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Pakistan’s Fiscal Deficit Rises 18% to Rs. 963 Billion in First Quarter of FY24

Pakistan’s fiscal deficit increased to Rs. 963 billion during the first quarter of the current fiscal year (1QFY24) on a year-on-year basis, according to the latest data issued by the Ministry of Finance.

The country’s fiscal deficit in 1QFY24 rose by 18 percent over the deficit of Rs. 819 billion registered in the same quarter of the previous fiscal year (1QFY23). The fiscal deficit during 1QFY24 comes to 0.9 percent of the GDP.

During 1QFY24, the country posted a primary surplus of Rs. 417 billion, up 209 percent over the primary surplus of Rs. 135 billion posted in 1QFY23. The primary balance during 1QFY24 comes to 0.2 percent of the GDP.

During 1QFY24, revenue collected by FBR increased by 25 percent on a year-on-year basis to Rs. 2 trillion. Markup payments during the period under review rose by 45 percent over the same period of the previous year to Rs. 1.4 trillion.

Courtesy: Arif Habib Limited

Total revenue during 1QFY24 stood at Rs. 2.686 trillion, up 33 percent over the same quarter of the previous fiscal year. Total expenditure during 1QFY24 also grew by 29 percent to Rs. 3.649 trillion over the same quarter of the previous fiscal year.

Source: Pro Pakistani