Pakistan has suffered a huge budget deficit of Rs 272.8 billion during the first 9 months of the current fiscal that is 3.1 percent of GDP. According to the provisional consolidated federal and provincial budgetary operations of three quarters, released by the Finance Ministry on Thursday.
Total development expenditure during this period stood at Rs 244.22 billion of which Rs 149.8 billion were spent by the federal government and Rs 94.4 billion by the provinces.
Finance ministry's data also disclosed that the provinces received Rs 290.3 billion from the federal divisible pool in the first three quarters of the current fiscal while grants to provinces were Rs 20.87 billion. The country's defence expenditure stood at Rs 172.7 billion in three quarters which is 2 percent of the GDP
The government paid Rs 215.47 billion as domestic debt during July-March FY07 against Rs 139.58 billion in the corresponding period of last year whereas foreign debt servicing was Rs 37 billion. The data further revealed that the State Bank of Pakistan (SBP) earned total profit to Rs 39.2 billion during July-March FY07 whereas dividends were Rs 46.17 billion.
Surcharges on oil and gas and royalty were Rs 71.84 billion during July-March period, collection of agriculture tax stood at Rs 552 million and privatisation proceeds were Rs 52.5 billion. Total external financing during this period was Rs 93.7 billion whereas domestic financing was Rs 179 billion.