Pakistan recorded a financial deficit of 2.4 % of GDP – which reaches 2.97 trillion rupees – during the first nine months of the fiscal year 2024-25 (July 2024 to March 2025), as indicated at Topine Securities. This represents an improvement in the 3.7 % deficit registered during the same period last year. For January of January 2025, the deficit was 1.2 % of GDP (1.4 trillion rupee), less than 2.8 % in the previous quarter and 1.4 % in the same quarter of last year.
The decrease in deficit is mainly due to the height of revenues. Tax revenues increased by 26 % on an annual basis to 3.0 trillion rupee during the third quarter, due significantly to growth in the FBI groups. However, these groups are still less than the goals of the International Monetary Fund. Non -tax revenues witnessed a rise of 68 % during a nine months, with a total of 4.23 trillion rupees. The main shareholder was a standard profit of 2.5 trillion rupees, which was transferred by the State Bank in Pakistan, which is much higher than 970 billion rupees in the same period last year.
The basic balance – which excludes interest payments – designed a small impotence of 0.1 % of GDP in the third quarter. During a period of nine months, the government recorded a basic surplus of 2.8 % of GDP, an increase of 1.5 % last year. This increase is mainly due to the increase in non -tax revenues.
The interest expenses for the third quarter reached 1.3 trillion rupees, and did not change the same quarter of last year, but less than 66 % of the previous quarter. The decrease in a quarter of a quarter was due to the height of the payment in the previous quarters. Although the interest rates on the treasury bills for six months decreased sharply-thanks to 933 basis points-the expenses of the expenses remained flat due to a 17 % increase in the local government’s borrowing since March 2024. It is expected that the effect of low prices in the future seasons is expected to appear where debt is rewritten.
Development spending increased slightly to 0.6 % of GDP in the third quarter, compared to 0.5 % last year. Retired pension payments increased by 8 % to 223 billion rupees, while defensive spending increased by 11 % to 534 billion rupees. Transfers to the provinces remained 56.8 % of tax revenues.
The government maintained its goals for the entire year: the budget deficit of 5.5 % of GDP and a basic surplus of 2.0 %, based on the estimate of the GDP of 115 trillion rupees.
