Pakistan on brink of Covid-19 financial collapse
(WorldNews Pakistan)

PESHAWAR – Pakistan`s financial woes are going from bad to worse as the national fiscal deficit surges to over 7% of gross domestic product (GDP) and could breach 9-10% as state revenues dry up amid Covid-19 economic devastation. That`s raising questions among analysts and business executives of whether the country is headed towards a budgetary blowout-induced financial collapse. Approved by the National Assembly on June 29, Pakistan`s 2020-21 budget is notable for a 3.4 trillion rupees (US$20.7 billion) fiscal gap that officials say will be bridged mainly by bank borrowing. The new budget cuts subsidies, increases petroleum levies, caps salaries and pensions, and slashes provinces` share of...