Quarter-1 revenue posts Rs 40.9 billion deficit

ISLAMABAD (December 01 2002) : Total revenue during the first quarter remained at Rs 153.527 billion (3.8 percent of GDP) and total expenditure Rs 194.503 billion (4.5 percent of GDP), netting a deficit of Rs 40.976 billion (1.0 percent of GDP). The development expenditure was Rs 21.693 billion.

Total GDP is estimated to touch Rs 4063 billion at the end of fiscal year 2002-03.

The spending made on the development side was not encouraging and particularly social sector needs special attention of the authorities. The social gap has become a major threat to the future growth of the country's economy.

The surcharges collected were Rs 17.436 billion (0.4 percent of GDP) and non-tax revenue was Rs 37.97 billion (0.9 percent of GDP). The total tax revenue (including of CBR, Rs 91.556 billion ie 2.3 percent of GDP) was Rs 115.557 billion (2.8 percent of GDP).

Expenditure booked was Rs 182.251 billion, current expenditure was Rs 161.175 billion (4.0 percent of GDP), along with interest payments of Rs 49.139 billion (1.2 percent of GDP), defence expenditure Rs 32.6 billion (0.8 percent of GDP), development plus net lending was Rs 21.076 billion (0.5 percent of GDP).

The interest payment was Rs 49.139 billion, domestic payment Rs 41.139 billion and foreign payments Rs 8.096 billion.

Unidentified spending was of Rs 12.252 billion. The financing of the budget deficit was Rs 34.568 billion through external resources and Rs 5.594 billion through domestic resources. To achieve this figure in domestic resources, banks were repaid Rs 14.084 billion and non-banking channels contributed Rs 19.678 billion (minus of both is domestic borrowing). Privatisation proceeds during these three months were Rs 815 million.

Federal spending was Rs 116.396 billion out of the total, general administration and services Rs 17.278 billion, grants to non-government (T Grant) Rs 3.561 billion, subsidies Rs 13.734 billion, other/unallocable were Rs 84 million. The provincial expenditures were Rs 44.779 billion.

Out of total surcharges the petroleum surcharge was Rs 10.79 billion and gas surcharge was Rs 6.64 billion.

SBP profit was Rs 6 billion, sales proceeds and royalty was Rs 2.14 billion, total grants were of Rs 9.818 billion having provincial part of Rs 6.258 billion, subsides were Rs 13.734 billion and others Rs 84 billion.
<br> Provincial share in the federal revenue was Rs 35.66 billion.

The provincial collection of taxes was Rs 5.95 billion and the provincial non-tax revenue was Rs 3.85 billion. Provinces spent Rs 7.11 billion on development Interest receipts were of Rs 7.42 billion.

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