Pakistan posted budget deficit of Rs.2407billion, total revenues amounted to Rs.6853 billion, total expenditures amounted to 9261 billion during first half July-Dec period of this fiscal year 2023-24

ISLAMABAD, Jan 29 (SABAH): Pakistan has posted e budget deficit to the tune of Rs.2407billion, total revenues amounted to Rs.6853 billion and total expenditures amounted to 9261 billion during the first half July-December period of this fiscal year 2023-24.

According to the Fiscal Operations Report, released by Ministry of Finance on Monday, total tax revenues amounted to Rs.4844billion, which included Rs.4469 billion as federal revenues and Rs.365 billion as provincial revenues during the first half of the ongoing fiscal year 2023-24.  

The non-tax revenues of the federation stood atRs.2019billion, which included Rs.1940federal non-tax revenues and Rs.79.1 billion as provincial non-tax revenues, during the first half on this fiscal year.

Total expenditures of the federation amounted to Rs.9261 billion, including Rs.8564 billion as non-development expenditures which further included Rs.4219 billion as interest payments on domestic and foreign debt, Rs.757 billion were spent as Defence expenditures. Development expenditures and net lending amounted to Rs.661 billion, expenditures to the tune of Rs.35.9 billion were placed as statistical descripency during the first half of this fiscal year.

To meet the budget deficit of Rs.2407 billion, federal government borrowed Rs.608 billion from external resources and Rs.1799 billion from banking sector during the July-December period of ongoing fiscal year.

According to the report, Federal Government transferred Rs.2435 billion as NFC Award share in federal taxes to the provinces including Rs.1189 billion to Punjab, Rs.602 billion to Sindh, Rs.405 billion to Khyber Pukhtunkhwa and Rs.238 billion to Balochistan province during the first half of this fiscal year.

To meet the IMF Conditionality of Budget Surplus (Savings from Budget), province of Sindh posted a surplus of Rs.100 billion, Province of Punjab Rs.42.1 billion, Khyber pukhtunkwa Rs.49.1 billion and balochistan Rs.97.54 billion to help federal government contain the budget deficit during the first half of this fiscal year 2023-24.

According to the official report, tax revenues of the federal government amounted to Rs.4834 billion, which included Rs.4469 billion from federal tax revenues and Rs.365 billion as provincial tax revenues. The non-tax revenues of the federal government stood at Rs.2040 billion, that included Rs.1940 billion from federal non-tax revenues and Rs.79.10 billion from provincial tax revenues, during this first half of this fiscal year.

Total expenditures of federation amounted to Rs.9261 billion, that included Rs.8564 billion as non-development expenditures, Rs.4219 billion as interest payments on Rs.3717 billion interest on domestic and Rs.757 billion interest on foreign debt, and defence expenditures amounted to Rs.757 billion during the first half of ongoing fiscal year 2023-24.  

The expenditures on pension amounted to Rs.404 billion, running of civil government expenditures Rs.302.2 billion, government spent Rs.365 billion on subsidizing goods and services to the peoples of the country in first half.

Federal Public Sector Development Spending remained Rs.130 billion and four provincial governments spend Rs.542 billion on their development schemes in the first half.

Tax receipts during the first half, included Rs.2148 billion as income tax, Rs.540 billion as Customs Duty, Rs.1515 billion as General Sales Tax, and Rs.264 billion as Federal Excise Duty during the first half of this fiscal year. The Non-tax revenues g the federal government included Rs472.7 billion as Petroleum development Levy, Rs.202 billion as profits of the federal government, Rs.50.5 billion as dividends of the PSEs. The State bank of Pakistan has posted Rs.972 billion as surplus profit during the first half of this fiscal year, one of the highest in the history of the country.

 The non-tax revenues of Rs.13.1 billion as discount of locally produces crude oil, Rs.87.4 billion as Royalty on local production of oil and gas, Rs.13.7 billion as windfall gains on crude oil, Rs.1.099 billion as gas infrastructure cess, and Rs,77 billion from other sources.