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Strategies & Market Trends : India Coffee House

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To: Mohan Marette who wrote (4741)	6/25/1999 9:47:00 PM
From: Mohan Marette	Read Replies (1) of 12475

Pakistan Waging Jehad on Borrowed Money - (The begging bowl retires current debts and sustains Pak hawks) ..A very important key, however, lies in the 1999-2000 Pakistani Budget presented two weeks ago, which acceded a small 11 per cent increase in defence outlay despite the ongoing border battle. Most of the $27 million rise goes to cover for inflation and staff pay hikes. The lion's share of the government's total spending outlay of $12.6 billion went to defence-$2.8 billion-and debt servicing-$5.6 billion. In debt servicing, however, the rise came to $33 million... .. Says Omar Asghar Khan, former trade union leader and independent economist who heads Sangi, an ngo: "Pakistan's economy centres on foreign loans. This budget depends a lot on foreign loans. So, if the donors back off, it will be very unfortunate for us." .. outlookindia.com

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