📌 Key Highlights & Quick Takeaways:
- During the first quarter of this fiscal year (July to September), Pakistan fulfilled three of the four main financial conditions of the Inte.
- According to the Ministry of Finance, the four provinces provided a total of 57 billion 50 crore rupees in cash grants in the first quarter,.
- According to fiscal data, all four provinces failed to meet the IMF target of tax collections, but they met the target of generating cash su.
During the first quarter of this fiscal year (July to September), Pakistan fulfilled three of the four main financial conditions of the International Monetary Fund (IMF), however, the federal government could receive only 6 percent of the annual fixed grant from the four provinces for projects of national importance and security expenses.
According to the Ministry of Finance, the four provinces provided a total of 57 billion 50 crore rupees in cash grants in the first quarter, while according to the agreement between the federation and the provinces in June, the provinces were to provide a total of 1,35 billion rupees instead of 1 trillion 3.5 billion rupees in the current financial year.
According to fiscal data, all four provinces failed to meet the IMF target of tax collections, but they met the target of generating cash surpluses. The federal government was also able to achieve the primary budget surplus and Federal Board of Revenue tax collection targets.
The primary budget surplus target for the first quarter was set at 1,950 billion rupees, but the federal government showed a surplus of 2,970 billion rupees, which is 2.1 percent of the gross national product. The main reason for the additional surplus was the inclusion of the State Bank's annual profit as income in the first quarter. On the other hand, the State Bank's profit decreased by 20 percent, i.e. 495 billion rupees, to about 1,900 billion rupees compared to the previous fiscal year.
