Govt also signs $1.15b new financing agreements with World Bank

Approves purchase of 640,000 tons at cost of up to $284 per ton

Lender projects gradual increase in revenues, reduction in expenditures

ECC approves plan to book Rs72.5 billion circular debt in budget of this fiscal year

Country’s economy could grow by only 1%; inflation may cross above 10%

Economic activities in these regions funded by economically backward provinces

Says bad governance, profiteering and climate change at heart of inflation

Project will cost Rs55.4 billion, about 147% higher than first revision

PM nominates Finance Secretary Naveed Kamran Baloch for World Bank board

Borrowing increased to keep foreign currency reserves at higher levels