From The Express Tribune · Our Correspondent · · 1m 10s
Pakistan meets IMF fiscal conditions
Pakistan meets IMF fiscal conditions with cash grants at 6% of target.
In brief
Pakistan meets IMF fiscal conditions with cash grants at 6% of target. Pakistan met three IMF fiscal conditions but received only 6% of promised provincial cash grants for national economic initiatives. Originally reported by The Express Tribune.
Pakistan meets IMF fiscal conditions
Pakistan met three major fiscal conditions of the IMF for the first quarter of this fiscal year by keeping budget consolidation on track.
Centre receives only Rs57.5b
The Centre received only Rs57.5 billion, or 6% of the annual provincial grant, for national economic initiatives.
Provincial cash grants
Punjab gave Rs32.5 billion, Sindh Rs8.5 billion, Khyber-Pakhtunkhwa Rs12.7 billion, and Balochistan Rs3.7 billion.
Tax collection shortfall
The federating units generated Rs301 billion in tax revenues, missing the IMF target by Rs88 billion.
Cash surplus target met
The four provinces collectively generated a cash surplus of Rs599 billion, exceeding the IMF target by Rs83 billion.
Central bank profit drop
The central bank's profit fell sharply by 20%, or Rs495 billion, to a little over Rs1.9 trillion.
Fiscal conditions summary
Pakistan met the primary budget surplus condition but missed the tax collection target for the first quarter.
What it means
Pakistan met three IMF fiscal conditions but received only 6% of promised provincial cash grants for national economic initiatives.
