Home » News » Finance » Expenditure over revenue results in Rs 65.7 billion deficit

Expenditure over revenue results in Rs 65.7 billion deficit

ISLAMABAD (March 01 2003) : Total revenue for end of second quarter remained at Rs 332.85 billion (8.2 percent of GDP) and total expenditures at Rs 398.564 billion (9.8 percent of GDP) with fiscal deficit reaching the budget deficit at Rs 65.714 billion (1.6 percent of GDP).

Consolidated Federal and Provincial total revenue was Rs 153.527 billion (3.8 percent of GDP) for end-September, and Rs 332.85 billion (9.8 percent of GDP) for end-December 2002.

The envisaged GDP is Rs 4063 billion for 2002-03.

The PSDP spending was Rs 14.582 billion and Rs 31.455 billion for end-Sep and end-December 2002. This spending is very low.

The Tax collection (net) was at Rs 115.557 billion (2.8 percent of GDP) and Rs 253.194 billion (6.2 percent of GDP) for end of first and second quarters, respectively.

It entails CBR Revenue of Rs 91.556 billion (2.3 percent of GDP) and Rs 203.058 billion (5 percent of GDP).

Surcharge was Rs 17.436 billion (0.4 percent of GDP) and Rs 33.575 billion (0.8 percent) for the two quarters, respectively.

The non-tax was Rs 37.97 billion (0.9 percent of GDP) and Rs 79.656 billion (2 percent of GDP), respectively.

On the expenditure side, expenditures booked were Rs 182.251 billion and Rs 399.342 billion for the two quarters, respectively. Current expenditures were Rs 161.175 billion (4 percent of GDP) and Rs 345.146 billion (8.5 percent of GDP), of which interest payments were Rs 49.139 billion (1.2 percent of GDP) and Rs 98.07 billion (2.4 percent of GDP) for first and second quarters, respectively.

The defence spendings were Rs 32.6 billion (0.8 percent of GDP) and Rs 76.665 billion (1.9 percent of GDP).

Development and net lending were Rs 21.076 billion (0.5 percent of GDP) and Rs 54.196 billion (1.3 percent of GDP) for two quarters.

There were unidentified expenditure of Rs 12.252 at the end-Sep and savings of Rs 779 million.

Financing for budget deficit was from external financing (net) of Rs 34.568 billion and Rs 48.346 billion for first and second quarters, respectively.

Domestic financing was Rs 5.594 billion and Rs 8.839 billion.

Bank loans repaid were Rs 14.084 billion and Rs 34.017 billion, while the non-bank borrowing was higher as Rs 19.678 billion and Rs 42.856 billion, respectively.

Privatisation proceeds were Rs 815 billion and Rs 8.529 billion at the end of September and December 2002 respectively.

Leave a Reply