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Govt's debt surges to Rs27.6tr by Feb-end
The federal government's debt has soared to Rs27.6 trillion with a net addition of Rs3.4 trillion in just eight months at a pace of nearly 14% due to low tax revenue, high expenditure and currency depreciation.
From July through February 2018-19, the government on an
average added Rs14 billion a day to its debt, which included almost six and
a half months of Pakistan Tehreek-e-Insaf (PTI) government, according to the
State Bank of Pakistan's (SBP) statistics
There was a net addition of Rs3.4 trillion from July to February, which was higher by 13.9% when compared with June 2018 statistics.
The accumulation of debt is the direct result of the gap between expenditures and revenues, which is widening due to the inelasticity in debt servicing and defence needs and the Federal Board of Revenue's (FBR) failure to enhance revenue collection.
In first nine months of the current fiscal year, the FBR
suffered a shortfall of Rs318 billion in revenue collection.
The FBR's tax collection grew at a pace of 2.4% in the nine months, which was even lower than the nominal gross domestic product (GDP) growth of nearly 12%.
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US officials accuse Islamabad of ignoring or even collaborating
with groups such as the Afghan Taliban and Haqqani network, which attack
Afghanistan from safe havens along the border between the two countries.
On the plane ahead of his South Asia trip Pompeo said it was time to "turn the page" and suggested that the election of Khan, who has vowed to seek better relations with the US, could provide a fresh impetus.
"Look, I think there is a new government this time, most of this took place long before the prime minister was in power and I hope we can turn the page and begin to make progress. But there are real expectations," he said.
"There are lot of challenges between our two nations, for sure, but we're hopeful that with the new leadership that we can find common ground and we can begin to work on some of our shared problems together," added Pompeo, who was later joined by General Joe Dunford, chairman of the Joint Chiefs of Staff.
"We were providing these resources when it made sense for the United States because the partnership was in a place where the actions of our two countries made sense to do that," he said. "If that arises again, I'm confident we'll present to the president the rationale for that."
The latest remarks represent a change in tone toward the nuclear-armed Muslim country and its new prime minister, a former playboy cricketer who came to office in July amid concerns he would remain tolerant of terror groups.At the time of the vote, the US noted what it called "flaws" in Pakistan's pre-electoral process but said it was nonetheless ready to work with the new government.
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India's River Diversion Plan and South Asia's Waters
More dams are to come, as India’s need to power its economy means it is quietly spending billions on hydropower in Kashmir. The Senate report totted up 33 hydro projects in the border area with Pakistan. The state’s chief minister, Omar Abdullah, says dams will add an extra 3,000MW to the grid in the next eight years alone. Some analysts in Srinagar talk of over 60 dam projects, large and small, now on the books. (This special report has appeared in the Bulletin on Current Affairs - February 2012, you may have to Buy the print edition to read full story)
More in the Edition:
South Asia's Water - a growing rivalry
Indian, Pakistani & Chinese Border Disputes
India's River Diversion Plan: Its impact on Bangladesh
Water Crisis can Trigger nuclear war in South Asia
Reclaimed Water - the Western Experience
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