Pakistan plans 91.8% coverage of federal deficit via domestic sources in FY2025

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MG News | June 13, 2024 at 05:00 PM GMT+05:00

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June 13, 2024 (MLN): Pakistan’s government plans to cover 91.8% of its federal deficit during the upcoming fiscal year (July-June FY2025) through domestic markets, as extracted from the Budget brief document published yesterday.

The government has proposed a fiscal deficit of Rs8.5 trillion, compared to the revised deficit figure of Rs8.39tr for the outgoing fiscal year (FY24).

The estimated figures for FY25 come after the government set a target of Rs10.377tr for federal revenue and total federal expenditure of Rs18.877tr, creating a gap of Rs8.5tr for FY25.

The government expects to raise Rs7.803tr of this gap through domestic sources.

This involves Rs7.683tr to be raised through government securities including Treasury Bills (T-bills), Pakistan Investment Bonds (PIBs) and Ijara Sukuk, while the remaining is proposed to be filled through National Saving Schemes and other deposits.

This would cover around 92% of the proposed fiscal deficit for the upcoming fiscal year.

Apart from that, the government expects Rs666bn net to be raised from external sources.

This involves borrowing by issuing Commercial & Euro Bond worth Rs676bn, while Rs10bn of Multilateral & Bilateral Sources would be retired in FY25.

Meanwhile, the budget document shows the government expects Rs30bn from privatization proceeds that will fill the remaining amount of the federal deficit.

Copyright Mettis Link News

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