ISLAMABAD: The government informed the IMF about significant changes in the budget targets due to the decrease in non-tax revenue.
According to the sources, significant changes have been made by the government in the new budget targets. Targets have had to be changed due to decline in non-tax revenue and the government has informed the IMF about this development.
The budget deficit of the current financial year is expected to increase by 1258 billion rupees. According to the data, the deficit target has increased from 8500 billion to 9 thousand 758 billion rupees. Similarly, in the case of 1217 billion provincial surplus, the deficit will reach 8541 billion.
The Ministry of Finance says that the deficit will be met by taking local and foreign loans. Government revenue is estimated to be 9119 billion less than 10 thousand 377 billion. The target of non-tax revenue has been reduced from 4845 billion to 3587 billion. The profit of State Bank will be limited to 1258 billion instead of 2500 billion.
The Ministry of Finance says that 1281 billion will be collected under the Petroleum Development Levy. An increase of 8489 billion rupees has been estimated in the current financial year. Public debt will increase to 79 thousand 731 billion rupees. This year, the debt-to-GDP ratio will be 64 percent.
