Could the deficit in 2010-11 even exceed the record level of Rs1.2 trillion attained last year?

It is clear now that Pakistan will remain in a fiscal quagmire for some years to come.

The covenants of the IMF and the World Bank rule out the possibility of any debt write-off or rescheduling.

The rate of inflation may rise between 17 and 19% - virtually double the rate projected prior to the floods.

Foreign direct investment has plunged even further by over 40 per cent in 2009-10.

The 7th NFC Award which became operative this year has fundamentally altered the public finance landscape.