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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 Singapore Asia Pacific World Pakistan keeps policy rate unchaged at 12.5 pct Reuters - Tuesday, May 25 Send IM Story Print * Economy recovering but lacks macroeconomic stability to build on momentum, bank says * Fiscal deficit target of 5.1 percent of GDP might be missed * Government must increase tax-to-GDP ratio, cut expenditure By Sahar Ahmed KARACHI, May 24 - Pakistan's central bank kept on Monday its key policy rate unchanged at 12.5 percent for the next two months to counter rising inflation and a widening fiscal deficit. The State Bank of Pakistan also kept the rate unchanged on March 27. A Reuters poll last week found 10 out of 11 analysts expected the central bank to keep its policy rate unchanged for the next two months. [ID:nSGE64I094R] "With inflation on the rise and the fiscal position not responding to the current monetary policy stance, SBP will closely monitor developments to ensure stability of aggregate prices and support nascent recovery of private economic activity," the bank said in a statement. "Therefore, SBP has decided to maintain the policy discount rate at 12.5 percent." The consumer price index , a key indicator of inflation, rose 13.26 percent in April from a year ago, and was up 1.73 percent over March. The central bank, which forecast 2009/10 CPI inflation to average between 11 percent and 12 percent, said "its persistence at a high level indicates that a fall in productivity has played a role as well". The central bank said the economy was recovering but it lacked the "necessary infrastructure and sufficient macroeconomic stability to build on momentum", referring to a worsening power crisis, inflation and fiscal weakness. The SBP also said the government may miss its 2009/10 budget deficit target of 5.1 percent of gross domestic product which "would be inconsistent with the objectives of macroeconomic stability". GOVERNMENT BORROWING CONCERN The central bank said it was of the "utmost importance" that the government increased its tax-to-GDP ratio and cut its expenditure. According to official data, tax revenue for the first 10 months amounted to a provisional 1.026 trillion rupees. The target for tax revenue for 2009/10 is 1.380 trillion rupees. Therefore, another 354 billion rupees of tax revenue is required in the next two months but the central bank said that would be a challenge as the average over the past 10 months had been 102 billion rupees a month. "Even if the target is met, the FBR (Federal Board of Revenue) tax-GDP ratio is likely to be less than 10 percent, which is one of the lowest in the world," the bank said. The SBP also voiced concern about government borrowing from the central bank which is targeted at zero net, but the government breached the target in the third quarter, ending on March 31, by 30 billion rupees. "Since the beginning of Q4-FY10, government borrowing has increased by another 150 billion rupees, reaching 1,310 billion rupees on 14 May 2010 against the end-June target of 1,130 billion rupees. U.S. ally Pakistan, which is fighting an Islamist militant insurgency in its northwest, entered an International Monetary Fund loan programme in late 2008. The IMF this month granted waivers for overruns on the budget deficit and on net government borrowing limits from the SBP for the third quarter. Pakistan received a fifth tranche of $1.13 billion last week of the $10.66 billion IMF loan. (For more Reuters coverage of Afghanistan and Pakistan, see: http://www.reuters.com/news/globalcoverage/afghanistanpakistan) Recommend Send IM Story Print Related Articles Turkmens set to start work on new gas pipeline AP - 19 minutes ago US-BUSINESS Summary Reuters - 35 minutes ago Gentiva to buy Odyssey HealthCare for about $1 billion Reuters - 35 minutes ago MegaFon Q1 net profit down 7.6 pct on costs, FX Reuters - 36 minutes ago Rodman & Renshaw ups Origin Agritech price target, shares soar Reuters - 36 minutes ago News Search Top Stories New British government takes axe to spending Husband of late actress Brittany Murphy found dead Rescue of Spain bank 'could cost' 2.7 bln euros BA Heathrow cabin crew strike takes off Spanish PM vows to stay firm on cuts despite strike threat More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Husband of late actress Brittany Murphy found dead BA Heathrow cabin crew strike takes off Tourists take walk on wild side with LA gang tour Anger mounts as oil blackens Louisiana marshes, beaches New British government takes axe to spending More Most Viewed » Scientists stunned as grey whale sighted off Israel Lack of sleep linked to early death: study UN fears 'irreversible' damage to natural environment Earth may be too hot for humans by 2300: study Ocean fish could disappear in 40 years: UN More Most Recommended » Elsewhere on Yahoo! 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