ISLAMABAD - The provincial governments had recorded surplus budget worth of Rs 57.71 billion during first quarter (July to September) of the current financial year that helped the federal government to restrict the budget deficit at 1.2 percent of the GDP.

The four provincial governments had recorded expenditures worth of Rs 334.96 billion during July-September 2014-15 as against the revenues of Rs 392.66 billion leaving budget surplus at Rs 57.71 billion.  According to the data released by the Finance Ministry, the Punjab government had made expenditures worth of Rs 150.9 billion against the revenue of Rs 183.52 billion leaving budget surplus at Rs 32.62 billion during first quarter of the current fiscal year. Meanwhile, the Sindh govt had recorded budget surplus of Rs 9.8b, as expenditures stood at Rs 95.06 billion as compared to the revenues of Rs 104.88b. Similarly, the Khyber Pakhtunkhwa government’s expenditures registered at Rs 59.23b against the revenues of Rs 63.55b leaving budget surplus at 3.63 billion rupees.

Meanwhile, the Balochistan govt had recorded budget surplus of Rs 11.64 billion, as expenditures stood at Rs 29.08b as compared to the revenues of Rs 40.71 billion. The provincial governments surplus helped the federal govt to restrict budget deficit at 1.2 percent of the GDP (Rs 336.82b). The federal government’s expenditures remained at Rs 1176.54 billion (4 percent of the GDP) as against the revenues of Rs 839.725 billion (2.9 percent of the GDP). Sources in Finance Ministry informed that government could achieve the annual target of 4.9 percent of the GDP during current financial year if it follows same fiscal discipline in remaining three months. The break-up of country’s expenditures showed that government spent Rs 394.49 billion on interest payment, Rs 566.48b on General Public Services, Rs 164.58 billion on Defence Affairs and Services, Rs 39.66b on Superannuation Allowances and Pension, Rs 21.26 billion on Public Orders and Safety Affairs and Rs 93b on public sector development programme of federal as provincial governments.

 Similarly, the revenue’s break-up of Rs 839.725 billion revealed that government had collected Rs 626.85 billion as revenue and Rs 212.87 billion as non-revenue.

The breakup of non-revenue showed that Rs 8.03 billion as collected as foreign grants, Rs 10.86 billion as dividend, Rs 67.5 billion as surplus profit of State Bank of Pakistan, defence (coalition support fund), Rs 2.7 billion as passport fee, Rs 2.3 billion as Discount retained on Cruid Price and Rs 19.96 billion as Royalties on oil and gas.