ISLAMABAD - Apart from others indicators, the two main macro economic indicators including fiscal deficit and inflation rate went beyond from their budgetary target in the previous fiscal year 2009-10, according to the latest report of Ministry of Finance. "The overall budget deficit rose to 6.3 per cent of the GDP that was Rs 929.1 billion in absolute terms against a target of Rs 722.1 billion. The deteriorating fiscal outlook was broadly a result of excessive disbursement of subsidies, increased security expenditures on war on terror and lower than target tax revenue generation during fiscal year 2009-10", revealed the Annual Progress Report Fiscal Year 2009-10. Led by a large fiscal deficit, Pakistan's total debt and liability's stock (TDL) recorded a considerable increase during FY 2009-10. Specifically TDL stock reached Rs10.2 trillion by June 30, 2010, which represents almost doubling of the TDL stock from the end-FY 2007. Resultantly, the TDL stock to GDP ratio also worsened from 60.5 percent in FY 2006-07 to 69.5 percent in FY 2009/10. In terms of composition, due to lower than projected availability of external financing, increase in debt stock witnessed more reliance on domestic debt sources for the financing of the fiscal deficit during FY 2009-10. According to the report, the inflation target could not be achieved for the fourth consecutive year since FY 2005-06, as it recorded at 11.7 per cent during previous year against the target of 9 per cent. Meanwhile, Foreign Direct Investment declined by more than 40 per cent in 2009-10 compared to the 2008-09, outflows from portfolio investment were limited to $53 million against $one billion in FY 2008-09. Loan inflows also recorded a decline of 10 per cent during FY 2009-10 and the major of the loans was received from the International Monetary Fund (IMF) under a Stand-By Agreement (SBA). As a result of improved external sector performance, foreign exchange reserves reached an all-time high of $16.9 billion as of end June 2010. Meanwhile, Pak Rupee depreciated by 4.8 per cent in FY 2009-10 against 15.7 per cent recorded FY 2008-09. Pakistan's trade deficit continued to narrow for the second consecutive year, reaching the level of $15.3 billion. Unlike the preceding year, in which the entire improvement in trade account was on account of fall in imports, in FY 2009/10 it was the remarkable YoY growth of 9.4 percent in exports that led to 10.3 percent YoY contraction in the trade deficit. As a result, trade deficit to GDP ratio improved to 8.7 percent in FY 2009/10 from 10.6 percent in FY 2008/09. Furthermore, while the increase in exports largely owed to higher quantum of goods, the fall in the import bill was mainly a result of lower prices. Agricultural growth during FY 2009-10 fell to 2.0 percent from 4.0 percent in FY 2008-09. This deceleration was attributed to negative growth by the crops sub-sector, which led to counterbalance the impact of positive livestock growth.