Govt under heavy SBP debt to balance budget: Hafeez Shaikh

Pakistan

Govt under heavy SBP debt to balance budget: Hafeez Shaikh

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Finance Minister Hafeez Shaikh says government took heavy loans from State Bank to balance budget.

03 August,2011 11:02 pm

The federal economic wizard said currency notes worth Rs 1,167 billion have been printed over the last four years. In his written reply to the National Assembly, the finance minister said the non-performing bank loans crossed Rs 464 billion mark by December 31, 2010. Out of these, loans worth Rs 354 billion were in the default category, he added. Giving break-up of the printing of currency notes, Hafeez wrote in the reply that notes worth Rs 201 billion were printed in 2007/08, Rs 439 billion in 2008/09, Rs 154 billion in 2009/10 and Rs 373 billion in 2010/11. He said the government is trying to decrease level of reliance on loans from the State Bank.