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Overdraft crisis: Sindh seeks Rs50 b grant from federal govt

By Unknown

CNewsworld.com: Overdraft crisis: Sindh seeks Rs50 b grant from federal govt


Staff Report

KARACHI: The bouncing of cheques have plunged the Sindh government into financial crises which further deepened on Wednesday, SAMAA reports.

Sindh government has sought Rs50 billion grant from the federal government on urgent basis after cheques of worth Rs22 billion were bounced.

Sources said Sindh government’s Rs70 billion may lapse if the issue of overdraft was not resolved by June 29.

The State Bank of Pakistan has refused to further pay the province after Sindh’s overdraft exceeded the limit. The stoppage of payments is causing financial difficulties to various departments of Sindh government. — SAMAA


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