Islamabad: Pakistan’s budget deficit exceeded the target of 6.3% and soared to 7.9% or Rs 5.26 trillion at the end of the last fiscal year (FY22), the Finance Division reported in its annual report.
According to the summary of consolidated fiscal operation uploaded by the Finance Division on Friday, the total revenue recorded during FY22 was Rs 8.035 trillion.
The total revenue included tax and non-tax revenues from both federal and provincial governments.
Tax revenue, according to the report, stood at Rs 6.755 trillion, with Rs 6.142 trillion being collected by the FBR, while the provincial governments collected Rs 612.366 billion.
Similarly, non-tax revenue amounted to Rs 1280 billion – federal Rs 1151 billion and provincial Rs 128.297 billion.
However, the total expenditures amounted to Rs 13.295 trillion, including the current expenditure of Rs 11.521 trillion, of which mark-up payments were Rs 3.182 trillion – domestic Rs 2.828 trillion and foreign Rs 353.860 billion, defence expenditure Rs 1.411 trillion.
Similarly, expenditure on subsidies amounted to Rs 1.529 trillion, while running the affairs of civil government cost Rs 546.725 billion.
Financing of Pakistan’s budget deficit was met by borrowing of Rs 5.230 trillion from external and domestic sources as government (net) borrowing from the external sector stood at Rs 1.178 trillion and domestic (net) borrowing was Rs 4.081 trillion, which included non-bank borrowing of Rs 980.570 billion and bank borrowing of Rs 3.100 trillion.
Read: Pakistan’s Current Account Deficit crosses $17B mark during FY22
