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IMF target not met

Pak budget gap $2.9b
ISLAMABAD, May 3: The Pakistani government estimated tts budget deficit for the current fiscal year at 72 billion rupee (2.9 billion dollar) higher than earlier estimates and an International Monetary Fund (IMF) target, reports Reuter.
Finance Minister Sartaj Aziz told reporters the deficit for 1991/92 ending June 30 would be 6.1 per cent of Gross Domestic Product (GDP) against 4.6 per cent predicted when the budget was announced last May.
The budget for 1992/93 beginning on July 1 Is due to be announced on May 14.
"Although the budget deficit is higher than expected yet we have managed It to bring it down from 8.8 per cent in 1990-91 to 6.1 per cent in 1991/92. he said.
The IMF had act a target of 4.8 per cent as part of its conditions for helping Pakistan But Aziz said the IMF had accepted the higher figure which he blamed on an increased use of foreign aid, a world slump in cotton and yarn prices and a resulting reduction in revenues from export duties.
Foreign exchange reserves Increased to 650 million dollar as compared to 300 million dollar in 1990-91, he said. The foreign currency accounts to
tailed 950 million dollar
Aziz said the overall GDP growth rate was likely to be 6.4 per cent short of a target of 6.5 per cent.
He said the government had also failed in plans to bring down Inflation rate from 12 5 per cent tn 1990/91 to eight per cent. "It is likely to be between 9.5 and 10 per cent".
Agricultural growth was likely to fall to 5.1 per cent from 6.4 per cent last year be cause of failure to achtevc wheat, sugarcane and maize production rose to 12.5 million bales (375 pounds each) from 9.6 million bales from the previous crop.
The industrial sector's growth at the end of the fiscal year is likely to be around 7.7 per cent compared to 5.7 per cent in 1990/91 while private investment increased by 25 per cent he said
Concerning a stock market boom following measures to deregulate the economy, Aziz said the share index had increased more than 745 per cent as compared to 400 per cent in 1990-91.
"This Is a measure of confidence in the potential growth of the market."
He put Pakistan's total foreign debts at 16 billion dollar and domestic debts at four billion rupees (161 million dollar).