Fiscal deficit slides lower to 3.8pc.
ISLAMABAD -- Pakistan's fiscal deficit in the first nine months (July-March) of this fiscal year stood at 3.8 per cent of GDP or Rs1.686 trillion, showing better discipline compared to 9MFY19 level of 5pc.
The conditionalities of the International Monetary Fund (IMF) programme appear to have kept the overall expenditures under control even though mark-up payments went up significantly. In the same period last year, Pakistan had posted the decade's highest deficit at 5pc of GDP or Rs1.92tr.
The lower fiscal deficit percentage was partly thanks to a 360pc higher yield from the State Bank of Pakistan and even bigger 600pc increase in telecom income. The overall non-tax revenue jumped 160pc to Rs1.096tr, from Rs422bn last year - rising from 1.1pc of GDP to 2.5pc in 9MFY20.
Data showed the SBP posted a Rs635bn profit in nine months as against Rs138bn last year while the kitty received Rs113bn non-tax revenue versus just Rs16bn from telecom companies as licence fees that were due last year could not be materialised then due to a legal battle. Another windfall came in the shape of a Rs199bn petroleum levy, compared to Rs141bn in July-March FY19.
Total revenue in nine months amounted to Rs4.690tr, up 31pc over Rs3.588tr in corresponding period last year. The latest figure translated into 10.7pc of GDP, versus 9.3pc.
Tax revenue, however, remained unchanged at 8.2pc of GDP although in absolute numbers increased by about 14pc to Rs3.594tr, from against Rs3.162tr.
On the other hand, the Federal Board of Revenue tax rose by 12.5pc on the back of double-digit inflation and stood at Rs3.044tr in 9MFY20, as against Rs2.7tr last year. Direct taxes...
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