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Byline: ZAHEER ABBASI
The government has revised upward the fiscal deficit projection for the current fiscal year to 4.4 percent, from 4 percent, as agreed in the budget with the International Monetary Fund (IMF), following economic performance of country during the first quarter of 2011-12.
The fiscal deficit would go over 5 percent, in case of failure by the provinces to create Rs 125 billion projected budget surplus, due to unforeseen expenditure on flood, dengue and likely decline in revenue collection. Finance Secretary Dr Waqar Masood informed the Senate Standing Committee on Finance that from now on the fiscal deficit is estimated at 4.4 percent for the next period of current fiscal year, and is 1.1 percent for the first quarter of …