ISLAMABAD: The Ministry of Finance has revised the fiscal operations’ figures for the first quarter (Q1) of the current fiscal year 2024-25, showing to achieve a cumulative provincial surplus of Rs360 billion against a target of Rs342 billion agreed with the International Monetary Fund (IMF), with a provincial surplus of Rs40 billion for Punjab province.
Following the correction, the government closed the first quarter of the current fiscal year (July-September 2024-25) with a budget surplus of Rs1,896.01 billion, an increase of Rs200 billion, compared to Rs1,696.01 billion uploaded earlier by the Finance Ministry. With the revision in figures, the budget surplus ratio to GDP has improved to 1.5 percent, up from the earlier 1.4 percent.
The ministry claimed that with concurrence of the Fund, the revised figures were updated at its website, showing a provincial surplus of Rs40 billion for Punjab.
Govt posts a rare budget surplus of Rs1.7tn in Q1FY25
The Ministry of Finance endorsed the views of government of the Punjab on achievement of a provincial surplus of Rs40 billion during Q1 for fiscal year 2024-25. The Government of the Punjab has remained one of the most important contributors to provincial surplus during recent years; for fiscal year 2024-25 it has budgeted a provincial surplus of Rs630 billion as agreed with the IMF, the Finance Ministry added.
The MoF shared the updated Q1 fiscal operations figures with the IMF on 14th November, 2024. With concurrence of the Fund, the revised figures were updated at its website, showing a provincial surplus of Rs40 billion for Punjab.
As per the revised figures agreed with the Fund; Government of Pakistan has managed to achieve a cumulative provincial surplus of Rs360 billion against a target of Rs342 billion agreed with the IMF for Q1 for 2024-25.
As per the earlier data, among provinces, only Punjab had recorded a budget deficit of Rs160.16 billion. Sindh saw a budget surplus of Rs131.09 billion, Khyber Pakhtunkhwa registered a budget surplus of Rs103.75 billion, and Balochistan created a provincial surplus of Rs85 billion.
Copyright Business Recorder, 2024
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