Man the lifeboats: Bhutto tries to buoy stockmarket as crisis deepens

Article Abstract:

Prime Minister Benazir Bhutto sought on Dec 3, 1195 to rally the Karachi Stock Exchange, down 50% from its Mar 1994 high, but Pakistan's overall economy remains so troubled there may be little she can do. Speculation continues after a 7% devaluation of the rupee in October, foreign reserves are down to $1.1 billion from $2.7 billion in June, many govt debts are due in December, and public confidence in the govt is negligible. The International Monetary Fund is likely to help, at least in the short term, but other crises also press.

Securities and Commodity Exchanges, Security and commodity exchanges, Securities Exchanges, Exchanges, Karachi Stock Exchange

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Bad math: Pakistan's budget shortfall brings on fiscal crisis

Article Abstract:

Pakistan faces a fiscal crisis as its tax collection and outlay projections prove to be far off the mark. The Finance Ministry may reduce its revenue goal by 19% for the fiscal year ending in June, but collections through Dec 1994 have been 37% below initial estimates. Meanwhile, government spending has risen 18% rather than holding steady, and inflation is running over 22% by private estimates. The International Monetary Fund is concerned, but the government blames crop failures and other problems beyond its control.

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Rock bottom is in view: corruption, financial crunch shake Pakistan

Article Abstract:

Rampant corruption and a widening budget deficit threaten Pakistan's stability and access to loans, with the International Monetary Fund hinting at a total cutoff. The business community says the new budget could create a recession through stiff new taxes, and the corruption suggests those taxes are unlikely to reach government coffers. Privatization has proven fruitless and, as diplomats compare Pakistan to the Philippines under Marcos, a poll of business leaders shows only Nigeria is considered more corrupt.

Political corruption

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