By IANS,
Islamabad : Islamabad is banking on domestic borrowing to finance an over Rs.1 trillion budget deficit, an official said.
The government is relying on domestic borrowing after it failed to get $1.2 billion through international bonds and coalition support fund (CSF) disbursements, reported Dawn.
It hopes to get $1.6 billion from the International Monetary Fund (IMF) under its $11.3 billion standby arrangement that was suspended in May last year.
Rana Asad Amin, finance ministry’s additional secretary, said Tuesday that about $500 million in disbursements from the US under CSF were not likely to come through in the next two days of the current financial year.
The government will now have to depend on domestic financial resources to meet the overall fiscal deficit, which is estimated at Rs.1.079 trillion.