Pakistan facing 'unannounced economic emergency'

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2011-10-23

Pakistan is facing an unannounced economic emergency as its budget deficit has swelled to over 600 billion rupees, Federal Board of Revenue (FBR) Chairman Salman Siddique has said.

Addressing a meeting in the Lahore Chamber of Commerce, the FBR chairman painted a gloomy picture of Pakistan's economic condition, The Express Tribune reports.

Pakistan is running on loans and everyone will have to pay tax to steer the country out of the current crisis, he said.

Siddique also informed the Lahore Chamber that the FBR is establishing a new system to check tax evasion in future.

Tax evasion in Pakistan leaves the country with no option but to borrow money from lenders, he pointed out.

Siddique also warned that Pakistan would have to approach the International Monetary Fund (IMF) if the situation persists.

source: South East Asia News.Net

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