Pakistan Posts Fiscal Deficit of Rs. 1.54 Trillion in First Half of FY25

Pakistan has recorded a fiscal deficit of 1.2 percent of GDP or Rs. 1,538 billion during the first six months of the current fiscal year (1HFY25), according to the Finance Ministry. A summary of consolidated federal and provincial fiscal operations for July-December 2024-25 showed that total revenue stood at Rs. 9,227 billion against the total expenditure of Rs. 8,201 billion during the first six months of the current fiscal year. Current expenditures stood at Rs. 7,702 billion an increase of over 17 percent compared to the same period of the last fiscal year. Mark-up payments during July-December last year were Rs. 4,220 billion which increased by 22 percent to Rs. 5,142 billion during the same period of the current fiscal year. On a quarterly basis, mark-up payments saw a big jump of 194 percent, reaching Rs. 3,835 billion in 2QY25. The non-tax revenue stood at Rs. 3,602 billion during the first six months of FY25, up 82 percent compared to non-tax revenue of Rs. 1,979 billion in the same period of FY24. The primary balance during 1HFY25 stood at 2.9 percent of GDP or Rs. 3,604 billion, up 99 percent compared to the primary balance of Rs. 1,812 billion during 1HFY24.