Pakistan witnesses rise of 2.3pc in financial losses during 1HFY 23

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.