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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Pakistan hikes rates sharply, as IMF advised Reuters - 1 hour 26 minutes ago By Sahar Ahmed KARACHI, Nov 12 - Pakistan hiked its key interest rate on Wednesday in a move that could find favour with the International Monetary Fund as the government seeks billions of dollars in loans to fend off a balance of payments crisis. State Bank of Pakistan Governor Shamshad Akhtar said the 200 basis point hike in its key discount rate to 15 percent was aimed at curbing inflation, running over 25 percent, and reducing the current account and fiscal deficits. It was the fourth increase this year, and takes rates to levels not seen since 1999. Akhtar, announcing an interim policy review, described the latest hike as one of the most difficult decisions of her career. "It is important for us, given that our mission is really price stability, to not ignore this," she said, noting that the discount rate was still negative compared with core inflation. A government official told Reuters in October that the IMF had said Pakistan would need to raise its benchmark discount rate by 3.5 to 4.0 percentage points. The next monetary policy review is due in January. Surging inflation, a rising import bill and heavy government borrowing from the central bank had complicated macro-economic management, Akhtar said. The current account deficit had virtually doubled in the first four months of the 2008/09 fiscal year to October to $5.9 billion compared with $3 billion last year. Pakistan is negotiating with the IMF for a multi-billion loan, though officials say it has still to lodge a formal request. The government has said it will seek IMF assistance only as a last option as it is reluctant to submit to the harsh conditions of a package from the world's lender of last resort. Akhtar said she had no such qualms. "An IMF programme in my opinion is a good idea because we do need to be disciplined. This is my opinion as a professional," she said. The country's top economic adviser, Shaukat Tarin, was quoted by the state-run news agency as saying on Tuesday that Pakistan aimed to get IMF endorsement of its economic programmes within 15 days in order to secure funding from other donors. The government has held out hopes for assistance from the Friends of Pakistan group of allies, which will meet in Abu Dhabi on Nov. 17, although both foreign and Pakistani officials have said it will not be an aid pledging conference. The rupee closed little changed at 80.45/55 to the dollar on Wednesday, but is 23.4 percent weaker than it started the year. Trading in the stock market has almost entirely dried up, with steep falls expected once authorities remove an artificial floor imposed in late August to stop a collapse that threatened to send some investment houses to the wall. (Additional reporting by Augustine Anthony and Aftab Borka; Writing by Simon Cameron-Moore; Editing by Victoria Main) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Kraft chocolate factory to close in RomaniaAP - 1 hour 21 minutes ago Bank of England: Inflation to fall below 2 pct.AP - 1 hour 16 minutes ago Hong Kong lawmakers debate Lehman probeAP - 1 hour 29 minutes ago Spain: Iberia profits plummetAP - 1 hour 32 minutes ago EU backs proposed Alitalia takeoverAP - 1 hour 43 minutes ago Most Popular – Business Viewed Britney Spears's son hospitalized: statement Ancient 4,300-year-old pyramid discovered in Egypt US expands record bailout of insurance giant AIG Obama, Bush discuss world of challenges Swiss fear more pressure on bank secrecy after Obama victory View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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