IMF demand: Provinces fall short in meeting surplus budget target

ISLAMABAD: The provinces have failed to achieve the surplus budget target set by the federal government in the 2023-24 fiscal year on the demand of the International Monetary Fund (IMF), ARY News reported, quoting the budget document. 

According to details, the provinces managed to collect only Rs51 billion on account of the surplus budget from July-September 2023-24 against the set target of Rs187 billion by the federal government.

The surplus budget of the provinces during the fiscal year of 2023-24 is fixed at Rs750 billion on the IMF demand. The provinces gave a surplus budget of Rs218 from July to September, last fiscal year.

The official document further revealed that Punjab presented a deficit budget of Rs28.55 billion from July to September 2023-24, while the province’s budget was Rs125.22 billion surplus during the same corresponding period, last year.

Read more: Pakistan on track with its IMF program, says Finance Minister

Sindh gave a surplus budget of Rs19.10 from July to September 2023-24 against last year’s Rs60.29 billion during the same time.

Balochistan’s budget remained Rs71.17 billion surplus during the period of July-September in the current FY2023-24 while Khyber Pakhtunkhwa’s budget remained Rs10.31 billion in deficit during the same period.

Pakistan-IMF talks for the tranche of loan are expected to take place in November.