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Islamic Finance Briefing - Categorized | Finance, Market Moves more

Pakistan Govt seeks urgent IDB loan to finance deficit

Posted on 01 July 2011

Less than 48 hours before close of financial year, the government has sought an emergency international loan to finance its budget deficit in addition to dispatching a team to Karachi to persuade banks to pay taxes in advance in an attempt to cover an expected Rs110 billion shortfall in meeting a revenue target that had already been revised downwards.
The shortfall comes despite the fact that the government had already introduced several measures in March to increase its revenues by up to Rs53 billion and has given retroactive effect to next year’s tax measures to begin from June 3, the day the budget was presented, rather than July 1, the start of the new financial year……………………………………….Full Article: Source

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