Rs38.6 billion statistical discrepancy in budgetary operation in July-September 2016

ZAHEER ABBASI

ISLAMABAD: Finance Ministry has reported a Rs 38.562 billion statistical discrepancy in budgetary operation for the first quarter (July-September 2016) of the current fiscal year. A summary of consolidated federal and provincial budgetary operation updated on the Ministry's website on Monday, one and half months after the first quarter, noted a budget deficit of 1.3 percent during the first quarter of the current fiscal year.

The provinces provided a budget surplus of Rs 80 billion to the federal government with Punjab Rs 49 billion followed by Rs 31 billion by Sindh, and Rs 24 billion by Balochistan. The government of Khyber Pakhtunkhwa has exceeded the expenditure by Rs 25 billion during the first quarter of the current fiscal year with highest development spending of over Rs 24 billion after Punjab during the first quarter.

The total revenue collection was recorded at Rs 862 billion against the expenditure of Rs 1,300 billion, reflecting a deficit of Rs 437 billion. Deficit was met through external financing of Rs 68 billion and domestic financing of Rs 369 billion. This includes non-bank borrowing of Rs 69.4 billion and Rs 299.7 billion bank borrowing. The total expenditure of Rs 1,300 billion during the first quarter of the current fiscal year included current expenditure of Rs 1,070 billion and development expenditure of Rs 190 billion. Mark-up payment on account of government's past and present borrowing included Rs 414 billion and defence spending remained Rs 151 billion.

The tax revenue during the first quarter of the current fiscal year was Rs 739 billion with federal tax collection of Rs 686 billion and provincial tax collection of Rs 52.9 billion.

The non-tax revenue on account of various accounts, including mark-up of Public Sector Enterprises (PSEs and others), dividend, profit post department, PTA as well surplus profit of State Bank of Pakistan, passport fee, defence and discount retain on crude oil royalties, windfall levy against crude oil an others, remained Rs 123 billion.