Amendments to Finance Act unveiled yesterday lack austerity measures that we think are required to trim the Twin Deficits Revenue measures are projected to raise PKR183bn in additional collection while Federal Development Budget was cut by a meagre PKR255bn to PKR725bn; resultantly fiscal deficit for FY19 is expected to clock in at PKR2.3tn (6.0% of GDP) While market cheered the lack of austerity measures, we were disappointed as we could not see any decisive measures that can meaningfully t...
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