Connect with us

Hi, what are you looking for?

Economy

Budget deficit hits Rs3.16 trillion in nine months of FY22

The government spent 2.1 trillion rupees on debt financing while 881 billion rupees were spent on defence in nine months of FY 2021-22.

ISLAMABAD: The budgetary deficit of Pakistan has hit Rs 3.16 trillion in the first nine months of the current fiscal year 2021-22.

According to finance ministry’s report, the federal government raised revenues of Rs5.8 trillion from July 2021 to March 2022, while its expenditures increased to Rs8.4 trillion, leading to a deficit of 3.16 trillion rupees.In the first nine months of this fiscal, the total tax revenues of the federal government (from direct and indirect taxes) stood at Rs4.820 trillion and provinces earned Rs438 billion.

The government also received Rs438 billion as non-tax revenues during this time-frame while the collection of petroleum development levy in nine months of 2021-22 fell to Rs125 billion, from Rs369 billion collection in the same period last fiscal.

A major chunk of the expenditures was spent on financing of debt and the government paid Rs2.1 trillion on markup payments while the defence expenditures amounted to Rs881 billion. Expenditures on payment of pensions increased to Rs395 billion, while the civil government’s expenses stood at Rs318 billion.During the first nine month of the current fiscal years, the government provided subsidies worth Rs575 billion.

The federal government spent Rs452 billion on development expenditures and transferred Rs2.5 trillion to the provinces under the NFC award’s divisible pool.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

Latest Updates

ISLAMABAD: Prime Minister Shehbaz Sharif today approved the name of Syed Asim Munir as the next army chief of Pakistan. At present, Lt-General Syed...

Latest Updates

ISLAMABAD: Family members of army chief General Qamar Javed Bajwa have become billionaires in the past six years _ during the six-year extended tenure...

Articles

The Foreign Minister also welcomed the launch of joint direct flights by Pakistan Airlines and Ethiopian Airlines between the two countries.

National

ISLAMABAD: Federal Information Minister said the Prime Minister has appointed Syed Asim Munir as the next army chief of Pakistan. Asim Munir is the...