INTERNAL RATE OF RETURN (I.R.R) (UNIT RS.

MILLION)

15%

Original Value Financial Economic

Economic D.F. at Discounted Discounted
Year Const: Total Cost Discounted Cost Benefit D.F. at 15% Net Net
O & M Cost Cost 15% Economic Cost Benefit
Cost Benefits Benefits
0 541.163 0 541.16 491.92 1.000 541.163 491.917 0 1.000 0 -541.16 -491.92
1 10.82 10.82 9.84 0.870 9.41 8.555 288.73 0.870 251.07 277.90 278.89
2 10.82 10.82 9.84 0.756 8.18 7.439 288.73 0.756 218.32 277.90 278.89
3 10.82 10.82 9.84 0.658 7.12 6.469 288.73 0.658 189.84 277.90 278.89
4 10.82 10.82 9.84 0.572 6.19 5.625 288.73 0.572 165.08 277.90 278.89
5 10.82 10.82 9.84 0.497 5.38 4.891 288.73 0.497 143.55 277.90 278.89
6 10.82 10.82 9.84 0.432 4.68 4.253 288.73 0.432 124.82 277.90 278.89
7 10.82 10.82 9.84 0.376 4.07 3.699 288.73 0.376 108.54 277.90 278.89
8 10.82 10.82 9.84 0.327 3.54 3.216 288.73 0.327 94.39 277.90 278.89
9 10.82 10.82 9.84 0.284 3.08 2.797 288.73 0.284 82.07 277.90 278.89
10 10.82 10.82 9.84 0.247 2.68 2.432 288.73 0.247 71.37 277.90 278.89
11 10.82 10.82 9.84 0.215 2.33 2.115 288.73 0.215 62.06 277.90 278.89
12 10.82 10.82 9.84 0.187 2.02 1.839 288.73 0.187 53.96 277.90 278.89
13 10.82 10.82 9.84 0.163 1.76 1.599 288.73 0.163 46.93 277.90 278.89
14 10.82 10.82 9.84 0.141 1.53 1.390 288.73 0.141 40.81 277.90 278.89
15 10.82 10.82 9.84 0.123 1.33 1.209 288.73 0.123 35.48 277.90 278.89
16 10.82 10.82 9.84 0.107 1.16 1.051 288.73 0.107 30.85 277.90 278.89
17 10.82 10.82 9.84 0.093 1.01 0.914 288.73 0.093 26.83 277.90 278.89
18 10.82 10.82 9.84 0.081 0.87 0.795 288.73 0.081 23.33 277.90 278.89
19 10.82 10.82 9.84 0.070 0.76 0.691 288.73 0.070 20.29 277.90 278.89
20 10.82 10.82 9.84 0.061 0.66 0.601 288.73 0.061 17.64 277.90 278.89
21 10.82 10.82 9.84 0.053 0.58 0.523 288.73 0.053 15.34 277.90 278.89
22 10.82 10.82 9.84 0.046 0.50 0.455 288.73 0.046 13.34 277.90 278.89
23 10.82 10.82 9.84 0.040 0.43 0.395 288.73 0.040 11.60 277.90 278.89
24 10.82 10.82 9.84 0.035 0.38 0.344 288.73 0.035 10.09 277.90 278.89
25 10.82 10.82 9.84 0.030 0.33 0.299 288.73 0.030 8.77 277.90 278.89
26 10.82 10.82 9.84 0.026 0.29 0.260 288.73 0.026 7.63 277.90 278.89
822.57 747.71 611.41 555.77 7,506.88 1,873.99 6,684.31 6,759.16

NPV 1,262.58 NPV 1,318.22

B.C.Ratio (x) 3.07 B.C.Ratio (x) 3.37
FIRR (%) 51.3518% EIRR (%) 56.6935%
 INTERNAL RATE OF RETURN (I.R.R) (UNIT RS. MILLION)

15%

Original Value
Total D.F. at Discounted Net
Year Const: Discounted Cost Benefit D.F. at 15%
O & M Cost Cost 15% Benefit Benefits
Cost
0 541.163 0 541.16 1.000 541.163 0 1.000 0 -541.16
1 10.82 10.82 0.870 9.41 288.73 0.870 251.07 277.90
2 10.82 10.82 0.756 8.18 245.42 0.756 185.57 234.59
3 10.82 10.82 0.658 7.12 208.60 0.658 137.16 197.78
4 10.82 10.82 0.572 6.19 177.31 0.572 101.38 166.49
5 10.82 10.82 0.497 5.38 150.72 0.497 74.93 139.89
6 10.82 10.82 0.432 4.68 128.11 0.432 55.39 117.29
7 10.82 10.82 0.376 4.07 108.89 0.376 40.94 98.07
8 10.82 10.82 0.327 3.54 92.56 0.327 30.26 81.74
9 10.82 10.82 0.284 3.08 78.68 0.284 22.36 67.85
10 10.82 10.82 0.247 2.68 66.87 0.247 16.53 56.05
11 10.82 10.82 0.215 2.33 56.84 0.215 12.22 46.02
12 10.82 10.82 0.187 2.02 48.32 0.187 9.03 37.49
13 10.82 10.82 0.163 1.76 41.07 0.163 6.67 30.25
14 10.82 10.82 0.141 1.53 34.91 0.141 4.93 24.09
15 10.82 10.82 0.123 1.33 29.67 0.123 3.65 18.85
16 10.82 10.82 0.107 1.16 25.22 0.107 2.70 14.40
17 10.82 10.82 0.093 1.01 21.44 0.093 1.99 10.61
18 10.82 10.82 0.081 0.87 18.22 0.081 1.47 7.40
19 10.82 10.82 0.070 0.76 15.49 0.070 1.09 4.67
20 10.82 10.82 0.061 0.66 13.17 0.061 0.80 2.34
21 10.82 10.82 0.053 0.58 11.19 0.053 0.59 0.37
22 10.82 10.82 0.046 0.50 9.51 0.046 0.44 -1.31
23 10.82 10.82 0.040 0.43 8.09 0.040 0.32 -2.74
24 10.82 10.82 0.035 0.38 6.87 0.035 0.24 -3.95
25 10.82 10.82 0.030 0.33 5.84 0.030 0.18 -4.98
26 10.82 10.82 0.026 0.29 4.97 0.026 0.13 -5.86
611.41 962.05 1,074.13

NPV 350.64
B.C.Ratio (x) 1.57
EIRR (%) 35.5088%
 Total
Cost*Standard
Conversion Factor
Economic
Year Capital Cost O&M cost Total Cost Toll
Cost
0 20.00 - 20.00 18.18 -
1 20.00 - 20.00 18.18 -
2 20.00 - 20.00 18.18 -
3 - 4.00 4.00 3.64 20.00
4 - 4.50 4.50 4.09 25.00
5 - 5.00 5.00 4.55 30.00
6 - 5.50 5.50 5.00 35.00
7 - 6.00 6.00 5.45 40.00
8 - 6.50 6.50 5.91 45.00
9 - 7.00 7.00 6.36 50.00
60.00 38.50 98.50 89.54 245.00
 Discount Rate 12%

Benefits-Cost PV=FV/(1+Discount Rate)^Year

Net Benefits PV of Cost PV of benefits PV of Cost Year

(18.18) 18.18 - 18.18 0
(18.18) 16.23 - 16.23 1
(18.18) 14.49 - 14.49 2
16.36 2.59 14.24 12.94 3
20.91 2.60 15.89 11.55 4
25.46 2.58 17.02 10.32 5
30.00 2.53 17.73 9.21 6
34.55 2.47 18.09 8.22 7
39.09 2.39 18.17 7.34 8
43.64 2.29 18.03 6.56 9
155.46 66.35 119.18

59.24 106.41

52.83
NPV
47.17

IRR 30%

BCR 1.80
PV of Cost Year FV=PV(1+Discount Rate)^Year
18.18 9 18.18
16.23 8 18.18
14.49 7 18.18
12.94 6 18.18
11.55 5 18.18
10.32 4 18.18
9.21 3 18.18
8.22 2 18.18
7.34 1 18.18
6.56 0 18.18
 Estimates of the Standard Conversion Factor

Year 2011/12 2012/13 2013/14

Total Imports (CIF) (I) 4,009,093 4,489,112 4,630,521
Total Exports (FOB) (E) 2,110,606 2,484,099 2,583,463
Import Duties/Taxes on Imports (Itax) 216,898 239,459 240,998
Sales tax on Imports (Ist) 430,403 429,831 495,330
Subsidies on Imports (Isub) 97,450 97,450
Export Duties/Taxes on Exports (Etax) 5,291 3,966 6,200
Rebates/Subsidies on Exports (Esub)
SCF 0.918 0.925 0.908
FED 122,460 120,964 138,084

Standard Conversion Factor =

((Total Imports (CIF) + Import Duties/Taxes on Imports + Sales tax on Imports

= 0.87
Cost, Insurance, and Freight (CIF)
Cost, insurance, and freight (CIF) represents the charges paid by a seller to cover the costs, insurance, and freight of a b
Free on Board (FOB) 
FOB stands for “free on board” or “freight on board” and is a designation that is used to indicate when liability and owner
"FOB shipping point" or "FOB origin" means the buyer is at risk once the seller ships the product. The purchaser pays th

* Economic Survey 2019-20

** FBR Islamabad
*** Ministry of Finance Islamabad.

NOTES:
Federal Bureau of Statistics, Monthly Statistical Bulletin, Table 10.10 Imports excluded reiimports
Federal Bureau of Statistics, Monthly Statistical Bulletin, Table 10.1 Exports excluded re-exports
Federal Bureau of Statistics, Monthly Statistical Bulletin, Table 8.1 Custom Revenue Receipts, Total import duty
Federal Bureau of Statistics, Monthly Statistical Bulletin, Table 2.4 Expenditure on gross national income
Federal Bureau of Statistics, Monthly Statistical Bulletin, Table 8.1: Iqra surcharges, Export duty and 0.25% Export Development Charges
Federal Bureau of Statistics, Monthly Statistical Bulletin, Table 6.1: Iqra surcharges, Refunds and Rebates
Federal Bureau of Statistics, External Trade Statistics, Table 14.4 Exports by Economic category
Federal Bureau of Statistics, External Trade Statistics, Table 14.5 Imports by Economic category
Federal Board of Revenue, Year Book 2009-10, Table 8: Collection of Sales Tax
Federal Board of Revenue, Year Book 2011-12, Table 10: Collection of Sales Tax
Federal Board of Revenue, Year Book 2013-14, Table 10: Collection of Sales Tax
Federal Board of Revenue, Year Book 2015-16, Table 8: Collection of Sales Tax
Federal Board of Revenue, Year Book 2009-10, Table 9: Details of Collection of Customs Duties
Federal Board of Revenue, Year Book 2011-12, Table 12: Details of Collection of Customs Duties
Federal Board of Revenue, Year Book 2015-16, Table 11: Details of Collection of Customs Duties
Federal Board of Revenue, Year Book 2015-16, Table 3: A Comparison of Collection 2015-16 Vis-a-Vis Target FY 2015-16
Federal Board of Revenue, Year Book 2013-14, Table 10: Details of Collection of Customs Duties
Federal Board of Revenue, Year Book 2008-09, Table 4: FED Collection from Major Commodities
Federal Board of Revenue, Year Book 2009-10, Table 1: FED Collection vis-à-vis original and revised target 2009-10
Federal Board of Revenue, Year Book 2010-11, Table 10: FED Collection’s Major Revenue Spinners
Federal Board of Revenue, Year Book 2011-12, Table 13: Month-wise Collection of FED
Federal Board of Revenue, Year Book 2012-13, Table 10: FED Collection of Major Revenue Spinners
Federal Board of Revenue, Year Book 2014-15, Table 11: FED Collection from Major Commodities FY: 14-15 and FY: 13-14
FBR data on tax collecton: http://www.sbp.org.pk/ecodata/tax.pdf
FBS Table 14.01 Value of foreign trade
e Standard Conversion Factor for Economic Analysis

2014/15 2015/16 2016/17 2017/18 2018/19

4,644,152 4,658,749 5,539,720 6,694,897 7,885,941
2,397,513 2,166,846 2,138,186 2,555,043 3,229,420
306,220 406,180 496,772 608,324 724,977
553,028 683,518 637,068 769,913 906,883

5,754 5,200 5,132 6,132 7,751

0.892 0.863 0.872 0.871 0.873

162,248 190,580 190,581 190,582 190,583

Total Imports (CIF) + Total Exports (FOB)

Imports + Sales tax on Imports - Subsidies on Imports) + ( Total Exports - Export Duties/Taxes on Exports + Rebates/Subsidies on Exports

sts, insurance, and freight of a buyer's order while the cargo is in transit. Cost, insurance, and freight only applies to goods transported via

ndicate when liability and ownership of goods is transferred from a seller to a buyer during shipping.
product. The purchaser pays the shipping cost from the factory and is responsible if the goods are damaged while in transit. "FOB destinat

ort Development Charges

 (Rupees million)
Average
5,884,692
2,497,402
508,495
710,082

5,994

0.874
1

I+E =
Exports + Rebates/Subsidies on Exports (Esub)) ((I+Itax+Ist-Isub)+(E-Etax+Esub))

ght only applies to goods transported via a waterway, sea, or ocean.

e damaged while in transit. "FOB destination" means the seller retains the risk of loss until the goods reach the buyer.
 8,382,093
9,594,676

h the buyer.
 Derivation of Farm-gate Economic Prices of Agricultural Commodities

Urea DAP/Notrophos
Parity Price Basis (1)
(I) (I)
Projected Price in Current Dollars $/mt (2) 212 368
Factor 1 1
Quality Adjustment Factor 1 1
World Market Equivalent $/mt 212 368
Transport and Insurance 43 58
cif, Karachi 214 370
Exchange Rate Rs/US$ 105 105
cif, Karachi (Rs/t) 22,477 38,803
Port charges 1,000 1,000
Storage and handling 1,500 1,500
Value at Karachi market 24,977 41,303
Transport to Project Area 8,000 8,000
Value at Project area 32,977 49,303
Wholesale Value 32,977 49,303
Local agents' commission/margins 660 986
Value at farmgate 33,637 50,289
Economic Value at farmgate (Rs/50kg Bag) 1,682 2,514
Local farmgate price (Rs/50kg Bag) 1,700 2,000
Ratio of border to local farmgate price 0.99 1.26
Financial Price per Kg 34 40
Economic Price per Kg 34 50
(1) Parity : [I] Import [E] Export
(2) World Bank Commodoity Prices for 2019 SCF - Fertilizer

Notes:
Sea), bulk, spot, f.o.b. Black Sea; TSP (triple superphosphate), bulk, spot, Tunisian origin
modities

SSP
(I)
309
1
1
309
55
311
105
32,675
1,000
1,500
35,175
8,000
43,175
43,175
864
44,039
2,202
3,600
0.61
72
44

0.95

an origin
 Derivation of Farm-gate Economic Prices of Agricultural Commodit

Parity Price Basis (1)

Projected Price in Current Dollars $/mt (2)

Factor
Quality Adjustment Factor
World Market Equivalent $/mt
Transport and Insurance
cif, Karachi
Exchange Rate Rs/US$
cif, Karachi (Rs/t)
Clearance & Port charges
Storage and handling
Value at Karachi market
Transport to/from Project Area
Processed Value
Processing Ratio %
Processing/Packaging Cost
Wholesale Value
Local agents' commission/margins
Value at farmgate (Ton)
Economic Value at farmgate (Rs/1000 Litres/Kg)
Local farmgate price (Rs/1000Liters/Kg)
Financial Price per Kg/Litere
Economic Price per Kg
Ratio of border to local farmgate price
(1) Parity : [I] Import, [E] Export
(2) World Bank Commodoity Prices (for 2019)
Economic Prices of Agricultural Commodities

Wheat Milk Vegetables

(I) (E) (E)
247 417 429
1 1 1
1 1 1
247 417 429
20 45 10
267 462 439
105 105 105
28,053 48,502 46,050
1,200 1,200 1,500
3,000 2,000 1,500
32,253 45,302 43,050
9,000 12,000 12,000
41,253 57,302 55,050
1 0 1
1,031 1,000 3,000
43,126 56,302 51,500
4,000 1,000 3,000
47,126 55,302 48,500
47,126 331,812 48,500
40,000 60,000 40,000
40 60 40
47 55.30 48
1.2 0.9 1.21

1.10
 FINANCIAL / ECONOMIC ANALYSIS

Health Project

(Rs. Million)

Capital O&M Incremental Covered Area

Years Total Cost
Cost Cost Patients (Nos) (Sq.ft)

2010-11 129 - 129 - -

2011-12 279 - 279 - -
2012-13 - - - 3,367 60,637
2013-14 - - - 3,704 60,637
2014-15 - - - 4,075 60,637
2015-16 - - - 4,482 60,637
2016-17 4 - 4 4,930 60,637
2017-18 - - - 5,423 60,637
2018-19 - - - 5,966 60,637
2019-20 - - - 6,562 60,637
2020-21 - - - 7,218 60,637
2021-22 165 - 165 7,940 60,637
2022-23 - - - 8,734 60,637
2023-24 - - - 9,608 60,637
2024-25 - - - 10,568 60,637
2025-26 - - - 11,625 60,637
2026-27 4 - 4 12,788 60,637
2027-28 - - - 12,788 60,637
2028-29 - - - 12,788 60,637
2029-30 - - - 12,788 60,637
2030-31 - - - 12,788 60,637
2031-32 165 - 165 12,788 60,637
2032-33 - - - 12,788 60,637
2033-34 - - - 12,788 60,637
2035-35 - - - 12,788 60,637
2035-36 - - - 12,788 60,637
2036-37 4 - 4 12,788 60,637
2037-38 - - - 12,788 60,637
2038-39 - - - 12,788 60,637
2039-40 - - - 12,788 60,637
2040-41 - - - 12,788 60,637
2041-42 165 - 165 12,788 60,637
2042-43 - - - 12,788 60,637
2043-44 - - - 12,788 60,637
2044-45 - - - 12,788 60,637
2045-46 - - - 12,788 60,637
2046-47 4 - 4 12,788 60,637
2047-48 - - - 12,788 60,637
2048-49 - - - 12,788 60,637
2049-50 - - - 12,788 60,637
2050-51 - - - 12,788 60,637
2051-52 - - - 12,788 60,637
2052-53 (102) - (102) - -

Reults of Analysis @ 12% Discount Rate

Items Rs Million
PV of Capital Cost 447.4
PV of O&M Cost -
PV of Total Cost 447.4
PV of Incremental Patients (Nos) 51,964.2
PV of Covered Area (Sq.ft) 446,319.5

Unit cost Per Incremental Patient / Per Day @ 12% discount Rate
(Rupees)
Items Per Annum Per Day
Capital Cost 8,610.7 28.7
O&M Cost - -
Total Cost 8,610.7 28.7
Revenue / Savings Not given Not given
Subsidy 8,610.7 28.7

Rental cost Per Sq.ft / Per month @ 12% discount Rate

(Rupees)
Items Per Annum Per Month
Capital Cost 1,002.5 83.5
O&M Cost - -
Total Cost 1,002.5 83.5
Revenue / Savings Not given Not given
Subsidy 1,002.5 83.5

Civil Works 187.338 40 25 46.835

Equipment 193.828 10 25 48.457
Vehicles / Transport 4.7 5 25 1.175
Furnitutre 21.165 10 25 5.291
101.758
 0
145.371
3.525
15.874
164.770