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eBook details

• Title: Fiscal Discipline, Restrictions on Borrowing Necessary to Contain Inflation: State Bank
• Author : Pakistan) The Messenger (Karachi
• Release Date : January 04, 2011
• Genre: Reference,Books,
• Pages : * pages
• Size : 59 KB

Description

KARACHI -- State Bank of Pakistan SBP says "fiscal discipline and restrictions on Government borrowing from SBP. Are necessary to contain inflationary expectations, which have become ingrained in recent months, "State Bank's Third Quarterly Report on the State of Pakistan's Economy for FY11 released Monday said "In overall terms, although the post-flood hike in CPI inflation has largely dissipated, inflation is stubborn, in excess of 13 percent. Possible reasons could include: (a) lagged impact of government borrowings from SBP during Jul-Sep 2010; (b) frequent upward adjustments in utility and POL prices; (c) increase in commodity prices; and (d) the rising trend in the house rent index (HRI)." The Government is facing difficulties in containing fiscal deficit. Report stressed that implementation of fiscal reforms still poses political challenges. For instance, structural problems that require difficult policy decisions for fiscal consolidation (e.g. expanding base of GST through withdrawal of exemptions, tax on agri-income, restructuring and privatization of PSEs) are pending resolution and awaiting multi-partisan consensus. As far as financing is concerned, it observed that Government has had little option but to rely on domestic sources to finance a growing fiscal gap.

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