statement.

  SNA 1968 – System of National Accounts 1968
  PC – Planning Commission




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