Pakistan reaches out to US to secure desperately-needed deal

Ministry says volatile exchange rate, high interest are reasons for increase

Govt also set to increase GST rate to 25% on consumer goods via SRO

Revises budget gap forecast to Rs6.2tr in light of recent talks with IMF

Comes up with proposal on fears circular debt may jump to Rs3 trillion

Direct borrowing from commercial banks will result in annual income tax loss of billions, compromise transparency

Both sides agree to continue deliberations

Islamabad, Beijing reach deal for $700m commercial loan

Govt raises FED rate up to 154%, but lifts minimum retail price threshold by only 35%

Additional duty on consumer goods will stay till Mar-end to discourage imports