Pakistan's budget deficit for nine months at 3.0 percent of GDP

[LahoreEstate]

KARACHI (May 31 2009): Pakistan's budget deficit for the first nine months of 2008-09 (July-March) fiscal year was 3.0 percent of gross domestic product(GDP), according to data posted on the Finance Ministry's Web site on Saturday. The deficit for fiscal year 2008-09 was targeted at 4.3 percent of GDP.

"We are on track for achieving full year target for budget deficit," said Asif Qureshi, head of research at Invisor Securities Ltd. The budget for the coming fiscal year is expected to be unveiled on June 13. It will be closely scrutinised by the International Monetary Fund, which granted Pakistan a $7.6 billion emergency standby facility in November, 2008 to stave off a balance of payments crisis.

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