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Anti-debt crusade gets boost

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SCMP Reporter

About US$333 million in public donations and loans has been raised under an initiative to reduce Pakistan's debt.

Prime Minister Nawaz Sharif, who launched the idea, has indicated that more funds are needed and last week urged nationals at home and abroad to dig deeper into their pockets.

The prime minister welcomed the huge sum so far contributed as a 'major achievement'.

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'But a lot more still needs to be done. The whole country has to participate,' he said.

The national debt retirement scheme initiated by his government when it came to power a year ago sought both donations and short and long-term loans from the public.

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The contributions are earmarked to repay foreign loans. Mr Sharif blames the national economic malaise on successive governments relying heavily on foreign borrowing - leading to even more borrowing to meet interest payments.

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