The proposal to raise Government’s treasury bill debt ceiling by 400 million was defeated in the parliament a short while ago.

It was taken in to debate under the Local Treasury Bills Ordinance.

At the end of the debate 31 votes were cast in favor of the proposal while 51 votes were cast against it.

Neither Prime Minister nor the Minister of Finance was in the parliament during the debate, local media reported.

Because of increased spending due to the state sector employees’ pay hike and the slashing of prices on essential items and fuel through the interim budget government was keen on issuing Treasury Bills and Bonds to raise local borrowings.