According to the Finance Ministry, the financial crisis stood at 3.6 percent from July to March

By Our Correspondent

KARACHI : The Ministry of Finance has released the data for the first nine months of the financial year 2021. The fiscal deficit was 3.6 percent from July to March, with a clear decline in defense spending but a slight increase in the tax-to-GDP ratio.

According to the Ministry of Finance, the fiscal deficit in the first nine months of the current financial year stood at 3.6 percent as against 3.8 percent in the same period last fiscal. From July to March, interest and loan payments increased by 12% to Rs 2,103 billion.

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According to the Ministry of Finance, in the first nine months of the current financial year, defense expenditure declined by 2.5 per cent to about Rs 783 billion. During the same period, the collection of petroleum levy increased by Rs. 171 billion to Rs. 369 billion.

In the first nine months of the current financial year, the SBP’s profit declined sharply. The SBP’s profit fell by Rs 138 billion to Rs 497 billion. In the first nine months of the current financial year, the tax-to-GDP ratio stood at 8.3% after a slight increase of 1%.