Pakistani Govt takes Rs:916b loan from banks

Govt takes Rs:916b loan from banks

Karachi: Due to decline in the revenue collection, the reliance of government on debts has been increased to run the day to day affairs.

The government took loans of Rs 916 billion during the financial year (i.e. July 2011 to March 2012) to bridge the fiscal deficit in which Rs 689 billion was taken from commercial banks , whereas State Bank issued the debt of Rs 227 billion to the government.

The facts and figures revealed that the rate of government barrowing from State Bank has been increased to 57 percent.