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Floods cause "major harm" to Pakistan's economy: IMF

08-11-2010 14:30 BJT

ISLAMABAD, Aug. 11 (Xinhua) -- The International Monetary Fund (IMF) said that the floods will cause "major harm to the economy" of Pakistan as donors and investors' concerns are growing over the disaster's impact on an already fragile economy, reported local media Daily Times on Wednesday.

The report quoted an IMF spokesman as saying on Tuesday that the floods "are very likely to cause major harm to the economy in terms of loss of output and budgetary consequences."

The spokesman said IMF officials were in touch with the Pakistani authorities to assess the situation.

The report also quoted a finance ministry official as saying that the country's economic growth target of 4.5 percent for the fiscal year 2010-2011 would have to be revised downwards once the extent of the damage caused by floods is known.


Editor:Zhang Pengfei |Source: Xinhua

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