ISLAMABAD: a dismal response in this week's auction for next-generation cellphone spectrum licenses means cash-strapped Pakistan will struggle to fund its budget this year, finance and IT ministry officials and telecom industry executives told Reuters.
Pakistan is set to hold long-awaited auctions for 3G and 4G network licenses on April 23, a step the government projects will raise $2 Billion to boost the country's foreign reserves.
But officials say there has been scant interest in Monday's bidding process and estimate Pakistan will raise no more than $850 million.
PTA Rejects Report
The Pakistan Telecommunications Authority (PTA) has termed the report by wire news agency Reuters baseless.
The PTA said officials from the Ministry of Finance were not involved in the bidding process and the auction was being overseen by an independent regulator.
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