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ISLAMABAD: The government has closed the first half of the ongoing fiscal with 2.1 percent budget deficit (Rs1371.8 billion) despite Rs480.7 billion budget surplus generated by the provinces.

A summary of “Consolidated Federal and Provincial Fiscal Operation” for July-December 2021-22 noted that Rs1,371.818 billion budget deficit was bridged by external (net) borrowing of Rs1,025.6 billion and domestic (net) borrowing of Rs346.172 billion. Domestic (net) borrowing of Rs346.172 billion included bank borrowing of Rs269.3 billion and non-bank borrowing of 76.6 billion. Primary deficit was Rs81.073 billion, the data noted.

Total revenue collection during the first six months of the current fiscal year was Rs3,955.9 billion, whereas, total expenditure over Rs5,327.7 billion.

Of the total expenditure Rs5,327 billion, current expenditure were Rs4,675.6 billion with mark-up payments component Rs1,452 billion – domestic Rs1,312 billion and foreign Rs140.353 billion; (ii) defence Rs520.456 billion; (iii) pension Rs251.702 billion; (iv) running of civil government Rs209.923 billion; (iv) subsidies Rs313.396 billion, and statistical discrepancy Rs80.616 billion.

The development expenditure and net lending stood at Rs571.481 billion with federal Public Sector Development Programme (PSDP) Rs199 billion and provincial Rs365 billion and net lending to Public Sector Enterprises (PSEs) stood at Rs6 billion and grants to others was Rs548.864 billion. Non-tax revenue of Rs715.112 billion included; (i) mark-up (PSEs & Others) Rs32.593 billion; (ii) dividends Rs25.970 billion; (iii) surplus profit of regulatory Authorities including PTA Rs38.880 billion;(iv) surplus profit of State Bank of Pakistan (SBP) Rs379.974 billion; (v) defence receipts Rs7.749 billion; (vi) passport fee Rs10.404 billion; (vii) discount retained on crude oil Rs7.588 billion; (viii) royalties on oil and gas Rs39.074 billion, petroleum levy Rs70.007 billion, gas infrastructure development cess Rs11.176 billion, natural gas development surcharge Rs9.826 billion, windfall levy against crude oil Rs5.147 billion, etc.

Copyright Business Recorder, 2022

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