Pakistan's GDP growth target for FY10/11 at 2.4pc

KARACHI: Pakistan's finance ministry said on Tuesday the country's economic growth target had been revised to 2.4 percent for fiscal year 2010/11 (July-June), compared with an original target of 4.5 percent.

The GDP growth target was dropped to 2.5 percent following the summer floods of 2010, which caused about $10 billion in damages.

The new figure was published after a meeting of the Monetary and Fiscal Coordination Board, which also included the country's finance minister and the governor of the State Bank of Pakistan.

The SBP governor also said inflationary pressure persisted because of rising international oil and commodity prices and continued government borrowing from the central bank.