US newspaper Wall Street Journal called Pakistan’s budget for fiscal year 2011/2012 disappointing. Quoting the US financial experts, the International Monetary Fund and other monetary institutions, the US newspaper wrote that no concrete steps were taken in the budget to reduce the financial deficit.
According to the paper, Pakistanis have the worst taxpaying ratio in the world but no mechanism was formed to improve the tax revenue in the current budget.
The paper wrote that the failure in raising the tax revues would increase Pakistan’s dependency on foreign debts.
