ISLAMABAD, Sept 2: Pakistan's defence expenditure exceeded budgetary estimates by about 12.6 per cent going up to Rs180.3 billion, against the target of a little more than Rs160.1 billion during the fiscal year 2003-04.
According to final figures submitted to the International Monetary Fund by the ministry of finance, the ratio of the defence expenditure to the gross domestic product also increased and amounted to 4.1 per cent of the GDP in 2003-04 against the budget target of 3.6 per cent.
Consolidated figures for the previous fiscal showed that the government was able to utilise more than 52 per cent of the Public Sector Development Programme during the last three months of the last fiscal year (2003-04) against a utilisation ratio of 48 per cent in the first nine months of the year.
The total PSDP utilisation was Rs160.546 billion in 2003-04, a 100 per cent utilisation of the allocation. The total fiscal deficit during the year amounted to Rs129.43 billion, or 2.9 per cent of the GDP, showing a reduction of Rs47.98 billion from Rs177.41 billion in 2002-03.
The fiscal income and expenditures for the fiscal year 2003-04 showed total expenditures of the federal government at Rs923.555 billion against the total revenue of Rs794.125 billion. The current expenditure of the federal government fell from Rs 781.816 billion in 2002-03.
Of the Rs778.396 billion current expenditure, Rs196.262 billion was spent on payment of interest, Rs 180.361 billion on defence, Rs 180.967 billion on development and net lending.
The budget deficit financing of Rs129.43 billion was met through Rs124.743 billion from domestic resources, Rs63.699 billion from banks and Rs61.044 billion from non-bank sources. The external financing, however, remained negative by Rs6.525 billion while the privatisation proceeds contributed Rs11.212 billion.
The total revenue during 2003-04 stood at Rs794.125 billion. This included Rs 611.456 billion of tax revenue of which the CBR revenue amounted to Rs521.868 billion, surcharges at Rs61.381 billion and non-tax revenue stood at Rs182.668 billion.
In percentage terms, the total revenue amounted to 18 per cent of the GDP and tax revenue 13.8 per cent. Of this, the CBR revenue amounted to 11.8 per cent of the GDP and surcharges at 1.4 per cent.
The total expenditure amounted to 21.7 per cent of the GDP and current expenditure stood at 17.6 per cent. Of this, interest payments were 4.4 per cent of the GDP and development and net lending 4.1 per cent.
Taxes on income and profit amounted to Rs164.497 billion, taxes on property Rs6.991 billion, taxes on goods and services Rs329.526 billion, excise duty Rs47.538 billion, sales tax Rs229.607 billion, surcharges Rs 61.381 billion, Rs 16.77 billion from gas and Rs 44.611 billion from petroleum.
Taxes on international trade amounted to Rs90.94 billion. The non-tax revenue include Rs40.526 billion interest, Rs36.144 billion from dividends, Rs726 million profit of post office, Rs14.104 billion royalties on oil/gas, Rs49.506 billion revenue from civil administration. The miscellaneous non-tax revenue amounted to Rs 41.662 billion.
The provincial share in the federal revenue amounted to Rs200.633 billion. Of this, Rs97.69 billion came from the Punjab, Rs63.841 from Sindh, Rs22.623 billion from the NWFP and Rs16.478 billion from Balochistan.
The total expenditure of Punjab amounted to Rs149.386 billion, including its current expenditure of Rs122 billion. The total expenditure of Sindh amounted to Rs77.338 billion, including its current expenditure of Rs66.232 billion, while NWFP's total expenditure amounted to Rs40.676 billion, including its current expenditure of Rs32.203 billion. Balochistan's total expenditure amounted to Rs35.359 billion while its current expenditure stood at Rs24.096 billion.
