Pakistan records Rs3.9tr fiscal deficit in 9MFY24

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MG News | May 01, 2024 at 02:05 PM GMT+05:00

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May 01, 2024 (MLN): Pakistan recorded a fiscal deficit of Rs3.902 trillion (-3.7% of GDP) in the first nine months of fiscal year 2024, as compared to a fiscal deficit of Rs3.08tr (-3.6% of GDP) in the same period of last year, as per data reported by Finance Ministry.

Meanwhile, the primary surplus stood at Rs1.62tr (1.5% of GDP) in 9MFY24 as against a primary surplus of Rs503.8 billion (0.6% of GDP) in 9MFY23.

The government plugged the fiscal deficit through domestic borrowing of Rs3.41tr, while the remaining amount of Rs493.8bn was borrowed externally.

In the same period last year, the government's borrowings to aid the budget deficit included an amount of Rs3.76tr borrowed domestically, while Rs682.8bn was paid off externally.

On the revenue front, the government reported a total revenue of Rs9.78tr (9.2% of GDP) as against Rs6.94tr (8.2% of GDP) in 9MFY23.

The tax revenue contributed around Rs7.26tr (74.3% of the total revenue) while the remainder of Rs2.52tr was through non-tax revenue.

Within the overall tax collection, majority of it came from direct taxes which stood at Rs3.26tr, another Rs2.24tr came from sales tax, Rs807.8bn from customs, and Rs401.9bn through Federal Excise Duties. 

Moreover, under the non-tax revenue head, the major chunk was contributed by the surplus profit of the State Bank of Pakistan at Rs972.2bn.

This was followed by petroleum levy worth Rs719.6bn as compared to Rs362.5bn in the same period last year.

On the expenditure front, the government spent a total of Rs13.68tr (12.9% of GDP) as compared to Rs10tr (11.8% of GDP) in the same period of last year.

Of the total expenditure, nearly 90.1% (Rs12.33tr) was done to manage current expenditures, which mainly included mark-up payments (Rs5.52tr), defence (Rs1.22tr), and pension (Rs611.7bn).

To note, government data showed that all four provinces recorded a budget surplus, with Sindh, Baluchistan, Punjab, and KPK's overall balance clocking in at Rs77.3bn, Rs137.4bn, Rs156.2bn, and Rs64.5bn, respectively.

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