Karanchi, September 03: Pakistan’s budget deficit for the fiscal year 2008/09 (July-June) was 5.2 percent of gross domestic product (GDP), higher than the government target, according to data posted on the Finance Ministry’s Web site.
The deficit for fiscal year 2008/09 was targeted at 4.3 percent of GDP and was 3.0 percent for the first nine months ending March 31.
The International Monetary Fund (IMF) said last month that Pakistani authorities had indicated the deficit ceiling may have been exceeded by 0.9 percent of GDP.
Pakistan agreed in November to an IMF emergency loan package of $7.6 billion to avert a balance of payments crisis and shore up reserves. In July, the fund increased the loan to $11.3 billion.
–Agencies