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FY23 closes with Rs6.52 trillion deficit
ISLAMABAD: Pakistan’s budget deficit has surged to Rs6.52 trillion, equivalent to 7.7 percent of the Gross Domestic Product (GDP) during the fiscal year 2022-23, which concluded on June 30, 2023.

For the first time in the last two decades, external financing for budgetary purposes has remained negative, amounting to Rs0.679 trillion in the last fiscal year. This shift is primarily attributed to the previous regime’s failure to revitalise the IMF’s Extended Fund Facility (EFF) programme.

Consequently, external loans for the budget turned into a deficit. Domestic financing of the budget deficit reached Rs7.2 trillion, while external financing stayed negative at Rs0.679 trillion, resulting in an overall budget deficit financed to the extent of Rs6.52 trillion.

The primary deficit amounted to Rs0.69 trillion or 0.8 percent of GDP in the last fiscal year. This is in contrast to the government’s commitment to achieving a surplus in the previous fiscal year under the IMF’s EFF arrangement.



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