ISLAMABAD: Pakistan’s fiscal indicators improved significantly in the first quarter of the current fiscal year, according to a Ministry of Finance report. Officials recorded a 12.5% increase in tax revenue from July to September. Revenue crossed Rs2,884 billion during the period.
Total expenditure rose by 7.6% and reached Rs1,760 billion. However, the government still achieved a fiscal surplus of Rs1,509 billion. The country had posted a fiscal deficit of Rs648 billion in the same quarter last year.
Government credits improved financial discipline
Officials credited strong fiscal management for the positive results. They said prudent financial discipline helped stabilise the economy and improve confidence.
The primary balance surged to Rs2,939 billion in the first quarter. It stood at only Rs49.4 billion during the corresponding period last year.
The current account is also in surplus
The report cited the State Bank of Pakistan. Pakistan posted a current account surplus of $110 million in September. The current account showed a deficit of $325 million in August.
Experts said the surplus is significant despite slow export growth. They linked the improvement to higher remittances sent by overseas Pakistanis.
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