ironman
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KARACHI: Defence services and affairs ate up Rs 224 billion during the first nine months of current fiscal year while spending on health stood at just Rs 3.8 billion. According to official figures released at the website of finance ministry, education affairs and services received just Rs 16 billion. Servicing of domestic debt ate up a whopping Rs 395 billion while Rs 42 billion was spent on superannuation allowances and pension. State Bank of Pakistan's profit contributed Rs 135 billion to the non-tax revenue while government received Rs 40 billion in dividends. The government also received Rs 74 billion under the head of Petroleum Development Levy. Spending on PSDP stood at Rs 215.9 billion of which federal government's share was Rs 106.8 billion and provincial government's share remained Rs 109.1 billion. Pakistan's budget deficit during the first three quarters of current fiscal year stood at Rs 405 billion, three percent of the Gross Domestic Product. Budget deficit had stood at Rs 137 billion in the first quarter and had risen to Rs 249 billion by the end of second quarter. The government is likely to set a budget deficit target of Rs 671 billion for the next fiscal year. Following a meeting with Pakistani authorities in Dubai in early May to discuss the International Monetary Fund (IMF)'s $7.6 billion standby agreement with the country, the IMF agreed to raise the deficit target for fiscal year 2009-2010 to 4.6 percent of GDP from 3.4 percent. Total expenditure during the first nine months stood at Rs 1.706 trillion with current expenditure at Rs 1.415 trillion and development expenditure at a mere Rs 243 billion. Current expenditure stood at 10.6 percent of GDP while development expenditure stood at just 1.8 percent of GDP. mushfiq ahmad
