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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Pakistan aims to keep deficit at 5 pct of GDP -finmin Reuters - Sunday, March 6 Send IM Story Print KARACHI, March 5 - Pakistan will aim to keep its budget deficit at 5 percent of gross domestic product in the 2010/11 fiscal year, the country's finance minister said on Saturday. "For this year, we will try to not let the fiscal deficit go beyond 5 percent," Finance Minister Hafiz Shaikh said after launching a margin trading system at the country's main stock exchange. The 2010/11 fiscal year runs from July to June. "This might not be possible but we will try our best." The budget deficit for the six months ending Dec. 31 was 2.9 percent of GDP. Pakistan, which is struggling to deal with extreme political instability in which two senior officials have been killed this year, revised last November its budget deficit target to 4.7 percent of GDP. That figure was agreed with the International Monetary Fund after floods last year which caused damages of around $10 billion. Analysts say Pakistan's 2010/11 budget deficit could widen to as much as 8 percent, higher than the central bank's forecast of between 6.0 and 6.5 percent if fiscal reforms are not implemented. The IMF team is in Pakistan conducting a review of the economy for the possible release of the sixth tranche of an $11 billion loan programme agreed in November 2008. Policy level talks are expected to start on Monday. The IMF has said Pakistan must end subsidies and raise taxes, including implementing changes such as a reformed general sales tax . Pakistan's tax-to-GDP ratio is only about 10 percent, one of the world's lowest. "If the approval of RGST takes a lot of time, then yes other steps would have to be taken," said Shaikh. The government introduced a bill in the National Assembly last November on RGST, but the Pakistan People's Party-led government faces fierce opposition. Critics say it will fuel inflation and further deepen public frustrations. In December, the IMF approved a nine-month extension of Pakistan's $11 billion loan, which was due to end last year, to give authorities time to complete the implementation of key fiscal reforms. The extension runs to Sept. 30, 2011. Last May, Pakistan received $1.13 billion in the fifth tranche. (For more Reuters coverage of Afghanistan and Pakistan, see:http://www.reuters.com/places/pakistan. (If you have a query or comment about this story, send ane-mail to news.feedback.asia@thomsonreuters.com) Recommend Send IM Story Print Related Articles Rouble slides on Saturday, seen resuming rally Reuters - 31 minutes ago Myanmar pilots among 6 dead in Russia crash Reuters - 56 minutes ago US-BUSINESS Summary Reuters - 1 hour 1 minute ago China should consolidate rare earths: Minmetals Reuters - 1 hour 1 minute ago SEC investigating Kraft for corruption in India Reuters - 1 hour 3 minutes ago News Search Top Stories Rain washes out Australia-Sri Lanka W. Cup clash Kadhafi still boosted by millions of oil dollars: FT Libyan opposition meets as loyalists fight on Arab unrest could double oil price: British minister Fall in US unemployment sparks optimism More Top Stories » ADVERTISEMENT Most Popular Most Viewed World's sixth mass extinction may be underway: study Charlie Sheen latest: 'I'm Jewish, off to Haiti' Libya: live report NASA Earth observation satellite fails to reach orbit Fall in US unemployment sparks optimism More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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