Govt. loans from banks amount Rs1000b
KARACHI:
The government during the current fiscal year until now has borrowed a
whopping amount of over Rs1000 billion from the banking system, Geo News
reported.The date released by the Central Bank stated that the government during the current fiscal year from July to April 2012 has already borrowed an astronomical amount of Rs1059 billion from the banking sector, which as compared to the previous year higher by 74 percent.
The government borrowed from the Central Bank alone more than Rs400 billion due to fall in revenue, losses of the state-run institutions, subsidy on the power generated at high cost and payment of the installment of debts.
The provincial governments reduced their burdens of loans besides the plummeting foreign investments were making the task difficult for the government.
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