DOMESTIC DEBTS RISE TO RECORD RS 4.6 TRILLION.
The country's domestic debts surged by Rs 792 billion to Rs 4.6 trillion in fiscal year 2009-10 due to significant rise in fiscal deficit, revenue shortfall, and slow-down in privatisation process. The State Bank said that during the last fiscal year the government had raised its reliance on domestic debts to meet its financial requirements, and the massive borrowing had put the domestic debt at all-time high level by the end of June this year. According to the State Bank of Pakistan, the country's domestic debts, comprising permanent debt, floating debt, unfunded debt and foreign currency instruments, registered a healthy growth of 20.50 percent during fiscal year 2010. In absolute terms, the domestic debts reached the level of Rs 4.652 trillion on June 30, 2010 against Rs 3.86 trillion on June 30, 2009, depicting an increase of Rs 792 billion during last fiscal year. Increase in domestic debt during fiscal year 2009 was Rs 586 billion raising to Rs 3.86 trillion.
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|Publication:||Pakistan & Gulf Economist|
|Date:||Aug 15, 2010|
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