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| Pakistan Fiscal Deficit Surges by 18% to Reach Rs. 963 Billion in FY24. |
In the first quarter of the current fiscal year (1QFY24), Pakistan's fiscal deficit surged to Rs. 963 billion compared to the previous year, marking an 18% increase, as per the latest data released by the Ministry of Finance.
This increase signifies a rise from the Rs. 819 billion deficit recorded in the same quarter of the previous fiscal year (1QFY23), accounting for 0.9% of the GDP. Notably, during 1QFY24, the country achieved a primary surplus of Rs. 417 billion, indicating a significant 209% rise from the Rs. 135 billion surplus in 1QFY23. This surplus constituted 0.2% of the GDP.
The Federal Board of Revenue (FBR) saw a 25% YoY increase in revenue collection, totaling Rs. 2 trillion in 1QFY24. Meanwhile, markup payments rose by 45%, reaching Rs. 1.4 trillion during this period.
Total revenue for 1QFY24 amounted to Rs. 2.686 trillion, reflecting a 33% growth from the same quarter in the previous fiscal year. Concurrently, total expenditure in 1QFY24 increased by 29% to Rs. 3.649 trillion compared to the corresponding quarter of the previous fiscal year.
