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Fiscal year 2010 budget deficit exceeds IMF target
ZAHEER ABBASI
ISLAMABAD (September 01 2010): The consolidated budget deficit of federal and provincial governments mounted to 6.3 percent for last year - July-June 2009-10 - against 5.1 percent of GDP committed with the International Monetary Fund, according to the Ministry of Finance.
The fiscal operations statement released by the ministry on Tuesday showed that the total budget deficit for fiscal year 2009-10 was Rs 929.061 billion, 6.3 percent of the Gross Domestic Product (GDP), largely because of expenditure of Rs 3.038 trillion against the total revenues collection of Rs 2.078 trillion. The budget deficit of Rs 929.061 billion was met by borrowing Rs 740.172 billion through domestic sources, banks and non-banks Rs 304.462 billion Rs 435.610 billion, respectively, and Rs 188.889 billion through external borrowing.
Federal and provincial tax revenues for the period remained Rs 1.472 trillion with Rs 1.418 trillion by federal and Rs 54.814 billion by the provinces. The non-tax revenues have been recorded Rs 605.344 billion with Rs 537.450 billion federal non-tax revenue and Rs 67.894 billion provincial non-tax revenues.
Analysis of the data showed that consolidated expenditures stood at Rs 3.038 trillion, 20.5 percent of the GDP with the current expenditure of Rs 2.386 trillion. These expenditures included Rs 642 billion, 4.4 percentage of the GDP, on account of interest payment and Rs 375 billion, 2.6 percent of the GDP, for defence payment. The total development expenditures or net lending for the period remained Rs 652.824 billion, 4.5 percent of the GDP, with a component of Rs 259 billion federal and Rs 258 billion provincial. Other development expenditure included Rs 95 billion.
An amount of Rs 578.287 billion was spent on servicing of domestic debt and Rs 63.982 billion on servicing of external debt. The budget deficit of Punjab government for the last year was recorded Rs 33.819 billion on the back of total expenditure of Rs 435.497 billion against the total revenue of Rs 401.678 billion.
Punjab government received a share of Rs 325.064 billion from federal revenues. The total provincial tax collection for the period remained Rs 29.855 billion and non-tax revenues Rs 28.329 billion during 2009-10. The development expenditure of the province remained Rs 132.288 billion.
Total budget deficit for the Sindh government was recorded Rs 10.526 billion during 2009-10 due to expenditure higher than revenue. The total revenue collection for the period stood at Rs 240.977 billion against the total expenditure of Rs 251.503 billion.
The province received an amount of Rs 188.363 billion as its share from federal revenues. The total revenue of the province on account of taxes and non-taxes remained Rs 21.600 billion and Rs 13.208 billion, respectively for the period. The province also received an amount of Rs 17.806 billion as loans and grants from the federal government. The development spending of the province remained Rs 66.936 billion.
Khyber Pakhtoonkhwah ended up with a budget surplus of Rs 10.295 billion for the period on account of revenue higher than expenditure. Total revenues of the province during the period remained Rs 152.313 billion against the expenditure of Rs 142.019 billion. The provincial government also received an amount of Rs 80.075 billion as its share from federal revenues. The total taxes and non taxes collection of the province for the last year remained Rs 2.340 billion and Rs 24.093 billion, respectively. The province received an amount of Rs 45.806 billion loans and grants from the federal government. The expenditures spent an amount of Rs 39.695 billion as development expenditures.
Balochistan province also ended up with a surplus budget of Rs 5.408 billion. The total revenues of the province for the period stood at Rs 81.047 billion against the expenditures of Rs 75.638 billion, showing a surplus of Rs 5.408 billion in last fiscal year 2009-10. The province received an amount of Rs 39.950 billion as share from federal revenues while provincial tax collection amounted to Rs 1.019 billion and non-tax revenues at Rs 2.265 billion.
Copyright Business Recorder, 2010Business Recorder [Pakistan's First Financial Daily]
ZAHEER ABBASI
ISLAMABAD (September 01 2010): The consolidated budget deficit of federal and provincial governments mounted to 6.3 percent for last year - July-June 2009-10 - against 5.1 percent of GDP committed with the International Monetary Fund, according to the Ministry of Finance.
The fiscal operations statement released by the ministry on Tuesday showed that the total budget deficit for fiscal year 2009-10 was Rs 929.061 billion, 6.3 percent of the Gross Domestic Product (GDP), largely because of expenditure of Rs 3.038 trillion against the total revenues collection of Rs 2.078 trillion. The budget deficit of Rs 929.061 billion was met by borrowing Rs 740.172 billion through domestic sources, banks and non-banks Rs 304.462 billion Rs 435.610 billion, respectively, and Rs 188.889 billion through external borrowing.
Federal and provincial tax revenues for the period remained Rs 1.472 trillion with Rs 1.418 trillion by federal and Rs 54.814 billion by the provinces. The non-tax revenues have been recorded Rs 605.344 billion with Rs 537.450 billion federal non-tax revenue and Rs 67.894 billion provincial non-tax revenues.
Analysis of the data showed that consolidated expenditures stood at Rs 3.038 trillion, 20.5 percent of the GDP with the current expenditure of Rs 2.386 trillion. These expenditures included Rs 642 billion, 4.4 percentage of the GDP, on account of interest payment and Rs 375 billion, 2.6 percent of the GDP, for defence payment. The total development expenditures or net lending for the period remained Rs 652.824 billion, 4.5 percent of the GDP, with a component of Rs 259 billion federal and Rs 258 billion provincial. Other development expenditure included Rs 95 billion.
An amount of Rs 578.287 billion was spent on servicing of domestic debt and Rs 63.982 billion on servicing of external debt. The budget deficit of Punjab government for the last year was recorded Rs 33.819 billion on the back of total expenditure of Rs 435.497 billion against the total revenue of Rs 401.678 billion.
Punjab government received a share of Rs 325.064 billion from federal revenues. The total provincial tax collection for the period remained Rs 29.855 billion and non-tax revenues Rs 28.329 billion during 2009-10. The development expenditure of the province remained Rs 132.288 billion.
Total budget deficit for the Sindh government was recorded Rs 10.526 billion during 2009-10 due to expenditure higher than revenue. The total revenue collection for the period stood at Rs 240.977 billion against the total expenditure of Rs 251.503 billion.
The province received an amount of Rs 188.363 billion as its share from federal revenues. The total revenue of the province on account of taxes and non-taxes remained Rs 21.600 billion and Rs 13.208 billion, respectively for the period. The province also received an amount of Rs 17.806 billion as loans and grants from the federal government. The development spending of the province remained Rs 66.936 billion.
Khyber Pakhtoonkhwah ended up with a budget surplus of Rs 10.295 billion for the period on account of revenue higher than expenditure. Total revenues of the province during the period remained Rs 152.313 billion against the expenditure of Rs 142.019 billion. The provincial government also received an amount of Rs 80.075 billion as its share from federal revenues. The total taxes and non taxes collection of the province for the last year remained Rs 2.340 billion and Rs 24.093 billion, respectively. The province received an amount of Rs 45.806 billion loans and grants from the federal government. The expenditures spent an amount of Rs 39.695 billion as development expenditures.
Balochistan province also ended up with a surplus budget of Rs 5.408 billion. The total revenues of the province for the period stood at Rs 81.047 billion against the expenditures of Rs 75.638 billion, showing a surplus of Rs 5.408 billion in last fiscal year 2009-10. The province received an amount of Rs 39.950 billion as share from federal revenues while provincial tax collection amounted to Rs 1.019 billion and non-tax revenues at Rs 2.265 billion.
Copyright Business Recorder, 2010Business Recorder [Pakistan's First Financial Daily]
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