Jul 07 2011 |
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Pakistan seeks emergency IDB loan
By John Foster Local news sources are reporting that the government of Pakistan has approached the Islamic Development Bank for an emergency loan to help cover a PKR110bn ($1.3bn) budget deficit.The government has also asked domestic banks to pay their 2012 taxes early to help cover the fiscal shortfall after revenue projections were downgraded.
The new financial year begins July 1, but to date the government is well behind its target for collecting taxes and although government revenues increased 16% year-on-year, according to the its own figures, as of June 28 only PKR1.5tr ($17.2bn) of PKR1.6tr ($18.5bn) taxes had been collected.
As a fallback, the government has approached the IDB for a $160m bridging loan - but as this is a short-term measure, it will have to pay high interest rates (in comparison to Asian Development Bank or World Bank loans).
© The Islamic Globe 2011
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