ISLAMABAD: The government closed first quarter of current fiscal year 2024-25 with overall budget balance of Rs1.696 trillion equivalent to 1.4 percent of Gross Domestic Product (GDP).
This was revealed in the consolidated federal and provincial fiscal operations data released by the Finance Division with a statistical discrepancy of Rs317.239 billion during first quarter of 2024-25.
The data showed that the government closed first quarter of current fiscal year with a primary balance of Rs 3.002 trillion, equivalent to 2.4 percent of GDP. Budget balance was surplus Rs1.696 trillion (1.4 percent of the GDP) in the first quarter (July to September) of the current fiscal year 2024-25.
Financing of negative Rs. 1.696 trillion was met by external (net) borrowing of Rs. 156 billion and domestic (net) borrowing of Rs. 1,539 billion which included non-bank borrowing of Rs. 335 billion and bank borrowing of Rs 1,874 billion.
The country’s total revenue stood at Rs5.827 trillion (4.7 percent of the GDP) against the total expenditure of Rs4.131 trillion (3.3 percent of the GDP) during the 1st quarter of current fiscal year.
Total revenue of Rs5.827 trillion included Federal Board of Revenue (FBR)’s tax collection of Rs2.562 trillion and Rs3.051 trillion as non-tax collection during the first quarter of current fiscal year.
Federal non-tax revenue included mark-up (PSEs and others) Rs36.4 billion, dividend Rs25.3 billion, profit PTA and others Rs20.277 billion, surplus profit of State Bank of Pakistan Rs2.5 trillion, defence receipts Rs6.067 billion, passport fee Rs19.98 billion, discount retained on crude oil Rs6.285 billion, royalties on oil, gas Rs48.485 billion, windfall levy against crude oil Rs7.8 billion, petroleum levy on LPG Rs806 million, gas infrastructure development Cess Rs121 million, natural gas development surcharge Rs11.7 billion, petroleum levy Rs261.688 trillion, and others Rs52.5 billion.
The current expenditure was estimated at Rs3.537 trillion including total interest payment of Rs1.306 trillion. The breakup included domestic markup at Rs1.085 trillion and foreign at Rs220.490 billion.
In other expenditures, pension was allocated Rs222.834 billion, running of civil government Rs142.476 billion, subsidies Rs20.153 billion, and grants to others Rs239.209 billion. Development expenditure and net lending Rs276.723 billion. Total development expenditure (PSDP) Rs278.366 billion.
All four provincial governments recorded a budget surplus of Rs159.688 billion during the first quarter of the current fiscal year. The expenditures of the four provincial governments registered at Rs1.760 trillion against revenue of Rs1.92 trillion.
Provincial tax collection was Rs212.965 billion with collection of sales tax on services Rs122.195 billion, excise duty Rs2.771 billion, stamp duties Rs14.621 billion, motor vehicles tax Rs13.823 billion and others taxes Rs59.555 billion. Transfers from federal government under National Finance Commission (NFC) award during the first quarter of 2024-25 stood at Rs 1.565 trillion.
Copyright Business Recorder, 2024
Comments