Defence, debt servicing top PSDP spending
ISLAMABAD: Pakistanââ¬â¢s defence expenditures stood at Rs114.949 billion, equivalent to 1.3 per cent of the GDP during the first half (July-Dec) period of the current fiscal year 2006-07.
The defence expenditures and interest payments on domestic and external debt and liabilities surpassed the development spending in shape of Public Sector Development Program (PSDP) at the federal level in first six months of the ongoing financial year.
According to the data released by the Ministry of Finance, the debt servicing consumed Rs155.081 billion, defence Rs114.949 billion and PSDP spending at the federal level Rs93.806 billion. After incorporating the provincial share of PSDP spending, the total development expenditures touched Rs147.927 billion in this period.
In percentage of GDP the three Ds (Debt Servicing, Defence and Development) stand at 1.8 per cent of the GDP, 1.3 per cent and 1.7 per cent respectively.
The budget deficit rose up to Rs168.982 billion, equivalent to 1.9 per cent of the GDP, during the first half (July-Dec) period of the current fiscal year, which was financed through external and domestic borrowing of Rs96.247 billion and Rs72.735 billion respectively. Pakistan has envisaged budget deficit target of 4.2 per cent of the GDP for whole financial year 2006-07.
Total revenues in July-Dec period of the current fiscal year generated Rs614.771 billion in shape of tax revenues of Rs433.448 billion and non-tax revenue of Rs181.323 billion. The countryââ¬â¢s total expenditures were Rs783.753 billion out of which the current expenditures stood at Rs581.399 billion. Interestingly, the spending component in shape of ââ¬Åunidentified expendituresââ¬Â jacked up to Rs54.427 billion in July-Dec period of the current fiscal compared with Rs33.047 billion in the first three months of the same financial year.
In shape of non tax revenues amounting to Rs181.323 billion, the government collected Rs14.109 billion as oil and gas royalty, Rs15.834 billion as development surcharge on gas, Rs18.015 billion as development surcharge on petroleum, Rs2.697 billion as citizenship, naturalization and passport fee, Defence related revenue of Rs27.203 billion, SBP profit Rs39.200 billion, dividends Rs33.763 billion, interest on Public Sector Enterprises and others Rs4.264 billion and profits of Post Office dept/PTA Rs50 million. The defence related non tax revenue jumped up to Rs27.203 billion in first six months compared with Rs594 million in the first quarter of the current fiscal year.
The tax collection in shape of direct taxes stood at Rs176.567 billion during the first six months of the ongoing financial year while taxes on property generated only Rs1.732 billion. Taxes on goods and services collected Rs178.015 billion as Rs145.899 billion in shape of Sales Tax and Rs32.116 billion as Excise Duty.
The government collected Rs16.471 billion in shape of other taxes in July-Dec period of the current fiscal year as in shape of stamp duties the collection stood at Rs4.663 billion, motor vehicle tax Rs3.866 billion and other taxes Rs7.942 billion.
The countryââ¬â¢s total expenditures amounted to Rs729.326 billion in first half of the current fiscal year. The federal level expenditures were Rs404.700 billion and the general public services consumed Rs245.446 billion.
The servicing of domestic debt consumed Rs131.273 billion, servicing of foreign debt Rs24.528 billion, superannuating allowances and pension Rs12.689 billion, grants (other than provinces) Rs26.373 billion, and other general public services Rs50.583 billion.
The spending of Defence Affairs and Services were Rs114.949 billion, public order and safety affairs Rs10.870 billion, Economic Affairs Rs18.645 billion, Environmental Protection Rs57 million, Housing and Community amenities Rs118 million, health Rs2.276 billion, recreation culture and religion Rs1.397 billion, education affairs and services Rs10.646 billion, social protection Rs296 million, provincial transfers Rs176.699 billion, development expenditures at federal level Rs93.806 billion and development spending at provincial level Rs55.446 billion.
Pakistanââ¬â¢s budgetary financing in first six months showed that the country obtained Rs17.627 billion in shape of project aid, program loans amounting to Rs43.466 billion, other loans Rs13.613 billion, budget support grant Rs8.305 billion, and privatisation proceeds Rs52.507 billion in first six months.
http://www.thenews.com.pk/daily_detail.asp?id=45238
ISLAMABAD: Pakistanââ¬â¢s defence expenditures stood at Rs114.949 billion, equivalent to 1.3 per cent of the GDP during the first half (July-Dec) period of the current fiscal year 2006-07.
The defence expenditures and interest payments on domestic and external debt and liabilities surpassed the development spending in shape of Public Sector Development Program (PSDP) at the federal level in first six months of the ongoing financial year.
According to the data released by the Ministry of Finance, the debt servicing consumed Rs155.081 billion, defence Rs114.949 billion and PSDP spending at the federal level Rs93.806 billion. After incorporating the provincial share of PSDP spending, the total development expenditures touched Rs147.927 billion in this period.
In percentage of GDP the three Ds (Debt Servicing, Defence and Development) stand at 1.8 per cent of the GDP, 1.3 per cent and 1.7 per cent respectively.
The budget deficit rose up to Rs168.982 billion, equivalent to 1.9 per cent of the GDP, during the first half (July-Dec) period of the current fiscal year, which was financed through external and domestic borrowing of Rs96.247 billion and Rs72.735 billion respectively. Pakistan has envisaged budget deficit target of 4.2 per cent of the GDP for whole financial year 2006-07.
Total revenues in July-Dec period of the current fiscal year generated Rs614.771 billion in shape of tax revenues of Rs433.448 billion and non-tax revenue of Rs181.323 billion. The countryââ¬â¢s total expenditures were Rs783.753 billion out of which the current expenditures stood at Rs581.399 billion. Interestingly, the spending component in shape of ââ¬Åunidentified expendituresââ¬Â jacked up to Rs54.427 billion in July-Dec period of the current fiscal compared with Rs33.047 billion in the first three months of the same financial year.
In shape of non tax revenues amounting to Rs181.323 billion, the government collected Rs14.109 billion as oil and gas royalty, Rs15.834 billion as development surcharge on gas, Rs18.015 billion as development surcharge on petroleum, Rs2.697 billion as citizenship, naturalization and passport fee, Defence related revenue of Rs27.203 billion, SBP profit Rs39.200 billion, dividends Rs33.763 billion, interest on Public Sector Enterprises and others Rs4.264 billion and profits of Post Office dept/PTA Rs50 million. The defence related non tax revenue jumped up to Rs27.203 billion in first six months compared with Rs594 million in the first quarter of the current fiscal year.
The tax collection in shape of direct taxes stood at Rs176.567 billion during the first six months of the ongoing financial year while taxes on property generated only Rs1.732 billion. Taxes on goods and services collected Rs178.015 billion as Rs145.899 billion in shape of Sales Tax and Rs32.116 billion as Excise Duty.
The government collected Rs16.471 billion in shape of other taxes in July-Dec period of the current fiscal year as in shape of stamp duties the collection stood at Rs4.663 billion, motor vehicle tax Rs3.866 billion and other taxes Rs7.942 billion.
The countryââ¬â¢s total expenditures amounted to Rs729.326 billion in first half of the current fiscal year. The federal level expenditures were Rs404.700 billion and the general public services consumed Rs245.446 billion.
The servicing of domestic debt consumed Rs131.273 billion, servicing of foreign debt Rs24.528 billion, superannuating allowances and pension Rs12.689 billion, grants (other than provinces) Rs26.373 billion, and other general public services Rs50.583 billion.
The spending of Defence Affairs and Services were Rs114.949 billion, public order and safety affairs Rs10.870 billion, Economic Affairs Rs18.645 billion, Environmental Protection Rs57 million, Housing and Community amenities Rs118 million, health Rs2.276 billion, recreation culture and religion Rs1.397 billion, education affairs and services Rs10.646 billion, social protection Rs296 million, provincial transfers Rs176.699 billion, development expenditures at federal level Rs93.806 billion and development spending at provincial level Rs55.446 billion.
Pakistanââ¬â¢s budgetary financing in first six months showed that the country obtained Rs17.627 billion in shape of project aid, program loans amounting to Rs43.466 billion, other loans Rs13.613 billion, budget support grant Rs8.305 billion, and privatisation proceeds Rs52.507 billion in first six months.
http://www.thenews.com.pk/daily_detail.asp?id=45238
