24 February 2024
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ISLAMABAD: The Ministry of Finance has issued the economic report for the first six months of the current fiscal year, revealing a 2.3 percent increase in financial losses, reaching a surplus of Rs. 1.812 trillion, ARY News reported on Monday.

In comparison, during the same period last year, the financial loss was recorded at 2 percent. The report highlights an improved fundamental balance, reaching a surplus of Rs. 1.812 trillion.

The report revealed that the defense expenditures witnessed a significant surge, rising by 19 percent and reaching a total of Rs. 758 billion, meanwhile, the loan provision of Pakistan reached Rs 4.22 trillion with an increase of 64 percent.

READ: Fiscal deficit for FY22-23 reaches 7.7 percent of GDP

Additionally, the petroleum revenues showed a substantial increase, rising by 166 percent to reach Rs. 473 billion.

According to the report, the federal tax revenue experienced a 30 percent growth, totaling Rs. 4.469 trillion. Meanwhile, provincial tax revenue saw a 20 percent increase, reaching Rs. 365 billion.

The budget deficit was reported at Rs. 1.799 trillion, fully covered by domestic loans, with Rs. 442 billion obtained through external loans.

Abdul Gh Lone