Pakistan's first quarter fiscal deficit widens

AZHAR ALI KHAN

KARACHI: The country's fiscal deficit has recorded at 1.6 percent of the GDP during first quarter of the ongoing financial year, officials said on Wednesday.
"The fiscal deficit is at 1.6 percent of the gross domestic product which was at 1.5 percent in the same corresponding period last year," said the website of the Ministry of Finance.
The consistent rise in the fiscal deficit is a concern for the economic gurus as its further widening may impact adversely on the IMF's standby program for Pakistan.
The government had earlier announced that the fiscal deficit would be kept at 4.7 percent of GDP, nevertheless, it was revised downward to 4 percent after recent devastating floods.
However, analysts believe that the fiscal deficit could overshoot and may be seen at 6 percent of the GDP by June end.

Silver at peak of Rs875 per tola

AZHAR ALI KHAN

KARACHI: Silver metal prices have set another record on hefty international and domestic buying, traders said on Wednesday.
10gram silver prices incraesed by Rs30 to Rs750, while its tola prices have surged by Rs35 to Rs875.
Senior traders say that the investors have been diverted to metals from currencies, consequently all the metals are driving upward.