ISLAMABD – The outgoing PML N Federal Government has left a huge fiscal deficit for year 2017-18 against all the tall claims.
Federal government missed the fiscal deficit target of 4.1 percent set for 2017-18 as the deficit reached nearly 6.6 percent of the gross domestic product because of higher spending.
As per the details garnered, the budget deficit reached nearly Rs2,260 Billion or 6.6 percent of the GDP as compared with Rs.1,863 Billion or 5.8 percent of the GDP of 2016-17.
The revenue collection in FY18 increased by 11.50% to Rs4,065 Billion with tax collection reaching 13% of GDP compared to 12.5% in FY17, while the sales tax collection increased by 12.7% to Rs1,491 Billion.
Interest and principal repayments increased by 11.3% to Rs1,499 Billion while defence expenditure increased by 16% to Rs1,030 Billion.