Govt’s budget in 1Q of FY2024-25 runs into surplus due to austerity policy
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The federal government notified surplus in its budget allocated for first quarter of current fiscal year 2024-25, due mainly to lowering its expenditure, reported 24NewsHD TV channel on Thursday.
According to Fiscal Operation Report released by Ministry of Finance, the government collected Rs1696 billion extra during first quarter of current fiscal year which is more than its expenditure during the above-said period.
The report further revealed that the volume of government receivables touched Rs5827 billion mark.
During the first quarter of current fiscal year Rs4131 billion were collected. Government collected Rs2776 as taxes, Rs351 billion.
During third quarter payable interest volume reached to Rs1306 billion, while Rs410 billion were spent on defense expenditure from July 2024 to September 2024.
The report registered decrease in payment of interest during first quarter of current fiscal year.
In the first quarter of current fiscal year total profit earned by State Bank of Pakistan reached Rs2500 billion.
Total expenditure of previous fiscal year during third quarter stood at Rs3,666 billion while total receivables touched to Rs2686 from July 2024 to September 2024.
During first quarter of previous fiscal year total non-tax earning reached to Rs469 billion.
During third quarter of previous fiscal year defense expenditure touched to Rs343 billion while total budget deficit from July 2024 to September 2024 reached to Rs930 billion.
Reporter: Waqas Azeem